The former Finance Centre in Auckland CBD at 19 Victoria St. Four buildings have sold for $104m to Quattro Group. Queen St is to the lower right. Photo / Quattro Group
The former Finance Centre in Auckland CBD at 19 Victoria St. Four buildings have sold for $104m to Quattro Group. Queen St is to the lower right. Photo / Quattro Group
Four interconnected Auckland CBD office buildings, including the former Finance Centre, have been sold to Australia’s Quattro Group for $104 million.
Richard Kirke of Colliers said The BEI Group sold 22, 24 and 26 Durham St West and 19 Victoria St West to Quattro.
Kirke brokered the sales withShoneet Chand of Colliers’ North Shore office.
Plans for The Exchange by Alberts between Victoria St West, Durham Street West and Albert St. The location of The Formery by Alberts is also shown on this map. Image / Quattro
The deal is significant because Quattro would make a significant investment to gentrify the mid-town buildings, which are opposite the new Te Waihorotiu Station, he said.
How some of the four buildings could look once upgraded. This shows Durham St frontages. Photo / Quattro
“You’re starting to see the benefit of the City Rail Link investment in Auckland.
“That is going to reinvigorate the city. That part of town has not had a lot of investment in the last decade so this is an extremely important sale for the city,” Kirke said.
The building at 19 Victoria St West is opposite the end of Elliott St, up from Queen St but it is connected to the three Durham Lane buildings, he said.
The Victoria St offices are 16 levels high and have Woolworths on the ground floor. This is one of four buildings sold to Quattro Group. Photo / Google Maps
Luke Condon, Quattro Alberts’ vice president, said the business would create a $230m asset by upgrading all the buildings.
“This is the company’s most significant investment to date,” he said.
Plans for the podium level in an upgrade of four interconnected Auckland CBD buildings. Photo / Quattro
Quattro also owns two other office buildings:
Alberts, the heritage office building at 1 Albert St on the corner of Fanshawe St. This is the former West Plaza building;
The Formery, 87 Albert St, extensively refurbished.
Quattro was part of the Auckland Real Estate Trust, once listed on the NZX.
That trust owned 1 Albert St in 2021 when the building was hit by fire.
Quattro plans to rename its most recently acquired buildings as The Exchange by Alberts.
That is a nod to the Stock Exchange having once inhabited one of the buildings.
The former West Plaza building at 1 Albert St, is also owned by Quattro.
Not all the $104m purchase is in cash: Quattro is selling BEI Group 110 Customs St West for $20.6m as part-payment.
Quattro said the BNZ has refinanced most of the work at 1 Albert St and The Formery. Those projects are now complete and largely leased.
“At completion, the precinct is projected to be valued at over $230 million, bringing the Quattro Alberts Auckland portfolio to more than $650 million, which also includes Alberts and The Formery.”
Buildings sold for $104m are across the road from the new Te Waihorotiu Station for the City Rail Link. Photo / Michael Craig
The buildings have 19,250sq m of net lettable area, 410 car parks and Quattro will offer revitalised shops anchored by the existing Woolworths and a club for tenants.
A rooftop padel court and private courtyard garden are also planned.
The Formery on Albert St was successful because more than 75% of the rents are nearly $1000/sq m, Condon said.
Quattro says its portfolio could be worth $650m once work has been completed at The Exchange.
Funding for the $104m purchase came from FMT, the business said.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.
