Press Release – Oyster Group
The Oyster Group’s proportionate ownership opportunity in the Lincoln Road MEGA Mitre 10 property has closed substantially over-subscribed. It is the second Mitre 10 proportionate ownership scheme offered by the company this year, with the first in Pukekohe, Auckland closing early – again due to over-subscription.
Oyster Group Chief Executive, Mark Schiele, said the company had made available to investors 140 shares at $100,000 each in Mitre 10’s 14,000 m2 flagship West Auckland MEGA centre which is located on a 2.7 hectare site in Henderson, Auckland.
According to Mitre 10 New Zealand, the operation is one of their top three performing stores in New Zealand.
Mark said a combination of factors including superb location, built in rental growth, strong tenant and strong business profile offered had attracted savvy investors.
The investment scheme and property will be managed by Oyster which manages over $500 million in property around the country.
Mark said proportionate ownership of commercial property allowed groups of individuals to invest in assets of significant value and scale without the hassle of day-to-day management.