ANZ is the anchor tenant, and the property is 100 per cent leased to a mix of other prime office and retail tenants including the Ministry of Justice, the Department of Labour, Burger Fuel and Pizza Hut.
ANZ has a new nine year lease on the North Shore property, with a further six year right of renewal.
"This is one of New Zealand's largest companies and includes UDC Finance, One Path and Bonus Bonds within the stable of brands it operates," says Oscroft.
He says cash returns will be paid to investors monthly and the property currently earns just over $2 million in net annual income.
The majority of the 14 leases include annual rental growth adjusted to the Consumer Price Index or 2 per cent with a market review every one or two years.
The 5579 sq m property is dominated by a five level office building made up of two levels of car parking, ground level retail and three upper office levels. It has dual access from two major road frontages on either Corinthian Drive or Mercari Way.
Built in 2004, the complex has been assessed through a Detailed Engineering Evaluation Report to a New Building Standard (NBS) rating of 87 per cent and is constructed mainly of reinforced concrete and pre-cast floor slabs.
Oscroft says Oyster will manage the property and the syndication scheme along with its national portfolio of over $700 million in commercial property assets. "The company has in excess of 700 investor clients, a number of whom invest in multiple Oyster properties," he says.
"The rapidly expanding business precinct of Albany hosts a number of national and international brand name tenants including major retail, financial and trade businesses like the Albany Mega Centre.
"The location is well served by transportation links including the nearby State Highway One northern motorway linking the North Shore to the Auckland CBD," Oscroft says. "Also close by are Greville Road, the Albany Expressway and the Upper Harbour Highway which provide efficient links between Albany, West Auckland and the State Highway One motorway."
