Colliers International commercial/industrial sales and leasing Dunedin manager Dean Collins said the large 16-year-old commercial building, on the corner of St Andrew and Cumberland Sts, had been sold to a local buyer, who wished to remain anonymous.
The building was formerly owned by an overseas investment group and, while the exact price could not be disclosed, it was ''in excess of $10 million'', Mr Collins said.
''There's probably only been about five commercial sales bigger than that in the history of the city - buildings like Harvey Normans, Farmers and the Meridian.''
The Cumberland St property has three tenants on the 8088sq m freehold site.
Since early 2011, the anchor tenant has been Work and Income, with 3756sq m of office space and the lease of 46 car parks. Aoraki Polytechnic leases 1136sq m of ground-floor and first-floor offices and 15 parks, while Wilson Parking leases 160 parking spaces.
Total net annual rental is $918,521, each tenant having a new nine-year lease with rights of renewal and rent reviews built in.
Mr Collins said the new owner intended to continue using the building as an investment, so the present tenants would remain.
The Big Fresh Supermarket housed in the building closed in 2003, with the loss of almost 50 jobs, when then owner Progressive Enterprises decided after large annual losses it was not worth spending up to $5 million refurbishing the building, which was opened in late 1995.
