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NZ REINZ sells Parnell HQ for $6.2m

Property Here - Wednesday, April 24, 2013

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The Real Estate Institute has sold its Parnell headquarters for $6.225 million after little more than a month on the market.

The 758 sq m building on the suburb's main strip has been bought by a Auckland-based family business, which currently operates on the city fringe, and plans to use the building as their new premises.

The name of the business has not yet been disclosed.

Chairwoman Dame Rosanne Meo said the company, which has owned the site for 27 years, would now begin looking for a new head office, as well as an investment property.

"We are open about location although we would anticipate an Auckland CBD fringe site to enable access for our members. We have already commenced this process."

The building, on 202 Parnell Rd had a valuation of $6.1 million and sits on 1813 square metres of land.

REINZ will remain on as a tenant in the building until at least April next year.

Bayleys real estate agent Cameron Melhuish said the property attracted a wide range of potential buyers - some wanting the building as an owner-occupier space, with others looking at mixed use commercial and residential development opportunities.

"The healthy interest received in this property shows that there is on-going demand for well positioned commercial real estate in the Auckland city fringe - especially land and buildings with mixed-use potential."

The sale was open to overseas buyers through an international sale process.

REINZ chief executive Helen O'Sullivan said the company was looking for a smaller head office as its staff numbers had done from between 40 and 50 to 16 in the past three years.

It was staying flexible on the suburb but were looking for a modern premises.

The company had abandoned 2011 plans to expand the building. They had upset Monsignor Kevin Hackett from the neighbouring Catholic St John the Baptist Church, who feared shading, increased traffic movement and the potential to destabilise the sloping site.

Other plans granted in 2009 allow for a four-storey residential development behind the building, including a pair of two-storey dwellings in the middle levels and a penthouse on the top floor.