A 3.2ha property at 79 Carbine Rd and 10 Clemow Dr, Mt Wellington, has been purchased by NZX-listed Kiwi Property for $27.1m.
The property, immediately adjacent to the entrance of Sylvia Park shopping centre, was marketed for sale by tender by Sunil Bhana of Bayleys Auckland and Steve Orr of Bayleys Warkworth.
Kiwi Property chief executive, Chris Gudgeon says when combined with existing landholdings on Carbine Rd and Clemow Dr, the aquisition enables the company to consolidate a strategic 7.7ha landholding with a road bridge connection to Sylvia Park over the railway line.
"We have no immediate plans to redevelop the land. However, given our world-class town centre vision for Sylvia Park and Mt Wellington's status as a Metropolitan Centre, it makes good sense for us as a long-term investor to increase our landholdings in this strategic location," Gudgeon says.
"Kiwi Property's landholdings in Mt Wellington now total over 30ha, including the main 20.4ha Sylvia Park Shopping Centre site."