DNZ Property Fund Ltd has unconditionally sold the property at 968 Great South Rd, Penrose, for $6.8 million. Settlement is scheduled for 30 June.
Chief executive Peter Alexander said on Friday the sale price represented a 7.62% yield on passing rental and a 4.62% premium above 31 March 2014 book value.
The building, occupied by Fletcher Steel subsidiary Pacific Coilcoaters has a net lettable area of 6748m².
DNZ has previously said the $155 million Westgate Mall project will be funded from the company’s current bank facilities and that it will continue to sell non-core assets over the duration of the project.
Attribution: Company release, annual report.