$29m headquarters for Fletcher Building

Fletcher Building, New Zealand's biggest building products maker, will spend $29 million buying its Auckland headquarters to allow for expansion and to end an obligation to rent out the rest of the land.

Fletcher Building has leased the site on both sides of Great South Rd in Auckland's Penrose since 2001.

Under the terms of the purchase, the company will buy the eastern block of land and will sign a nine-year lease for those parts of the western parcel that it uses. The purchase frees Fletchers from the ongoing liability to sub-let the surplus land.