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Home / Business

Westpac Bank building in Queen St sold

28 Jun, 2004 11:10 AMQuick Read

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The Westpac Bank building in Queen St, central Auckland, has sold for $15 million at a 7.7 per cent yield.

A mainland Chinese owner sold the 10-level 4102sq m building to another Chinese investor.

In late 2002, the vendor bought the property at 79 Queen St for $12.34 million at a yield
of 9.3 per cent.

The 1960s building is fully leased to Westpac Banking Corporation until 2011 and is producing annual net rental income of $1.15 million.

$1m on security Ports of Auckland has beefed up its security measures in time to meet an international security deadline of July 1, the Maritime Safety Authority says.

The security measures - including photo identification, better perimeter fencing, and electronic surveillance - cost the port company more than $1 million.

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