Listed AMP NZ Office Trust sold five units in its central Wellington development Chews Lane for $11.7 million.The buyers were a mix of private investors and family trusts, with the average weighted yield on the sales being 7.12%.AMP NZ Office Trust bought
Listed AMP NZ Office Trust sold five units in its central Wellington development Chews Lane for $11.7 million.
The buyers were a mix of private investors and family trusts, with the average weighted yield on the sales being 7.12%.
AMP NZ Office Trust bought the development in 2008, and its redevelopment by Willis Bond & Co consisting of 19 retail stores and 15,00sq m of offices with 197 car parking spaces.
The five individually titled units which have just been sold were all retail units. The trust will retain ownership of the further 11 units.
The $11.7 million price tag on the sale was 11% above the most recent valuation for the properties, after disposal costs were deducted.
Being smaller properties than most of AMP NZ Office Trust’s assets, which include 21 Queen St and Vodafone on the Quay, it said the Chews Lane properties were more “liquid” investments.
Proceeds from the sale are going towards reducing debt. The trust’s gearing is at 21.7%.
At press time, its shares were trading at 75 cents each.
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