- New development cost company $89M to acquire
- AKL fused three buildings together to create a super-complex
- The buildings sit opposite SkyCity and Aotea station
Auckland Real Estate (ASX: AKL) has made strategic purchases of three properties in the heart of Auckland.
The three buildings at 87 Albert Street, 60 Federal Street, and 16 Kingston Street all occupy the same block, the company turning the block into a triune complex, linked by a three-level link building.
Costing $25M to link, the development is expected to boost Auckland Real Estate’s value by some $50M, the value of the project totalling more than $160M.
According to CoreLogic, the 87 Albert St property went for $26.5M in 2017, AKL purchased the property for $33.8M in 2019.
The net price quoted by AKL for the three office buildings was noted as $89M, which the company said “reflects the ‘as is’ valuation for the Fusion project.
Enlisted to “fuse” the buildings, is Ignite Architects, and New Zealand based company that also has offices and projects in Sydney including DFO Birkenhead Point.
A number of high-end tenants already patronise the area, famed restaurant, 1947, is placed in the area, the development sits opposite the Sky City & Casino, as well as Auckland’s busiest transport hub and railway station.
