Offshore spend on commercial property


Overseas buyers spent $1.01 billion in six months on commercial properties in New Zealand. This is according to a report from CBRE.

Australians spent and sold the most at $844 million and $595 million respectively in the second half of last year.

The overall spend from overseas was lower than the same period in 2014 when $3.15 billion was recorded.

Following Australia, England, the US and China were the next most active investors.

Foreign investors sold $1.15 billion worth of property in the same period. Private overseas investors made nine purchases, worth $144 million in total.

The highest price paid was $28 million for 10 Commerce Street in downtown Auckland by a Chinese developer.

The site had resource consent for a 48-storey hotel and apartments.

The next highest was $25.4 million for the former New Art Gallery on the corner of Lorne and Wellesley Street, in central Auckland, by a Chinese investor.

Other notable purchases include Lumley House office block at 7 City Road, Grafton, Auckland, which was purchased for $21.6 million by a Japanese investor, and 291 East Tamaki Rd, Otara (Cerebos Greggs), which was purchased by an Australian for $17.5 million.