Glenfield Mall sold to Australian syndicate for $146m by Ross and Dallas Pendergrast
Auckland's Glenfield Mall has been sold to an Australian syndicate for $146 million, marking the retirement of long-time owners Ross and Dallas Pendergrast. The sale reflects strong international interest in New Zealand's retail property market.
Why it matters
The transaction highlights shifting ownership patterns in commercial real estate and the continued demand for high-value retail assets in the region.
Reminder, this is a Premium article and requires a subscription to read.
Glenfield Mall has sold. Photo / Richard Robinson
An Australian syndicate has bought Auckland’s Glenfield Mall for $146 million, resulting in New Zealand owners Ross and Dallas Pendergrast succeeding in cashing in their big asset.
Nick Willis, executive director of agency JLL Australia and New Zealand, said the shopping centre on a 4.5ha site had sold after an exclusive international expression of interest campaign.
More than half the bids came from overseas, a sign of capital demand for good retail property in New Zealand, he said.
In February, the Herald reported the mall was for sale .
The Pendergrasts said they would sell their company’s property, valued by the Auckland Council at $130m.
Ladstone Holdings indicated the mall was second only on the North Shore to Scentre Group’s Westfield Albany.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in