Peace building sells for $9.25m

The distinctive 9-storey Peace building at 98-100 Symonds St in Auckland's CBD has sold for $9,250,000 with the new owner looking to take advantage of renewed interest in the precinct from educational occupiers.

Paul Hain of Bayleys Auckland sold the property featured in Bayleys' Greater Auckland portfolio to a private investor and says he received good inquiries from education-related tenants interested in leasing space.

"The Symonds St area has always been popular with education providers and there are some encouraging signs of a pick-up in demand from this sector on the back of an improving economy and a drop in rental levels which seems to be drawing tenants back into the CBD again," Hain says. "The opportunities are few and far between to be able to purchase a stand-alone freehold building in the Auckland CBD precinct. The high ratio of onsite car parking is also difficult to replicate."

The 4412sq m Peace building has seven levels of office accommodation and two levels of basement car parking and storage, with a total of 82 car parks on the site. Peace Software has a nine-year head lease over the entire building until March 31, 2011, with no right of renewal, at a current annual net rental of $974,312.

The building is on a 2209 sq m level site. The land at the front has a right of way, with the potential to develop over it.