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Case Study | 46 Sale Street: Brokerage


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Location (City)

Asset Type

Transaction Date

Size (Sqm)

Value (USD)


June 21 11,732

103 million


Buyer: Stride Property

Seller: PAG

Services provided: Brokerage


The Challenge

Having originally sold 46 Sale Street to the vendor in 2017 on the back of strong personal relationships, Colliers proactively approached the offshore vendor with a proposal to dispose the asset to an active syndicator who had indicated interest in high quality office assets.

The syndicators were ultimately unable to raise sufficient capital to proceed with the transaction and ultimately had to withdraw.

The Solution

Colliers approached the NZ listed REIT Stride as a potential acquirer.

Given the previous process the vendor was very focused on counter party risk.

Ultimately, they were persuaded to allow the potential acquirer an exclusive period of due diligence.

The Result

Colliers were able to achieve a significant result in terms of investment returns for the vendor and secured a strong long-term asset for the publicly listed acquirer.

This transaction indicated the strong demand for prime quality CBD office assets.


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Related Experts
New Zealand

Richard Kirke

International Sales Director | Capital Markets

Capital Markets

Auckland CBD

Richard is responsible for the promotion of New Zealand property to international investors, leveraging of his relationships developed in executive positions during his near 8 years in Hong Kong, as well as assisting to grow the company’s nationwide Rural and Agribusiness agency capability.

Richard began his real estate career in 2004 with CBRE, in the five years he spent with them (before leaving to run Colliers Hong Kong business in 2008) he was involved in many notable transactions including the sale of the Lion Nathan site in Newmarket for $162m, the sale of the GE & BNZ Britomart properties on behalf of Manson’s to the German fund HIH and portfolio sales, including the successful auctioning of 16 National Bank Branches across New Zealand.

During his time as MD of Colliers Hong Kong he was involved in the sale of 50 Connaught Road on behalf Apollo Group (a New York based Hedge Fund) to the Agricultural Bank of China for $US632m.

Richard was the Managing Director of Colliers Hong Kong office for six years from 2009-2014. During this time he was an active participant in several high value transactions and developed broad relationships with both Asian investors and colleagues across the region.

In late 2014, Richard agreed to run CBRE’s Asia Pacific Capital Market business, including their Capital Advisory (Real Estate Investment Banking) business, this further added to his knowledge of real estate investors, particularly in greater Asia.

As a senior executive of Colliers for 6 years in Hong Kong, Richard has strong personal relationships with Colliers personnel across the globe.

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