DNZ Property Fund has unconditionally sold its Hunter Street office building in Wellington for $20.3 million. Settlement is scheduled for 20 March.
Meanwhile, it has purchased the Bunnings Warehouse site in Mr Roskill for $24.5 million with a 15 year lease.
The lease for the 11,600 square metre building is for 15 years, with annual rental increases and five yearly market reviews.
The purchase makes Bunnings DNZ's largest tenant, contributing about 10% of the portfolio's rental.