Retailer Kirkcaldie Stains says it has entered into a conditional agreement to sell its Harbour City Centre in Wellington.
The agreement is conditional on due diligence and shareholders' approval.
The company says the rest of the details are confidential.
Due diligence is expected to be completed by 14 November.
Last month, Contact Energy committed to a nine year lease in the Harbour City Centre.
The building was valued at $46.5 million last year.
Kirk's shares rose 65 cents to $3.25 each on Monday.
Kirk's will issue its full year earnings on Tuesday.