AMP NZ Office Trust reports strong leasing progress in Auckland portfolioOctober 7, 2003 AMP NZ Office Trust (ANZO) has reported an upturn in leasing activity, with six new leases secured in its Auckland portfolio and additional tenant negotiations in progress. Executive manager Rob Lang said ANZO’s outlook was improving, partly as a result of rising business confidence, and tenant enquiry levels were higher than the same time last year. With its Wellington properties 100 percent occupied, ANZO’s primary focus is on the four Auckland properties in the Auckland portfolio – IAG House, ANZ Centre, Quay Tower and PricewaterhouseCoopers Tower. Mr Lang said recent marketing and refurbishment activity was beginning to pay off. The terms of the new leases were strong, particularly the rentals achieved which were ahead of forecasts. “ANZO’s tenant retention rate is more than 96 percent, and occupancy is likely to improve further in the immediate future as negotiations which are currently in progress are concluded,” he said. “Tenants are continuing to recognise the benefits of high-quality office accommodation.” The new leases are as follows: AMP NZ Office Trust – Auckland leasing progress
Mr Lang said the new leases continue the momentum built up in the financial year to June 30, during which ANZO recorded its largest annual leasing total since it was listed in 1997. Forty-three new leases and lease renewals were concluded, covering 36,000 sqm of space, which equates to 25 percent of the portfolio area. Existing tenants FR Partners and Colliers International were retained in IAG House, and new leases were signed with Guardians of New Zealand Superannuation in Quay Tower and AMP Henderson Global Investors in PricewaterhouseCoopers Tower. In Wellington, the recently-announced refurbishment/redevelopment project at ANZO’s property at No. 1 The Terrace has met with favourable market reaction and enquiry from a number of prospective tenants. Meanwhile, Cameron & Co has taken a six-year lease in HP Tower. About ANZOANZO is a unit trust listed on the New Zealand Exchange, which invests predominantly in prime CBD office properties in major New Zealand cities. It owns seven of New Zealand’s premium office buildings with a total value of more than $577 million. Media enquiries: |