Macquarie Goodman buys $30m Auckland property

Macquarie Goodman Property Trust said today it purchased a building in Newmarket, Auckland for $30.55 million.

The trust said it owned two properties nearby.

MGP purchased the property from developer Core City Developments. Settlement is expected on April 28.

The building has 5900 square metres of lettable space including ground floor retail space, under cover parking for 230 cars, and three levels of office space. It is almost 85 per cent occupied, and once fully occupied will have an estimated net rental income of $2.6m -- yielding 8.5 per cent annually.

MGP chief executive John Dakin said the purchase was in line with MGP's strategy to acquire high quality suburban properties.

- NZPA