Investore selling Woolworths property for $25m

19th March 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Investore Property Limited has entered into an unconditional agreement to divest Woolworths Mount Roskill for $25m.

The sale of the property at 112 Stoddard Road, Auckland, is expected to settle later this month.

“This represents a premium to book value for this property of 11% (gross) or $2.5m with a passing yield of 5.85%,” Investore said today.

“The property is fully tenanted by Woolworths and following the divestment of this property, the tenant weighting of Woolworths will decrease from 62.5% to 61.7% of the total portfolio by contract rental.

“The transaction demonstrates that strong investor demand remains for defensive large format retail properties and is supportive of Investore’s portfolio valuations.”

The large format retail investor said the proceeds of the sale would initially be used to repay bank debt, “with an intention to recycle into strategic investment opportunities over time to further enhance Investore’s rental growth profile”.

Investore chair Mike Allen said: “The board is pleased to continue to deliver on its strategic pillar of portfolio optimisation”.

“We will continue to explore options to recycle the capital from the divestment of Woolworths Mount Roskill into other well-located, high quality assets with strong underlying growth in the medium to long term,” Allen said.

Investore is managed by Stride Investment Management Limited, part of the NZX-listed Stride Property Group.