New Zealand Post's Strathallan St mail-processing centre in
South Dunedin. Photo by Gerard O'Brien.
New Zealand Post has sold its Strathallan St
mail-processing centre in South Dunedin to an unnamed local
The freehold industrial zone 1 site, near the corner of
Strathallan St and Andersons Bay Rd, went on the market in
Its sale, which is unconditional, was settled on Friday.
Colliers' manager for commercial and industrial sales and
leasing, Dean Collins, said when contacted there had been
local and overseas interest in the site and multiple bids.
''While there was significant out-of-town interest, it was a
local private investor who bought it.''
The land and buildings have a capital value of $5.25 million,
with the purchase price for the 17-year-old building being
''around'' the capital value figure, he said.
About 70 jobs will be lost at the centre when all processing
is shifted to Christchurch, but Mr Collins understood New
Zealand Post was looking at bringing some other aspects of
its operations to the large Strathallan St premises; 4600sq m
of buildings on 8300sq m of land.
New Zealand Post has a nine-year lease in place, plus rights
of renewal, with annual lease costs of almost $420,000.