Receiver of the Soho Square development site in Ponsonby, Tim Downes of Grant Thornton, announced today that he had commenced an “invitation to treat” sales campaign, headed by Bruce Whillans, principal of Ray White’s Auckland commercial operations, in a fresh effort to sell the site.
Downes said that offers would be requested from some 20 or so pre-qualified prospects inviting them to participate in the process. Since his last Soho sale tender round a year ago, which did not produce an acceptable offer, the Receivers’ focus had been on obtaining an enhanced consent, allowing for a much larger development on the site. The enhanced consent was granted on 29 March 2011, which allows for a 45,348 square metre gross floor area mixed use development on the site (up from 32,286 square metre GFA) .
Downes said that the enhanced consent set the stage for a fresh sales campaign. Given the level of interest shown in Soho from a number of potential developers and his view on the recent increased activity in the commercial property market, Downes is confident that, this time, Soho will be sold.
For a full Information Memorandum on SOHO Square, please contact
Brendan Keenan Senior Analyst Ray White Commercial brendan.keenan@raywhite.com 0r +64 21 161 3882
For information regarding the sale of SOHO Square, please contact
Bruce Whillans Director Ray White Commercial bruce.whillans@raywhite.com 0r +64 21 985 619