GPT sells building

The $1.5 billion Goodman Property Trust is selling an Auckland building for about $26 million. The building had a market valuation in March of $27.5 million.

John Dakin, chief executive of the trust's manager, said a contract was struck to sell Pernod Ricard New Zealand House at 4 Viaduct Harbour Ave on the city's waterfront. Bayleys and Pernod Ricard are tenants in the 7369sq m office block, which has a weighted average lease term of 7 years.

"The sale price is at a 3.3 per cent discount to the March 2009 valuation," Dakin said, indicating a sale price of around $26.6 million.