SkyCity has sold a 17-level central Auckland commercial office tower and three other adjoining properties for $74.5 million.
Mainland Capital and Russell Property Group have confirmed the purchases of 99 Albert Street and 62-68 Victoria Street West today in a joint statement which described the locations as being vital for urban activity.
99 Abert Street sits adjacent an entrance to Te Waihorotiu train station, which is expected to become New Zealand's busiest station once the City Rail Link opens.
Mainland Capital executive director Ben Bridge hoped the purchases will boost activity and foot traffic in central Auckland due to their prime positions among major city developments.
"This acquisition reflects our confidence in Auckland's CBD, at the intersection of two macro drivers we have been tracking for some time, being changing office occupier preferences, the broader Auckland recovery, and the impact the City Rail Link will have on midtown connectivity.
"We look forward to continuing to work alongside SkyCity on the revitalisation of the midtown precinct."
This view is shared by SkyCity, with chief executive Jason Wallbridge glad the companies have a similar goal of rebuilding the city centre.
"We are pleased that the sale of the commercial properties has progressed to an unconditional status. Mainland Capital shares our commitment to enhancing the precinct, and we look forward to working with them as valued neighbours."
The final settlement date of the Auckland properties is expected to be September 1 2026.
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