Sir Bob expands property portfolio

Sir Bob Jones has expanded his Auckland commercial property portfolio. Photo / supplied

Sir Bob Jones has expanded his Auckland commercial property portfolio with the purchase of an $18 million office and retail block in Takapuna.

The businessman today confirmed his Robt. Jones Holdings Ltd company had bought the six-storey office building at 129 Hurstmere Rd in the North Shore suburb's busy business precinct.

The office is next door to another of the company's properties, the Takapuna Finance Centre, and has tenants including media research company AC Nielsen, AFT Pharmaceuticals, real estate agency Colliers International, two restaurants and a convenience store.

Robt Jones Holdings Ltd - which owns offices in Wellington, Auckland and Sydney - will spend some $3m on substantially refurbishing the new property and the courtyard between the two buildings.

Sir Bob said continually upgrading and investing in his buildings was essential in the modern day market.

"Our approach extends beyond commercial considerations. It is passionate, and regardless of expense we never cease seeking ways to further enhance our buildings,'' he said.

The office has a total rentable area of 6456 sq m, decks covering 800 sq m, 149 covered car parks, and views of the Hauraki Gulf and Takapuna Beach.

The adjacent five-storey Takapuna Finance Centre, bought in 2004, is similar in style and construction with 5012 sq m of retail and commercial space.

Robt. Jones Holdings Ltd investment manager David Rankin said securing the second Hurstmere Rd building was a strategic purchase that underpinned the company's long-term faith in Takapuna as a retail business and commercial hub for the North Shore.

Mr Rankin said the acquisition made the company one of the largest private Takapuna office owners, which it already was in the Auckland CBD.

The deal was brokered by Mark Hourigan and Mike Bayley of Bayleys Real Estate, which had been seeking out premises for the company for most of this year.

Bayleys managing director Mr Bayley said while several sites were presented for purchase consideration, most did not meet the company's specific and stringent requirements.

The vendor, DNZ Property Fund Ltd, will use the sale to pay off bank debt ahead of its upcoming $40.73m purchase of three Foodstuffs supermarkets in the Lower North Island.