Soho Square Case Study - Auckland, NZ

• Additional Information
• Contact Agent - Bruce Whillans

Originally planned as a 32,386m2 mixed use development on the edge of the Auckland CBD, Soho Square fell victim to the market turmoil of the global financial crisis, and was placed into recievership shortly thereafter in 2009.

Following 12 months pursuing a possible joint venture, receivers Grant Thornton came to Ray White Commercial seeking a process which would see a result for the American first mortgagee Fortress Financial Group Inc.

Having been widely promoted we knew that all the buyers in a position to transact were already aware of the opportunity. The challenge was creating competitive tension for a $250m+ development commitment, which had been on the market for over a year. By running a tight invitation only campaign off market, we were able to bring 6 well qualified parties to the table, including several fully complying unconditional bids. The result has seen the property go to Progressive Enterprises Limited for an undisclosed amount, and a vote of confidence for the Auckland property market.

Reference
Tim Downes (Grant Thornton)
09 308 2570
tim.downes@nz.gt.com