Plans for Thirty Daldy, the new block by Mansons TCLM at 30 Daldy St, Wynyard Quarter. Photo / Supplied by Mansons TCLM
Plans for Thirty Daldy, the new block by Mansons TCLM at 30 Daldy St, Wynyard Quarter. Photo / Supplied by Mansons TCLM
The Overseas Investment Office has cleared a company owned by New Zealand’s wealthiest privately-owned commercial developers to sell its new Wynyard Quarter offices to the same buyer who last year bought the new Fifty Albert premises in the CBD.
Mansons BDGP, owned by Mansons TCLM, is allowed tosell Thirty Daldy to CC Maverick Ptd, a newly formed Singaporean special purpose vehicle owned by a fund managed by PAG, an investment firm in the Asia Pacific region.
The land is currently being developed by the vendor into a seven-level commercial building with associated retail, car parking and other amenities.
The land is not deemed sensitive and the office building will be leased to third parties.
Culum Manson of Mansons TCLM has previously put the value of the development at $550 million.
Dimis Vavougyios of PAG, Prime Minister Christopher Luxon and Sir Ted Manson of the Ted Manson Foundation and Mansons TCLM at the October 2024 opening of the new building at 50 Albert St. Photo / Mansons TCLM
“This application was subject to a national interest assessment because the applicant is considered a non-New Zealand Government investor due to the extent of some government investors from the United Arab Emirates and South Korea.
“The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest,” today’s decision said.
Consent was granted because CC Maverick met the investor test criterion.
PAG bought Fifty Albert, a new $650m development in Albert St, from Mansons TCLM. Prime Minister Christopher Luxon opened that building in October.
CC Maverick is 24% United Arab Emirates, 18% Singaporean, 15% Canadian, 12% South Korean, 9% North American, 7% Hong Kong, 6% Azerbaijan and 9% various other nationalities.
The amount being paid was withheld under the Official Information Act.
The building has been leased to telco One NZ which is leaving Smales Farm to return to the CBD.
Last year, Culum Manson said more than 3000 people will eventually work in those new offices with air bridges in a glassed atrium.
The site is unusual as it is one of the rare freehold blocks of land in an area with mainly leasehold plots owned by Auckland Council’s Eke Panuku.
Manson was then so confident about leasing the 24,093sq m premises at 30 Daldy St, neighbouring Air New Zealand’s world headquarters, that it sought no previous publicity about this project.
Building A on the Beaumont St side is six levels and building B on the CBD side is seven.
Last February, Manson compared Thirty Daldy’s environmental features to the company’s new $650m Fifty Albert offices in the CBD.
Brod Storie of PAG which owns $1.6b of Auckland and Wellington office buildings.
All up, Mansons had $1.2b of work in the CBD this time last year: $650m at Fifty Albert and $550m at Thirty Daldy, with Mansons completing Fifty Albert for Spark, Milford Asset Management and others towards the end of last year.
Future Manson projects include 35 Graham St in the western precinct and a development on St Georges Bay Rd in Parnell.
Brod Storie, a partner and co-head of real assets based in Hong Kong for PAG, said last year that business planned to continue to invest in this country.
The Australian is one of the bosses of the business which has US$55b ($89b) of assets under management for clients and US$100b invested across the Asia-Pacific.
“We absolutely see our investment expanding. We’ve continued to grow our New Zealand business and hire people locally. It’s a terrific time right now to look at New Zealand as we look at the wider region. There are opportunities in New Zealand that are very compelling, on a risk-adjusted basis. It’s a very attractive market for us.”
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
