Auckland mall sells for $146 million to Australian syndicate

Glenfield Mall on Auckland’s North Shore has been sold to an Australian syndicate for $146 million.

Owned by Ross and Dallas Pendergrast, it has been sold to “a private Australia syndicate, marking their inaugural investment in New Zealand”, Nick Willis of JLL, who brokered the deal, said.

“This transaction represents the largest enclosed shopping centre sale in Auckland in over a decade. It also marks only the third time since 2010 that a 100% controlling interest in an Auckland regional shopping centre has changed hands.

“The 30,558 square metre North Shore asset, anchored by Woolworths, The Warehouse, Farmers, and Briscoes, was sold to a private Australia syndicate, marking their inaugural investment in New Zealand.”

Earlier this year, the Pendergrasts said it was time to hand the mall over to new owners.

They said they were proud of the energy they had put into the site.

“We believe the mall offers an exciting investment opportunity for future growth and value creation, supported by its strong anchor tenants and established customer base.”