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Real Estate Institute sells own building

The Real Estate Institute has sold its national headquarters for $6.2 million in a deal brokered by Bayleys.

The buyer is an unidentified Auckland-based family business. But they will soon become known because they plan to use the building as their new premises. 

The two-level 758sq m building in the heart of Parnell in Auckland, sits on 1813 square metres of land and was sold after a successful international tender campaign managed by Bayleys agents James Chan and Cameron Melhuish.

The Institute owned the building for 27 years.

“It was appropriate to us as a membership organisation that the sales process encompassed taking this property to the widest possible buyer audience, and ensuring that all negotiations were conducted professionally and in accordance with the published tender process,” Real Estate Institute chairwoman Dame Rosanne Meo says in a prepared statement.

More by Chris Hutching

Comments and questions

That headline made my day - immediately made me think "property bubble"? :D

why did they sell it?

Because they are ceasing to be of any relevance. The Crown's REAA controls the real estate industry now.

Barfoot and Thompson?