The Real Estate Institute of New Zealand's head office building in Auckland's up-market Parnell has been sold for $6.225 million to an Auckland-based family business.
REINZ had put the property up for international tender with Bayleys only last month.
The identity of the Auckland-based family business that bought the property has not been revealed, but the company is intending to move into the 758 square metre building from its current "city fringe' premises.
REINZ, has owned the 1813 sq m site for 27-years and will remain on as a tenant in the building until at least April next year.
REINZ chairwoman Rosanne Meo said the organisation’s board was extremely pleased with both the marketing of the two-storey property and the sales outcome.
“The successful sale will now enable the Institute to begin looking for a new investment opportunity for the proceeds of the sale, most likely to include our head office. We are open about location although we would anticipate an Auckland CBD fringe site to enable access for our members. We have already commenced this process,” she said.
Cameron Melhuish of Bayleys, who marketed the property along with James Chan, said the Parnell Road property attracted considerable interest from a wide range of potential purchasers – some wanting the building as an owner occupier space, with others looking at mixed use commercial and residential development opportunities.
“The healthy interest received in this property shows that there is on-going demand for well positioned commercial real estate in the Auckland city fringe – especially land and buildings with mixed-use potential which has been so keenly promoted under Auckland City Council’s draft Unitary Plan,” he said.
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