The University of Auckland has agreed to sell its Tāmaki Campus to a local property investment company.
The sale of the 11ha Tamaki Innovation Campus in Glen Innes to Tāmaki Village Limited (TVL) comes as the part of the university's strategy to consolidate its activities at its City, Grafton and Newmarket campuses and make more efficient use of its resources.
Vice-Chancellor, Professor Stuart McCutcheon says the proceeds of the sale will go towards the much-needed refurbishment and updating of the University's facilities.
"As part of our well-documented campus renewal plan, we are upgrading our existing buildings and constructing new, high-quality buildings. We are doing this in order to provide modern research, teaching and study environments for all our staff and students."
The sale agreement allows for the university to lease back core buildings and carparks which will enable current operations at the site to continue while facilities on the central city campuses to accommodate staff are developed.
They can lease the spaces for a maximum period of three and a half years.
The university will also sell their 9ha Epsom Campus as part of the consolidation process.
The sale of both spaces will reduce the university's site numbers from five (city, Grafton, Tamaki, Newmarket, Epsom) to three (city, Grafton, Newmarket).
The move follows the $67 million purchase of the 5.2ha former Lion Breweries site in Newmarket where a new campus is under construction. It is part of the $1 billion decade-long upgrade at the university.
Two faculties are currently represented at the Tāmaki Innovation Campus; Medical and Health Sciences and Science.