15 December 2001
National Property Trust Capital Ltd’s $25 million capital notes issue closed fully subscribed on Friday. National Property Trust will use the proceeds to redevelop the Eastgate shopping centre in Christchurch.
12 December 2001
Manukau City Council’s compliance staff pride themselves on fast turnaround of applications, North Shore City’s are improving from a wayward decentralised position, Papakura District Council is taking the whole business back inhouse and Rodney District Council is considering the outrageously proper — giving refunds if it doesn’t perform quickly enough.
C grade central business district office buildings led the Property Council’s investment performance index for office property in the September half though capital movement in that sector, as in all others, was downward. Details: C grade outperforms other office sectors
A private New Zealand investment company has bought the West Plaza building & annex at the foot of Albert St in downtown Auckland. The price was not disclosed. The building was owned by National Mutual, now part of the Axa group, since construction 26 years ago. Lindsay Jackson of CB Richard Ellis completed the sale.The 20 office levels, ground and mezzanine retail have a total 8454mÂ² net lettable area earning about $1.2 million/year with capacity to earn more than $1.5 million, excluding gst. The 1999 government valuation was $23.5 million, including $8.3 million for the total site of 2246mÂ² ($3696/mÂ² land). Apart from its shape, West Plaza has always been distinctive for its multitude of small office tenancies. Net floor areas are about 423mÂ². The annex has an Albert St shop and provides the building with 102 parking spaces off the foot of Federal St.