REINZ sells headquarters

REINZ, which has been publishing reports about a lack of listings and rising house prices for the past year, was taking advantage of the strong Auckland property market, its chief executive said.

Helen O’Sullivan said the offices on Parnell Road were bigger than the REINZ needed.

“The asset of the vacant land at rear of the property overlooking Scarborough Terrace, while gaining in capital value, delivers no real income stream for the institute. The REINZ board, whose members have front-line knowledge of where real estate markets are moving, felt that now was a good time to take advantage of a confident market in Auckland to sell the properties.”

Proceeds from the sale will purchase more premises and some commercial investment property.

Bayleys is marketing the property by tender.