This article is from the Australian Property Journal archive
A PRIVATE Australian investor has purchased the Shore City shopping centre in Takapuna, Auckland in New Zealand for $90.15 million.
The 13,990sqm multi-level centre is on a 12,603sqm site in the affluent suburb of Takapuna, 10km north of Auckland’s CBD, and comprises an enclosed retail centre anchored by a Farmers Department Store and supported by 60 specialties, a rooftop gym and six kiosks. It has a WALE by area of 2.8 years, with a passing net income of more than $6.86 million per annum, and a fully leased net income of more than $7.34 million per annum.
Stonebridge Property Group and Colliers New Zealand marketed the centre on behalf of JPMorgan’s Aviva Investors Asia Pacific Property Fund, which purchased the property from Westfield for $83.5 million in 2011.
It has been reported in recent months that Precision Group’s Shaun Bonett had entered due diligence to buy the centre.
Australian Property Journal
