AMP NZ Office Trust unveils plans for Auckland’s latest premium-grade office tower at 21 Queen StreetSeptember 10 , 2007
New Zealand’s largest listed investor in prime commercial property, ANZO acquired the existing building in March this year for $33.38 million and Demolition and construction work is scheduled to begin in November, with the building to be completed in mid-2009. The design has been endorsed by the Auckland City Council’s urban design panel which welcomed the redevelopment of this important site. ANZO chief executive Rob Lang commented: “We believe 21 Queen Street will be the only premium-quality building to come to market in Auckland’s CBD core before Q4 2009. “There is forecast demand from major CBD office tenants for more than 90,000 sqm of office space during 2009 and 2010,” said Mr Lang. “With vacancy rates currently at historic lows and ANZO’s four existing Auckland properties between 98 and 100 percent occupied, we have ensured we have additional quality stock to continue to meet tenant demand.” The building’s internal office environment has been specifically designed for the occupier. Locationally, the building enjoys a strong competitive advantage and delivers a high level of amenity to the building occupiers and Auckland’s public. The building is strategically located, offering close proximity to public transport and overlooks Queen Elizabeth Square; the old Chief Post Office Building; the heritage Britomart precinct; and has outstanding views of Auckland Harbour. Mr Lang said 21 Queen Street would benefit investors through increased exposure to Auckland’s prime office sector, which is expected to perform strongly over the short and long-term. The development is forecast to deliver an Internal Rate of Return (IRR) of close to 13.0 percent. The expected yield on cost is 7.0 percent and demonstrates good growth prospects. He added that ANZO has a strong track record of delivering development projects on time and on budget, notably Auckland’s PricewaterhouseCoopers Tower and Wellington’s No. 1 The Terrace. Hamish McCulloch, ANZO’s Auckland asset manager and responsible for developing and leasing 21 Queen Street, said ANZO had commissioned Peddle Thorp Aitken architects to create “a building of light; with a transparent elegance” designed with the occupier front of mind. Key features include:
“Prior to launching a full marketing campaign, we have received high levels of enquiry from existing and new clients interested in taking space in the building. This is a reflection of the ongoing strong demand for premium office space in the Auckland CBD,” said Mr McCulloch. ANZO is managed by AMP Multiplex Management Limited.
About ANZO
-ends- Media enquiries: To find out more about opportunities to lease space in 21 Queen Street, contact ANZO's Auckland asset manager: Visit the 21 Queen Street website Download the marketing brochure (pdf, 8.3MB) Download a high-res version of the image (jpg, 1.4MB) |
AMP NZ Office Trust (ANZO) has today unveiled its plans for Auckland’s latest premium-grade office tower in Auckland, aiming to create “a building of light and transparent elegance” with its 