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.
