AMP NZ Office Trust Achieves Wellington’s Biggest LeasingAugust 17,2000 The AMP New Zealand Office Trust (ANZO) announced today it had achieved Wellington’s largest office leasing this year, with the successful letting of 4500 square metres of 125 The Terrace to the New Zealand Qualification Authority (NZQA). Formerly the Trust Bank Building, 125 the Terrace is a 20 level premium office tower with frontages onto Wellington’s two commercial routes, the Terrace and Lambton Quay. It was built in 1990 and has a 1999 valuation of $46.3 million. "We are delighted to have provided NZQA with a new home at 125 The Terrace," said Robert Lang, ANZO executive manager. NZQA will be taking up levels 10,12, 13, 14, 15 and part of level 17 - 4500 square metres in total amounting to 43% of the total space in the building. The lease is in two parts, a 4.5 year sublease from Rudd Watts and Stone, and a 7.5 year lease directly with the Trust. Together the two leases amount to 12 years in total, expiring on 31 December 2012. "This leasing extends the weighted average lease terms of 125 The Terrace from 4.23 years to 6.58 years. Its also extends the weighted average lease term of the ANZO portfolio from 5.28 years to 5.5 years. The leasing demonstrates the ability of an active management philosophy to improve the lease structure of a property investment and its value." "We believe that the large floorplates and CBD location will provide an effective workplace for the Authority’s staff." Wellington office supply in prime buildings has tightened considerably as a result of this and other recent leasings. Large businesses seeking quality space in the capital now have limited options. The ANZO portfolio now has an occupancy rate of 99.93%, the highest of any listed commercial property trust. ANZO is New Zealand’s top listed commercial office trust, comprising a portfolio of six premium properties in Auckland and Wellington. AMP Henderson Global Investors is New Zealand’s largest private property investment company with a property $1.4 billion property portfolio. For more information: |