25 Nov 2014

Queen St property sells for $97m

8:44 am on 25 November 2014

Precinct Properties has sold a building in Auckland's Queen Street to Robert Jones Holdings for $97 million - nearly $1.5 million more than its June book value.

Precinct had signalled the SAP Tower was for sale in September, when it revealed it was negotiating with the Australian fund manager, Quattro Asset Management.

In October, Quattro shelved plans to float a portfolio of New Zealand properties.

Precinct Properties has sold a building in Auckland's Queen Street to Robert Jones Holdings.

Precinct Properties has sold a building in Auckland's Queen Street to Robert Jones Holdings. Photo: RNZ / Todd Niall

The office property landlord said those negotiations, which had included the building at 125 The Terrace in Wellington, valued at $63.8 million finished on Friday.

Chief executive, Scott Pritchard, said low interest rates and high occupancy rates helped his company achieve a premium price.

Mr Pritchard said there is interest from buyers for the 125 The Terrace property too.

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