Colliers International’s Capital Markets team has sold Fletcher Buildings’ Penrose headquarters for $80 million.
Peter Herdson and Andrew Reed finalised the deal late last month following presentations of the property in Shanghai, Beijing, Hong Kong and Singapore.
Despite multiple bids being received from Asia and USA, the 2.2 ha property, with a 20 year lease-back to Fletchers, sold to an onshore private investor.
The price represented a yield of around 7%. The property that Fletchers has occupied since the sixties went to market on a ‘redevelopment as complete’ basis and will boast 13,200m2 of building area upon completion of its major renovation
Fletcher Building is a global company, listed on the NZX and ASX, with revenue of $8.4 billion and 19,000 employees