New Te Waihorotiu train station spurs $74.4m four
Mainland Capital and Russell Property Group have purchased four commercial buildings in Auckland's mid-town for $74.4 million, citing the proximity to the new Te Waihorotiu train station. Investors believe the new transport hub will significantly boost property values and economic activity in the area.
Why it matters
This investment signals confidence in urban renewal projects and the long-term economic impact of large-scale public transport infrastructure.
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The City Rail Link station, with 99 Albert St behind it. Photo / Mainland Capital
The revitalisation of Auckland’s lacklustre mid-town has drawn two wealthy businesses controlling $1.6 billion of assets to buy four commercial buildings opposite the central train station for $74.4 million.
Christchurch’s Mainland Capital and Auckland’s Russell Property Group are due on September 1 to settle on SkyCity Entertainment Group’s head office and three neighbouring buildings.
The buildings, opposite the new midtown Te Waihorotiu train station, are:
Mainland principal and director Ben Bridge said the four buildings’ locations opposite the new train hub motivated the purchase.
“We are literally right on top of what will be the busiest train station in New Zealand,” Bridge said.
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