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News Release

Auckland

152 Fanshawe Street, Auckland Central - SOLD

US based global financial services firm Morgan Stanley, has acquired Grant Thornton House at 152 Fanshawe Street as part of a combined acquisition of three A-grade Auckland assets.


 

 

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152 Fanshawe Street.jpg152 Fanshawe Street, a significant property in the portfolio sale which sold in excess of $28 million by private treaty, was internationally marketed by JLL who acted as sole agents throughout the divestment process on behalf of local vendors, Townscape Halsey Investments Limited.

The property sold for a yield in excess of 8.5%, trading off a WALT on sale of over 4 years by income. 

JLL’s cross-border research, valuation and agency divisions led the integrated global campaign, translating the valuable nature of this leasehold opportunity to international buyers.

Nick Hargreaves, Managing Director for JLL New Zealand:

“JLL recognised the value of this asset which offered investors an opportunity to gain access to a sector of the commercial property market that is set to see significant value growth over the long term.”

“Morgan Stanley identified this as an opportunity to make a sophisticated property play to take an ownership stake in Auckland’s office sector.”

Justin Kean, Head of Research and Consulting for JLL New Zealand:

“This is a great example of international capital investing into assets which are well understood across foreign markets and reflect an investment proposition with long term, high yielding cash flows. In an international environment where institutional investors are seeking yield, assets such as 152 Fanshawe Street are priced extremely well on a relative basis.”

“2015 was another strong year for institutional capital flows into property however this is reflective of a global trend of international investors returning to property as an asset class. Internationally JLL research tracked over USD 725 billion of sales in the 12 months to Q3 2015, up 4.4% on the previous 12 months. New Zealand saw over NZD 4 billion in institutional asset sales in 2015 continuing a strong trend established through 2014.” 

Congratulations to the JLL team for achieving the transaction of this A-grade asset.