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High-profile office block for sale

Auckland’s Lumley Centre is being offered for sale via a public expression of interest campaign.

Wednesday, April 23rd 2014, 12:00AM

by The Landlord

Offers are due on June 5.

The property at 88 Shortland Street was completed in 2005, has 19,479 sq m of office space and six floors of parking.

Jones Lang LaSalle, which is running a campaign in conjunction with JLL, said New Zealand CBD property was on the radar of listed and unlisted local and offshore property investors.

JLL managing director in New Zealand, Nick Hargreaves said: “Assets of this nature are extremely scarce, with only three other premium towers in Auckland. This is a time when globally, high-quality assets are readily sought after. Lumley Centre is a rarely seen opportunity and the chance to own a property of this nature is not to be missed.”

He said a growing economy would drive the need for more asset space.  JLL predicts that premium-grade office rents will exceed their current levels by 30% at the top f the current cycle.

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Heartland 6.70 7.00 7.25 7.85
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HSBC Special - - - -
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Liberty 5.69 - - -
Napier Building Society - - - -
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Pepper Money Near Prime 5.64 - 5.44 5.44
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Resimac 4.50 4.86 3.89 3.94
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SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
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TSB Special 5.29 3.55 3.45 3.89
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