PFI expands Auckland footprint with Penrose purchase

14th February 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Property For Industry has negotiated an unconditional agreement to acquire a ~5,600 square metre site at 316 Neilson Street, Penrose, Auckland, for $8.5m.

The NZX-listed industrial specialist said the site was adjacent to existing PFI properties located at 304, 306, 312, 314 and 318 Neilson Street. Those properties have a combined value of $80.8m, based on valuations as at 30 June 2024.

“When combined with the company’s existing holdings, post settlement, PFI will have a ~5.7-hectare estate zoned heavy industrial in one of Auckland’s key industrial precincts,” PFI said.

“316 Neilson Street has been acquired on a sale-and-leaseback basis with a lease term of three years at a purchase yield of 3.58%.”

PFI added that over time, the acquisition would facilitate future redevelopment of the company’s Neilson Street properties.

Settlement is expected to take place in late February.

The company has a nationwide portfolio of 90 properties leased to around 124 tenants.