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Home / Business

City tower sold to Australia

Anne Gibson
By Anne Gibson
Property Editor·
4 Aug, 2004 09:56 AM3 mins to read

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By ANNE GIBSON

Private developer Mansons has sold New Zealand's largest new office tower to an Australian listed trust for $110.4 million.

Culum Manson, of Manson Developments, said Deutsche Office Trust had bought the partly completed 29-level office block rising at the rate of nearly one floor every week on Shortland St.

Until
naming rights are sold, the block has been dubbed the NRM Tower in recognition of its site on the former Northern Roller Mills land straddling Fort and Shortland Sts, just up from the 40-level Vero Centre.

"We are pleased to have sold the property at a competitive yield of 8 per cent," Manson said.

"The proceeds from the sale will be reinvested in Manson Developments and future projects still on the drawing boards."

Manson vowed earlier this year not to sell the block until about two years after completion, once the tower was fully leased. It was only after that time that its full value could be realised.

But Australian superannuation funds, desperate for A-grade Auckland office towers, have been hammering on Manson's door since the firm said it would go ahead with the project and Manson said the latest offer was too good to refuse.

NRM Tower is rising rapidly at one floor every seven to eight working days and, this week, workers are due to finish up to level 26.

Fourteen floors have already been leased, six to lawyers Simpson Grierson and the balance either committed or under final negotiation. The roof will go on the building in September and the office tower is due for official opening in April 2005.

Manson Developments has about $100 million worth of up-market super-homes under construction on the North Shore, in Herne Bay and St Heliers-Mission Bay, including 16 super-homes selling for more than $3 million each.

Deutsche Office Trust general manager Michael Brown said the deal provided a rare opportunity to buy a new premium-grade building in a strong market, leased to quality tenants.

"We have kept a watch on the Auckland office market over the past 12 months. With positive demand and modest supply expected over the short to medium term, we believe this is an opportune time to enter the market. The acquisition will further enhance the quality of the trust's portfolio, increase the average weighted lease expiry, and reduce the age of the portfolio," Brown said.

The trust is one of the largest listed on the Australian Stock Exchange. It owns a A$2.3 billion portfolio, with 17 properties in Australia's largest office markets.

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