RJH buys Wellington department store

By Colin Taylor

Kirkcaldie and Stains department store, Wellington.  Photo / NZPA
Kirkcaldie and Stains department store, Wellington. Photo / NZPA

Robt Jones Holdings (RJH) has purchased Wellington's landmark Kirkcaldie & Stains department store with the Forsyth Barr & Bayleys Towers in the heart of the Wellington CBD for $50.5 million.

It is the latest acquisition for RJH, which is already the largest commercial property owner in the Wellington CBD and also in Takapuna after its recent purchase of the 17-level AIA Building at 5-7 Byron Ave.

"The three latest buildings situated at 165-177 Lambton Quay bring our total Wellington CBD ownership to 14 properties, with eight of those properties located on Lambton Quay," said RJH Wellington manager Sam Cooper. "We will continue to acquire suitable buildings as opportunities arise."

CBRE was the exclusive selling agent for the Forsyth Barr & Bayleys Towers, which were recently marketed for sale on behalf of AMP Capital Property Portfolio.

- NZ Herald

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