High profile commercial property investor Sir Robert Jones has expanded his Auckland office portfolio with the purchase of a six story office and retail block in Takapuna.
Robt. Jones Holdings Ltd has purchased 129 Hurstmere Road in Takapuna for $18,067 million from listed property company DNZ Property Fund in a deal brokered by Mark Hourigan and Mike Bayley of Bayleys Real Estate.
Tenants within the building include media research company AC Neilsen, AFT Pharmaceuticals and real estate agency Colliers International. Ground floor retail tenants include two restaurants and convenience food outlet Pita Pit.
The acquisition adds to Robt. Jones Holdings Ltd's existing real estate presence in Takapuna, which includes the neighbouring Takapuna Finance Centre, a similarly styled and constructed five-storey retail and commercial building.
Bayleys managing director Mike Bayley said the company has been actively seeking out premises on behalf of Robt. Jones Holdings Ltd for most of this year, and while several sites were presented for purchase consideration, most did not meet the specific and stringent requirements of the company.
Robt. Jones Holdings Ltd investment manager David Rankin said securing the second Hurstmere Road building was a strategic purchase, underpinning the company's long-term faith in Takapuna as a retail business and commercial hub for the North Shore.
The company intends to substantially upgrade the courtyard which lies between the two Hurstmere Road buildings, with some $3 million set aside for the refurbishment work.
Sir Robert Jones believes continually upgrading and investing in his buildings is essential in the modern day market.
"Our approach extends beyond commercial considerations. It is passionate, and regardless of expense we never cease seeking ways to further enhance our buildings," he said.