The half-year’s biggest property deals have been listed after a company directed by Sir Peter Jackson and Dame Fran Walsh recorded New Zealand’s largest purchase this year with LB HC’s $105 million purchase
The five biggest NZ property sales for 2024′s first half starring Peter Jackson’s Lyall Bay deal
![Anne Gibson](https://s3.amazonaws.com/arc-authors/nzme/6d57e41b-c4e2-47dd-b3e7-72c15c6314c1.png)
Dame Fran Walsh and Sir Peter Jackson's company recorded NZ's largest property deal of 1HY24. Photo / Getty Images
He confirmed the filmmakers’ purchase of almost an entire street block in Lyall Bay near Wellington Airport for what could be a new film museum although no definite plans have been announced by Jackson or Walsh.
LB HC bought the lessor’s interests in the properties. What had been leasehold is now freehold, giving clearer title.
![Zoltan Moricz of CBRE released the 1H24 transaction monitor.](https://www.nzherald.co.nz/resizer/v2/EPKA7GWJZVHYFCZDC3IT2SQLHU.jpg?auth=0f26b007fb8e00123565bc256d3f1d4eeaf1624775f6cc57ea5ddde9ec5cab66&width=16&height=16&quality=70&smart=true)
CBRE referred to this deal as the Rongotai ground portfolio, acknowledging the Jackson/Walsh company had bought the lessor’s interest, meaning it is not leasehold any more.
Property records showed LB HC or Lyall Bay Holding Company’s activities.
Its name is on properties on the block bounded by Tirangi Rd, Kingsford Smith St and McGregor St.
Moricz said the largest deals of 1H24 were:
1. Rongotai ground portfolio, $105m
![The block of land bought by the famous film-making couple is near Wellington Airport. Photo / Mark Mitchell](https://www.nzherald.co.nz/resizer/v2/FIFGV6IDPRB7LDPDMIX5X6HIB4.jpg?auth=2b94b0c8e63c28ef415fa4ebbe98d9dea9167f4936a288f62625f3832cc7efda&width=16&height=11&quality=70&smart=true)
- Almost an entire block of Lyall Bay land near Wellington Airport;
- Vendor: Prime Property Group;
- Purchaser: LB HC;
- Date sold: June 1, 2024.
The CBRE transaction monitor said the biggest sale of 2024 “involved almost an entire block of leasehold land in Rongotai. This transaction, involving a ground lease portfolio, encompasses multiple properties on Tirangi Rd and Kingsford Smith St, adjacent to Wellington Airport”. McGregor St also bounds the site.
“This single sale comprised around 70% of the total value of development site and land transactions,” the monitor said of the Jackson deal.
Last year, Jackson and Walsh bought half a dozen sites in a block just south of here so they could have about 3ha now.
The properties in the latest $105m deal are on the shores of Lyall Bay, with only Lyall Parade running between these and the sea.
They comprise 2.7ha and an entire block except for a vehicle repair business owned by Edwards Panel & Paint.
BusinessDesk reported this week the famous filmmakers paid $40m above the registered valuation for the site of a potential film museum.
Property records showed LB HC bought 102, 108, 114, 120, 126 and 130 Tirangi Rd and 5, 25, 29, 35, 41, 45 and 47 Kingsford Smith St for $104 million.
2. Ponsonby Central, $72m
![Ponsonby Central's sale was the second-largest by price in 1H24. Photo / Sylive Whinray](https://www.nzherald.co.nz/resizer/v2/AS5U3YGR3VFURNKIBSJ6N462LM.jpg?auth=ad38e3aaac6a3bf2ec39aac4c75baf00ab5dc5182a3b34642075173befbf3711&width=16&height=11&quality=70&smart=true)
- Mixed-use dining, retail, cinema, office residential hub;
- Vendor: Ponsonby Central;
- Purchaser: Westwood Group;
- Date sold: April 15, 2024.
Queenstown’s Westwood Group bought Auckland restaurant/cinema/office hub Ponsonby Central for $72m.
Real estate agency Colliers announced the deal on July 2.
Westwood owns Queenstown’s Steamer Wharf in the centre of town as well as various shops and offices in the tourist hub including Malaghan House, where Deloitte is based.
Tony Butson, a Westwood Group director, said the Ponsonby asset was a standout to add to existing holdings.
“The opportunity to purchase this property given its prominent location in one of Auckland’s most keenly sought suburbs was too good to pass up. There are considerable similarities between Ponsonby Central and Steamer Wharf in Queenstown so we believe we have plenty of expertise to help Ponsonby Central continue to evolve as a premier food and beverage and retail offering,” Butson said in July.
3. Logistics Centre sale, Islington, Christchurch, $40.4m
![471 Waterloo Rd, Islington, Christchurch. Photo / Google Street View](https://www.nzherald.co.nz/resizer/v2/QVUQWTPNTBEDTAVU2AMJEX4BDI.jpg?auth=3e60efc8846949aa394b0e548f9184f786b06362c1bda88098a164fb5047be5b&width=16&height=8&quality=70&smart=true)
- Sale of 471 and 473 Waterloo Rd, Islington, Christchurch;
- Vendor: 2 OMG Investments;
- Purchaser: Fife Capital;
- Date sold: April 24, 2024.
Moricz said this was a sale and leaseback transaction by Sorted Logistics which has its head offices at 451 Waterloo Rd in Christchurch.
Two properties are involved.
“This is a modern, high-quality distribution centre,” Moricz said.
Sorted says it is a leading provider of storage and warehousing services on a national level and offers a range of personalised services from bulk storage through to complicated pick and pack operations.
4. Waiata Shores neighbourhood centre, Takanini, $37.1m
![Waiata Shores, Takanini, Auckland when CBRE was advertising the neighbourhood retail hub for sale in March this year. Photo / CBRE](https://www.nzherald.co.nz/resizer/v2/QJNDBOOOMRD57FMEFDWRKP2FRI.jpg?auth=4c4aa8f2a5ed169a976bc04d9888ec4775baac0862c94695090d0789acf4bbbc&width=16&height=14&quality=70&smart=true)
Sale of a new retail centre by CBRE. This property is anchored by a Woolworths supermarket and medical centre.
- Property: Waiata Shores neighbourhood centre;
- Vendor: Woolworths, Australia;
- Purchaser: Medicare Australasia;
- Date sold: May 1, 2024.
Waiata Shores is at 2 Te Napi Dr, Takanini, was developed by Woolworths New Zealand and has opened progressively since December 2021, when Woolworths started trading. The property is in three titles.
CBRE said Woolworths would take a new 10-year lease over the supermarket on settlement with rights of renewal.
5. Argosy’s Mt Wellington sale, $35.2m
![8 Forge Way, Mt Wellington, Auckland. Photo / Google Street View](https://www.nzherald.co.nz/resizer/v2/6XAJ23TAWBAHTFCWNCHEHHOP2Y.jpg?auth=c5f469debf6026e2e6f1312d7aec4debe22854d00a8e21a25d2a3f4c64652a50&width=16&height=9&quality=70&smart=true)
- Sale of 8 Forge Way, Mt Wellington;
- Vendor: NZX-listed investor Argosy Property;
- Purchaser: undisclosed;
- Date of sale: April 3, 2024.
Argosy said in April it had unconditionally sold this property, considered “non-core” due to the highest and best use not aligning with strategy. The sale price reflects a premium of 1.1% above its book value, as at September valuation.
The settlement date is expected to be March 25, 2025.
The funds received will be used initially to reduce bank debt. During the last 12 months Argosy has sold four non-core assets. All sales have been at or above their valuations, Argosy’s NZX announcement said.
Observations
Moricz of CBRE said research indicated more buying and selling.
“The interesting thing that our analysis shows is that interest rates are a more important driver of pricing and investment activity levels than underlying occupier market health with vacancy and rents,” he said.
The occupier market is weak and CBRE has been forecasting increasing vacancy and decreasing effective rents for 2024-25.
“But the investment market will be getting busier. Some of it will be more motivated sellers who could be having cash flow issues and some pressure to sell from banks etc. Some of it is the closing of the buyer-vendor price gap with lower interest rates.”
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.