NPT property sells for $7.3 million
NPT have announced the sale of one of its Henderson properties for $7.3 million.
An NPT property in Henderson has sold unconditionally for $7.301 million.
Formerly the National Property Trust and corporatised in April this year, NPT announced the sale on the NZX (NPT) today, with settlement taking place in November.
Acting chief executive office Kerry Hitchcokc said it was an excellent result with the sale price above the valuation of $6,850,000 as at March 2011.
“The sale of this Henderson property allows NPT to retire some debt and to reinvest in properties where we believe we can add value and enhance returns to our shareholders.”
The two-level office building has a floor area of 4,007 sqm, and was leased to the Ministry of Social Development for eight years from October 2011. The lease to the ministry was structured as a gross lease, the NPT release said, with net rental after operating costs reflecting a return of 8.66%.
The NPT has a portfolio of retail, commercial and industrial properties in Auckland, Hawke’s Bay, Wellington and Christchurch.
Alex Walls
Fri, 30 Sep 2011
Fri, 30 Sep 2011
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NPT property sells for $7.3 million
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