280QueenStRoxy-Pacific is buying 280 Queen Street, just down the road from 205 Queen Street which it bought in Dec 2017.Singapore-listed Roxy-Pacific Holdings is making its third investment in New Zealand property for rental income -- a commercial asset in Auckland CBD.

Its indirect subsidiary, Roxy NZ – 280Q Limited, has entered into an agreement with LGGM Limited to acquire the property located at 280 Queen Street for NZD72,550,000 (excluding applicable taxes).

Interestingly, this property is a 2-minute walk from 205 Queen Street, which Roxy-Pacific owns 50% of through a JV with Chip Eng Seng, a fellow Singapore property group.

How Roxy-Pacific's investment property portfolio in NZ is shaping up:



Date of acquisition

Group’s stake

Lettable Area 

Purchase Cost


NZI Centre, 1 Fanshawe Street, Auckland

6-storey commercial building

15 Dec 17


9,446 sqm



205 Queen Street, Auckland

2 office towers with 17 and 22 storeys

20 Dec 17


25,367 sqm



280 Queen Street, Auckland,

11 levels of commercial office space, 3 levels of retail and secure off-street parking for 48 cars



14,690 sqm


NZD3,690,000 shall be paid as a deposit upon completion of due diligence review of 280 Queen Street.

The consideration will be financed by internal funds and bank borrowings and is not expected to have a material impact on the Group’s consolidated earnings and net tangible assets per share of the Company for the current financial year ending 31 December 2018.

Stock price 

39.5 c

52-week range

38  – 54 c

PE (ttm)


Market cap

S$515 m

Shares outstanding

1.31 b



1-year return


Source: Bloomberg

The property comprises a building with 11 levels of commercial office space, 3 levels of retail and secure off-street parking for 48 cars.

It has a total site area of 2,253 square metres, and a net lettable area of 14,690 square metres.

Roxy Pacific

Stock price: 
39.5 c

Adjusted net asset value: 
75.43 c

The Board believes that the Property "presents a prime investment opportunity and has potential to be a stable source of rental income for the Group."

Colliers International's website said: "The property currently offers multiple income streams from 28 tenants, returning $4,658,044 plus GST in net annual rent.

"The comparatively short weighted average lease term provides an opportunity to reposition the property and add value through refurbishment or repositioning."

(18 Dec 2018 update: Roxy-Pacific did not proceed with the purchase. See here).

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