ANZO announces sale of Chews Lane propertyJuly 18, 2011 AMP NZ Office Limited (ANZO) has announced the sale of its remaining retail and office investments in Wellington’s Chews Lane. This follows last year’s sale of five retail units in the property for a total of $11.7 million. The balance of ANZO’s investment, comprising 7,200 sqm of A-grade office space and a number of retail units, has now been sold to a combination of private and institutional investors for a total of $50 million in cash, representing a 3.3 percent premium to its 2010 financial year valuation. The sale reflects a passing rent yield of 8.2 percent and a yield on market rent of 7.5 percent. ANZO chief executive Scott Pritchard said the price achieved for the asset indicates further stability in the investment market. He expects to reinvest the proceeds into value enhancing opportunities in the future. Settlement of the sale of all of the office units and all but one of the retail units at Chews Lane is scheduled to take place on 28 and 29 July 2011. As at 18 July 2011, the sale of one retail unit (comprising approximately 2 percent of the total consideration) remains conditional.
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