Stride buys Shortland St office space

Staff reporters
Mon, 31 Aug 2020

Stride Property has bought most of the building that houses its own head office at 34 Shortland Street in Auckland for $67.5 million, including an allowance of between $3 million and $3.5 million for building upgrades.The price represents a passing yield of 6.3 percent before the upgrades and 6 percent afterwards.The property has a weighted average lease term of 2.7 years and settlement is expected on Sept. 2.The upgrades to the 17-storey building are expected to be completed over the next 12-to-18 months. Stride won't purchase levels four...

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