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Colliers sells $1.3b of Auckland commercial property since lockdown

Colliers sells 13b of Auckland commercial property since lockdown  hero

Commercial property investors have remained active despite months of Covid-19 disruption, with Colliers International transacting $1.32 billion in commercial sales in Auckland alone between 1 April and 25 August.

Gareth Fraser, Auckland Director of Investment Sales at Colliers, says the strong sales result shows a high level of confidence in the market’s underlying fundamentals.

“Colliers has been highly active in Auckland since the original lockdown in late March, having transacted 138 sales since 1 April,” says Fraser.

“This level of momentum has been undiminished by the resurgence of Covid-19 in the community. Colliers transacted more than 25 deals in Auckland between 12 to 25 August, during the most recent lockdown.

“We’ve seen some truly outstanding deals in recent months, which highlights the strength of the Auckland commercial property market in the face of economic uncertainty.”

Notable sales have included:

  • 136 Fanshawe Street, Auckland CBD. The Mansons TCLM office development, which is currently under construction, was purchased by offshore institution PAG for $315 million. The sale was transacted by Colliers’ Capital Markets team, following a complex series of related sale and lease deals involving Colliers’ Investment Sales and Commercial Leasing teams.
  • 17 Upland Road, Remuera. The former Caughey Preston Trust site was purchased by a residential developer during the initial lockdown in a deal transacted by Colliers’ Capital Markets, Investment Sales and Site Sales teams.
  • 35, 55 and 67 Kerwyn Avenue, East Tamaki. Hynds appointed Colliers’ Industrial team to sell and lease back its East Tamaki concrete pipe manufacturing facility ahead of a move to a new facility in Pokeno. A conditional offer fell through due to the global Covid situation, prompting Colliers to seek unconditional offers from other parties. The result was a strong sale in challenging conditions for a confidential sum, brokered by Industrial National Director Greg Goldfinch and Director Paul Higgins.
  • 171 Pilkington Road, Point England. The 7.35ha former Pernod Ricard site sold after a collaboration between Colliers’ Investment Sales and Industrial teams. The sale was brokered by Fraser and Goldfinch with Industrial Director Andrew Hooper.
  • Countdown Howick and Mitre 10 New Lynn. These large format retail stores, both of which offered strong covenant from essential services anchor tenants, were sold by Colliers’ Capital Markets team. The Mitre 10 property was purchased for $32.5m by Mitchell Mackersy for a new property syndication.
  • 28-44 and 50-66 Westgate Drive, Westgate. The 6.96ha landholding, comprising 11 ready-to-develop, high-density residential lots, was purchased by a local buyer after very high levels of enquiry. The deal was brokered by Blair Peterken of Colliers’ Capital Markets team with Site Sales Director Josh Coburn.
  • 50 Centreway Road, Orewa. Auckland Council’s ĹŚrewa Service Centre sold during the initial lockdown in a deal transacted by Coburn, with Colliers North Shore Directors Jimmy O’Brien and Shoneet Chand, and Strategic Advisory Director Alan McMahon.

The strong run of sales continued in the latest lockdown, including five properties selling via auction.

These transactions included a CBD development site at 29-31 Anzac Avenue, which sold for $6.9m; two Onehunga properties, which sold for a combined $4.13m; and a Mt Wellington industrial property that sold for $3.34m.

Goldfinch says low interest rates, combined with lots of equity, are fuelling purchaser demand.

“At the same time, low levels of stock and historically low vacancy rates prior to Covid-19 have limited supply, keeping prices at very strong levels.

“We expect these trends to continue in the near and long terms, particularly with the prospect of a negative OCR making it even cheaper to borrow.”

Peter Herdson, National Director of Capital Markets, says there are still plenty of opportunities for buyers.

“The recently launched Colliers Portfolio features properties that will appeal to a wide range of buyers, from affordable industrial and retail investments, through to large redevelopment opportunities.

“Colliers has numerous new campaigns launching in the coming weeks. Whether you’re looking to invest, own and occupy or develop, our national sales team can assist with a wide range of options.”

The trio expect the end of this year to be an extremely active period for sales activity.

Related Experts

Gareth Fraser

Auckland Director - Investment Sales


Gareth leads Colliers International's Investment Sales team. The team operates across the entire Auckland market from four strategic locations; CBD (including city fringe), South Auckland (based in Highbrook), West Auckland (based in North West Shopping Centre) and North Shore (based in Takapuna).

This is a large team of brokers and support staff focussed on providing solutions to owners, investors, developers, owner-occupiers and tenants. It features a specialised site sales team focussed on residential land and development opportunites. Investment Sales also includes the syndication division, offerring proportionate ownership opportunities to investors on behalf of clients.

Gareth is also on the Executive Team for Colliers in New Zealand.

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Peter Herdson

National Director | Capital Markets


In 1993 Peter returned to New Zealand from the United Kingdom with several years’ experience in property management and development. During this time, he worked for Vanson Developments (Richard Branson´s property development company) for two years, and in investment and management for Fuller Peiser (Rolls Royce and Vickers Pension Funds). Upon his return to New Zealand, Peter joined Colliers International (NZ) Limited, where he has been ever since.

Peter now leads the Colliers International Capital Markets division, based in the Auckland CBD. The team is proud to have established a new approach to collaborative working within their division, a first the New Zealand marketplace. 

The “Power of Five” approach with the Capital Markets team has driven exceptional outcomes for client service since 2007. The team has adapted a charter unique in the market, with over 100 years of combined experience. The personal and professional networks of 5 directors operating as a cohesive team across all projects, provides maximum leverage and market coverage for our vendors. It ensures an acceleration of all our clients success.

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