NZ's largest ever office deal

The Millenium Centre business park contains seven offices in over three hectares. Photo / Supplied

Greenlane's huge commercial property park has been sold in what is understood to be New Zealand's largest ever single office transaction.

Oyster Group purchased the Millennium Centre at 600-604 Great South Road for $210 million with settlement due at the end of February next year.

The Millennium Centre encompasses seven offices over three hectares including American Express, L'Oreal, Chevron, Griffin's Foods, Adidas, Siemens and Toyota Finance.

Peter Herdson, the National Director of Capital Markets at Colliers International, brokered the deal.

He said the deal is indicative of New Zealand's expanding economy:

"Demand for commercial property will continue to be spurred on by domestic economic expansion, balanced supply and demand fundamentals and positive debt to yield spreads."

"Auckland especially faces unique challenges with its massive projected population growth stretching the city's resources on all fronts."

Oyster were among a select group of bidders on the property when Colliers floated the Millennium Centre in an off-market process.

The purchase comes on the heels of Oyster Group's acquisition and syndication of the $97m Cider building in Ponsonby earlier this year.

Mark Schiele, CEO of Oyster, said the purchase is line with the company's strategy of acquiring property in high demand areas.

"As a significant commercial hub in Auckland, in a well-connected central location with high quality buildings and diversified income streams, it made long term commercial sense for Oyster to acquire the Millennium Centre," he said.

"Purchasing the Millennium Centre is an important achievement for Oyster as it continues our investment strategy focused on providing superior assets with strong economic rent profiles, to our broad range of investors."