Investors are being offered a projected nine per cent annual pre-tax return in Maat Group's latest property syndication, of the Unisys office building in Ellerslie.
A total of 386 $50,000 share parcels are being offered in a company that will acquire the property, at 650 Great South Rd in the Southern Corridor office precinct.
Maat Group has entered into a purchase agreement to acquire the property for $31,800,000 from NZX listed Stride Property Group which is selling it to fund new development and acquisition activities. The agreement is conditional on a minimum of $15,800,000 of investors' equity being raised under the syndication offer.
The five-level building, with a lettable floor area of 8335sq m, is located on a substantial 6573sq m freehold site at 650 Great South Rd, adjacent to the Goodman Group's Central Park Corporate Centre near the Ellerslie-Panmure highway.
The property is fully leased to six tenants with government organisations occupying 5541sq m of the building and generating around two thirds of the property's total net passing annual rental income of $2,616,581. Crown tenants include Inland Revenue, the Ministry of Health and Northern Regional Alliance Limited and Health Alliance NZ Limited which provide administrative services to the District Health Boards.