$247m sale, major leasing: Mansons secure year's top deal to date after Kiwibank, Southern Cross take space

New Zealand's largest private developers, the Auckland-based family-owned real estate specialist Mansons TCLM, has made the year's biggest real estate deal so far by leasing, then selling, a partly-built city office block for more $247 million.

Culum Manson said the business had sold 155 Fanshawe St, new commercial premises on the ex-Caltex service station near the Halsey St corner in the Wynyard Quarter opposite Victoria Park.

How 155 Fanshawe St will look once completed. Photo/Mansons TCLM

The sale to an overseas pension fund came after leasing that building as Kiwibank's new Auckland headquarters and to insurer Southern Cross, he said.

"The sale and leasing was all done via Colliers International," he said.

The building is designed to be six-green star rated and is being built by Manson's own construction workforce.

Work on what will be a seven-level 15,500sq m block in front of the new Datacom House has reached level two and Manson said unlike many other city blocks, the timetable was running three weeks ahead of schedule.

Last year, Manson said the business had a $1 billion-plus of work on or just completed of which 155 Fanshawe St was its biggest job.

"It's the only freehold land in that area," Manson said, referring to surrounding land being owned by Auckland Council and Tramco.

The block was started on-spec, without pre-leasing before construction because unlike other developers, Mansons does not rely on substantial trading bank finance to begin such large jobs.