Tascott & Co completes maiden investment

Media Release Feb 2019

Tascott & Co Real Estate Investment Management has closed its maiden transaction - the $10.200m acquisition of 123 Vogel St, an award-winning redeveloped and re-purposed mixed-use office and retail building located in the heart of Dunedin's Warehouse Precinct.

123 Vogel St is sited within a freehold 2,105sqm parcel of land, contains in excess of 6,000sqm of accommodation spread over three floors, and comprises a net lettable floor area of approx. 3,900sqm and 42 on-site covered car parks. The property is fully leased to seven tenants generating a WALE term of ~7yrs, allowing a distribution to investors of 8.50%.

The acquisition fits firmly with our strategy to acquire for our investors well-located assets with functional and design attributes that are resistant to the depreciating affects of time, that contribute towards fostering communities, that meet our core ethos of sustainability and help our drive to reduce the impact of buildings on the environment.

Urban regeneration on this scale follows many examples across the globe where heritage precincts of this nature, which are difficult to replicate, mature to provide for places where people want to be, not only to work, but also to live and to play.

"From an investment perspective we believe that as ways of working change people will be attracted to locations where the dysfunctional aspects of larger centres, such as housing affordability, access to education and the need to travel, are not as extreme which should encourage continued growth in the long run."​

Tascott & Co founder Toby Scott commented: "Whilst new to the market we have drawn upon experience from our long history working with leading banks and property advisers, together with underwriting and managing commercial real estate debt for some of the larger investors and developers in this country.

It has been especially pleasing to re-connect with a number of past colleagues, clients and professionals when completing this transaction which for us represents the start of our journey to build a real estate investment and asset management company which can meet the needs of investors who recognise the long term benefits and natural hedges of investing in this country.

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If you wish to learn more about real estate investment opportunities in New Zealand with Tascott & Co please contact:

NEW ZEALAND

Toby Scott, Director

Tel: +64 (0) 27 5299 879

Email: toby@tascott.co.nz