Hotel Grand Central, through its wholly-owned subsidiary Grand Central (NZ), has agreed to acquire a property in New Zealand for NZ$20.32 million ($15.4 million).
The property - Lumley House - is a 14-storey commercial office building with a lettable area of 8,350.7 sqm and a basement car park for 23 vehicles. The building is currently fully tenanted with a net rental of NZ$2.14 million per year.
Hotel Grand Central says the acquisition will it enable to expand its presence in the commercial office market in Wellington.
Lumley House is situated on land held in three separate titles with a total land area of 1,320 sqm. The first plot measuring 444 sqm holds a freehold title, while the remaining two parcels have leasehold titles that are renewable perpetually on 21-year terms.
The acquisition will be financed by internal funds and bank borrowings.
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