Kiwi Income sells remaining interest in Queen St building for $56.3m

National Bank Centre

Kiwi Income Property Trust [NZX: KIP], the country’s second-biggest listed property investor, has sold its remaining interest in a Queen Street office building for $56.3 million in the second-part of a two-stage deal.

Auckland City Holdings, a company associated with privately held Brisbane-based Bloomberg Inc, will pay a total $103.8 million for 206 Queen St in Auckland, having already acquired a half-stake in the building as part of a two-part deal that meant the Australian firm would buy the remainder before the end of March 2017.

The building, formerly the National Bank Centre, is made up of two towers, one 17 levels and the other 22 levels, with basement parking for up to 131 cars, lowered its vacancy rate to 9.2 percent as at March 31 from 22.5 percent at the end of September.

Our team has substantial experience and a proven track record in the sale and purchase of: Cross Leases, Freehold properties, Leasehold properties, Unit Titles (Apartments and Carparks), Subdivisions and Residential Tenancies. Although conveyancing can be straightforward, sometimes mistakes can be costly. Accordingly, we strongly recommend you contact us as early as possible when you are buying or selling to ensure that we can add value to your requirements. To contact our property team click here.

Check out this short interview where QCL lawyer Tina Hwang discusses Smart Tips for Buying and Selling Property and also critique of leaky building issues.

To read more about Queen City Law property expert Tina Hwang click here.

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Click here to find out more about how QCL can help you with your leaky building. To watch the original clip on TV9 click here.