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.

c.hutch@clear.net.nz


4 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

4 Comments & Questions

Commenter icon key: Subscriber Verified

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

Reply
Share
  • 0
  • 0

why did they sell it?

Reply
Share
  • 0
  • 0

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

Reply
Share
  • 0
  • 0

Barfoot and Thompson?

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6692 0.0000 0.00%
AUD 0.9312 0.0000 0.00%
EUR 0.6023 0.0000 0.00%
GBP 0.4576 0.0000 0.00%
HKD 5.1986 0.0000 0.00%
JPY 73.7220 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1212.7 -6.530 2016-05-27T00:
Oil Brent 50.0 -0.220 2016-05-27T00:
Oil Nymex 49.3 -0.150 2016-05-27T00:
Silver Index 16.3 -0.070 2016-05-27T00:

Indices

Symbol Open High Last %
NZX 50 6948.8 6996.2 6947.9 0.64%
NASDAQ 4904.1 4933.5 4901.8 0.65%
DAX 10257.9 10298.8 10272.7 0.13%
DJI 17826.8 17873.2 17828.3 0.25%
FTSE 6265.6 6275.9 6265.6 0.08%
HKSE 20425.0 20620.2 20397.1 0.88%
NI225 16830.5 16901.1 16772.5 0.37%
ASX 5388.1 5427.7 5388.1 0.33%