High profile commercial property investor Sir Robert Jones has expanded his Auckland office portfolio with the purchase of a six storey office and retail block in the heart of a busy suburban business precinct.
Robt. Jones Holdings Ltd - with offices in Wellington, Auckland and Sydney - has purchased 129 Hurstmere Road in Takapuna for $18.067million from listed property company DNZ Property Fund Ltd. The deal was brokered by Mark Hourigan and Mike Bayley of Bayleys Real Estate.
Tenants within the building include media research company AC Neilsen, AFT Pharmaceuticals, and real estate agency Colliers International. Ground floor retail tenants include two restaurants and convenience food outlet Pita Pit.
With a total rentable area of 6456 square metres plus 800 square metres of decking, the building affords excellent Hauraki Gulf and Takapuna Beach views. The site is also serviced by 149 covered car parks.
The purchase adds to Robt. Jones Holdings Ltd’s existing real estate presence in Takapuna. The company already owns the neighbouring Takapuna Finance Centre, a similarly-styled and constructed 5012 square metre five storey retail and commercial building. Robt. Jones Holdings Ltd purchased that building in 2004.
Bayleys managing director Mike Bayley said the agency had been actively seeking out premises on behalf of Robt. Jones Holdings Ltd for most of this year, and while several sites were presented for purchase consideration, most did not meet the specific and stringent requirements of the company.
Robt. Jones Holdings Ltd’s investment manager, David Rankin, said that securing the second Hurstmere Road building was a strategic purchase, underpinning the company’s long-term faith in Takapuna as a retail business and commercial hub for the North Shore.
Robt. Jones Holdings Ltd intends to substantially upgrade the courtyard which lies between the two Hurstmere Road buildings. Some $3million has been set aside for the refurbishment, which will include an upgrading of both the new building and the courtyard area.
Sir Robert Jones believes that continually upgrading and investing in his buildings is essential in the modern day market
“Our approach extends beyond commercial considerations. It is passionate, and regardless of expense we never cease seeking ways to further enhance our buildings,” said Sir Robert.
Mr Rankin said that the acquisition now made Robt. Jones Holdings Ltd one of the largest private Takapuna office space owners, as it already is in the Auckland CBD.
Building vendor DNZ Property Fund Ltd has reported that net proceeds from the sale will be used to repay bank debt ahead of a pending purchase of three Foodstuffs supermarkets in the Lower North Island recently for $40.73million. That portfolio sell-down was also brokered by Bayleys Wellington on behalf of Foodstuffs (Wellington) Co-operative Society Limited.