Over half a billion dollars vested in 10 commercial properties has been realised by Bayleys Real Estate.
The sales comprised Spark New Zealand's four-building office complex on Victoria St in central Auckland which sold for just under $250 million; the Pakuranga Plaza shopping centre for $96 million; an office and retail building at 1-7 The Strand in Takapuna occupied by Auckland Council which fetched $70 million; three big Auckland land transactions totalling $117 million; and Kirkcaldie & Stains' Harbour City Centre property in Wellington for $45.85 million.
The Bayleys' report comes on the back of an announcement by the Property Council of New Zealand (PCNZ) that the return on New Zealand commercial property is now at its highest level since the March 2008 quarter - based on the latest PCNZ/Investment Property Databank (IPD) New Zealand Property Index results for the quarter ending September 2014.
The PCNZ/IPD New Zealand Quarterly Property Index consists of 28 contributing funds with a combined asset value of $12.8 billion held in 577 investments.
Connal Townsend, chief executive officer at Property Council, says results across all three main commercial property sectors "show a steady performance both in terms of capital growth and income return".
