NZME has just expanded its events business, buying up nine regional events. Photo / Peter Meecham
Mansons TCLM is understood have an unconditional contract to buy the almost half-hectare NZME. Auckland CBD site where the Herald and other publications are headquartered between Swanson St, Albert St, Mills Lane and Wyndham St.
Sources said Loris, the company associated with investor Steve Owen, had just accepted an offer
for about $45 million for the 4250sq m site but the media and entertainment business has a lease due to run for a further nine years, paying about $2.6 million annually. Chinese investors showed close interest in the site for some time and $45 million was being discussed but they never went ahead with any deal.
Culum Manson of Mansons TCLM is understood to have signed the contract.
Loris Properties owns the 3438sq m site at 46 Albert St and the 369sq m site at 58 Albert St. The plot on a sloping site has three buildings including the vacant Shell House on the Albert St/Wynham St corner. Mansons are expected to seek consent for high-rise commercial and residential uses so that by 2023 it has options, depending on market conditions.
