In one of the biggest commercial property deals of the year, New Zealand Post has sold two Auckland properties for about $33 million.
A spokesman said Courier Post House at 151 Victoria St West and the Walkers Building at 30 Graham St were sold to private family-owned Auckland developers and investors Manson TCLM.
The deal was struck about the same time NZ Post sold its 35 per cent stake in Datacom for $142 million in a move to free up capital and restructure debt.
The properties are opposite Telecom's $280 million four-building campus-style headquarters, also built by Manson TCLM.
AdvertisementAdvertise with NZME.
"New Zealand Post will continue to occupy Courier Post House as a tenant. The sale is in line with New Zealand Post's strategy to rationalise the use of capital," the spokesman said. "New Zealand Post has signed a nine-year lease and intends to remain on the site long term. The Walkers Building was previously occupied in part by NZ Post staff."
Manson TCLM director Culum Manson said the Courier Post building and Walkers Building would be retained but his firm planned a 20,000sq m office block on vacant land at 151 Victoria St.
That new block would have huge floor plates of 3000sq m to 3500sq m, be five to six storeys high, energy-efficient, Green Star-rated with high-tech glazing systems and finished by late 2015, he said.
Auckland had a "severe" shortage of top-grade commercial office space and many tenants wished to move.
"We're office builders, so we're going to start on site in the next year. We like to just get on with things. Some of those corporates can be slow in their decision-making."