Cornerstone buys Albany Centre for $250 million
Tuesday 21 December, 2004
Cornerstone Group buys Albany Centre for $250 million
North Shore property development company Cornerstone Group Ltd has purchased Neil International Limited the developer of the Albany Centre for approximately $250 million in one of New Zealand¹s largest property deals.
The purchase, which was confirmed today, presages significant future commercial development in the area.
Cornerstone Director Rick Martin said his company planned to continue the work of the original developers.
³The Albany Centre represents probably New Zealand¹s most significant commercial development opportunity,² he said.
³We¹re looking forward to the challenge.²
Cornerstone, which is based in Albany, is best known for Orewa¹s Nautilus apartment building and for Takapuna¹s Sentinel, a 30-level luxury residential tower on which construction is due to start shortly. The company has sold more than 1000 North Shore units since 1991.
Cornerstone is also planning a future community on 460 hectares at Waimauku north-west of Auckland.
The Albany Centre is a 130-hectare area next to North Harbour stadium between Auckland¹s northern motorway, Oteha Valley Rd and the Albany expressway.
The land was acquired by the Neil Group in 1994 from the Housing Corporation. Developments which have been completed on the site include the Northridge shopping centre, Albany Mega Centre, Albany Pak Œn Save supermarket, the HSBC business centre, and the award-winning ASB Bank C-drive building.
Neil Group sold part of the property in 1996 to Westfield, which plans an integrated shopping mall.