Argosy Property Ltd said on Monday it had sold the mostly vacant property at 1 Pandora Rd in Napier to an owner-occupier for $7.7 million.
Chief executive Peter Mence said this was a premium to the current book value of $7.5 million. Settlement was expected in August.
Mr Mence said the property had been partially occupied on monthly tenancies, yielding only a 1.2% return. The sale was in accordance with Argosy’s strategy of divesting non-core properties.
The medium-stud warehouse has a net lettable area of 18,269m². Fonterra Group was using part of it as a milk powder distribution facility.
Attribution: Company release.