7 Fraser Rd, Mt Wellington, sold to Troy Bowker's Caniwi Capital. Photo / NZMS
7 Fraser Rd, Mt Wellington, sold to Troy Bowker's Caniwi Capital. Photo / NZMS
Troy Bowker’s Caniwi Capital has bought two Auckland properties from family-owned investor/developers Mansons TCLM for $95 million.
Bowker and Mansons chief Culum Manson announced the deals jointly today.
Bowker said Caniwi had made unconditional purchases of 7 Fraser Rd, Mt Wellington for $50m and 656 Great South Rd, Greenlane for$45m.
The Mt Wellington property has an industrial building on a 3.5ha site close to the maunga off Te Horeta Rd not far from Sylvia Park. It has large warehouses but Bowker indicated those would be demolished.
“It is one of the largest sites in Auckland which is zoned residential but currently with industrial tenants,” Bowker said.
“Future possibilities include a major industrial park, a retirement village, a supermarket or apartment buildings,” Bowker said.
656 Great South Rd, Greenlane is the black building with a white roof in the centre of this image. It was sold to Caniwi Capital for $45m by Mansons TCLM. Photo / supplied by NZMS
At Greenlane, Caniwi has bought a refurbished office building.
That is a large, two-level modernised building beside Central Park.
“It has undergone a major refurbishment by Mansons and has high-spec fit-outs throughout,” Bowker said.
Inside 656 Great South Rd, Auckland, an office building sold to Caniwi Capital by Mansons TCLM. Photo / NZMS
“It has attracted high-quality, long-term leases with tenants including Tāmaki Healthcare. It is a 4-star, green-rated building and was sold with a 10-year weighted average lease term,” he said.
7 Fraser Rd, Mt Wellington, sold by Mansons TCLM to Caniwi Capital. Photo / supplied by NZMS
Mansons consistently produced great buildings that attracted quality tenants, he said.
“We are seeing more deal flow at prices that are becoming attractive as investors and recent rate cuts are adding to our return on equity,” Bowker said.
Manson expressed satisfaction with the sales and said the business looked forward to more deals with Caniwi.
Plans for the new 11-level offices at 35 Graham St in Auckland's CBD. Image / Mansons TCLM
Mansons’ largest new project is 35 Graham St in Auckland CBD where it has Yakka demolishing the former Auckland Council offices.
In its place are consented plans for an 11-level, $650m office building overlooking the Viaduct Harbour area.
The design shown in one plan is for a building to be 24,649sq m, or 2.4ha of indoor floor space, a leasing brochure showed.
