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Offshore interest in retail property continues to climb

  • Property
  • November 2, 2015
  • Elly Strang
Offshore interest in retail property continues to climb
Pakuranga Plaza

Bayleys international sales manager James Chan says the growing interest in New Zealand property comes down to it being an attractive destination for both lifestyle reasons and for investment.

The slowing Chinese share market and economy has also played a factor, he says.

A Singaporean investor who attended one of Bayley’s Southeast Asian seminars had just purchased property in Australia and was said to be particularly interested in looking at shopping centres in New Zealand.

Chinese buyers in particular are also showing a keen interest in New Zealand retail properties.

A block of shops in Mission Bay on Tamaki Dr and Atkin Ave was sold for $9.5 million to a Hong Kong client who owns Burger King in Westgate, as well as buildings in Queen St.

A 260 square metre retail unit on Queen St was bought by a Shanghai-based purchaser for $6.6 million. The Oakley store that the space is leased to has a 10-year lease, which started in 2008.

These sales follow significant sales in late 2014 to south-east Asian investors.

Bayleys sold Pakuranga Plaza shopping and office complex for $96 million to Singaporean investors and large land holdings in East Tamaki, West Auckland and Auckland CBD for close to $140 million.

Bayleys international director Chris Bayley says there hasn’t been many big ticket sales to offshore investors this year due to the size of New Zealand’s small commercial property market.

“New Zealand has a relatively small commercial property market in a global context and there is always a thin volume of quality $50 million plus properties available for purchase, with much of the supply in Auckland being snapped up last year,” Bayley says.

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