Portfolio overview
ANZO’s portfolio comprises 15 New Zealand office buildings with a total gross value of more than $1.27 billion – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, 151 Queen St, AMP Centre (formerly Quay Tower) and 21 Queen St; and Wellington’s State Insurance Tower, Vodafone on the Quay (formerly Mobil on the Park), HP Tower, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, AXA Centre, Deloitte House and 29 Willis Street.
The table below summarises the investment fundamentals of the portfolio, updated to ANZO's unaudited full-year revaluation as at 30 June 2010. N.B. Occupancy and WALT statistics are at 31 December 2009.
For more information on each property, click on the property name.
Property |
Market Value 2010 |
Occupancy |
Weighted Average Lease Term (WALT) |
Initial Yield |
Market Yield |
Internal Rate of Return (IRR) |
Typical Office Floor |
Total Net Lettable Area (NLA) |
$ million |
% |
years |
% |
% |
% |
sqm |
sqm |
Auckland portfolio |
|
212.0 |
97.5 |
3.7 |
8.54 |
7.75 |
9.51 |
1,350 |
31,311 |
|
170.0 |
94.5 |
3.8 |
8.28 |
8.25 |
9.63 |
1,054 |
32,793 |
|
66.8 |
60.6 |
2.4 |
6.11 |
8.88 |
10.12 |
762 |
17,631 |
|
91.1 |
90.1 |
4.5 |
8.58 |
8.50 |
9.70 |
1,097 |
25,136 |
|
65.1 |
10.8 |
7.7 |
0.19 |
8.13 |
10.24 |
910 |
14,766 |
Wellington portfolio |
|
68.6 |
99.4 |
4.2 |
8.17 |
8.00 |
9.75 |
915 |
11,293 |
|
62.0 |
99.6 |
2.8 |
8.78 |
8.25 |
9.63 |
869 |
12,021 |
|
120.6 |
100.0 |
3.2 |
8.12 |
8.00 |
9.54 |
1,050 |
26,905 |
|
97.4 |
90.9 |
3.1 |
7.70 |
7.75 |
9.29 |
1,001 |
16,751 |
|
60.5 |
100.0 |
6.3 |
8.47 |
8.25 |
9.61 |
827 |
15,564 |
|
85.5 |
100.0 |
7.5 |
8.06 |
7.75 |
9.51 |
768
(1) |
18,792 |
|
34.5 |
100.0 |
0.9 |
9.35 |
8.75 |
9.68 |
1,055 |
12,025 |
|
33.5
|
97.2 |
3.0 |
9.31 |
9.25 |
9.58 |
778 |
10,566 |
|
50.5
|
98.0 |
4.5 |
8.41 |
8.25 |
9.46 |
775 |
12,977 |
No.3 The Terrace (2) |
10.3 |
n/a |
48.7 |
n/a |
n/a |
n/a |
n/a |
n/a |
| 29 Willis Street |
48.4 |
100.0 |
9.1 |
8.19 |
7.90 |
9.63 |
1,105
(1)
|
9,053 |
Portfolio Total/Weighted Average |
$1,276.8 |
89.9 |
4.4
(4) |
|
|
|
n/a |
252,819 |
Independent valuations carried out by registered valuers Colliers International and CB Richard Ellis as at 30 June 2010 on an unaudited, interim basis. ANZO’s portfolio is normally revalued at the end of each financial year.
(1) Typical floorplate in office tower. Podium floors in No. 1 The Terrace average 2,080 sqm, and in 29 Willis Street, 1,500 sqm
(2) No.3 The Terrace relates to ANZO's ground lessor’s interest in this property. Valued on DCF basis to reflect 49-year remaining fixed (highly over-rented) cash flow
(3)
Weighted by market value
(4) Weighted by income
Top 15 tenants
| Tenant |
Property |
% of Base Rent |
| Westpac |
PwC Tower/Vodafone on the Quay |
5.3
|
| PricewaterhouseCoopers |
PwC Tower |
5.0 |
| MAF |
Pastoral House |
3.9 |
| Buddle Findlay |
PwC Tower/State Insurance Tower |
3.9 |
| ANZ Bank |
ANZ Centre |
3.2 |
| Bank of New Zealand |
State Insurance Tower/Pastoral House |
3.0 |
| Ministry of Health |
No. 1 The Terrace |
2.7 |
| The Treasury |
No. 1 The Terrace |
2.7 |
| Chapman Tripp |
ANZ Centre |
2.5 |
| NZ Transport Agency |
29 Willis Street |
2.3 |
| IAG |
State Insurance Tower |
2.2 |
| NZQA |
125 The Terrace |
1.7 |
| AMP |
AMP Centre |
1.5 |
| Bell Gully |
HP Tower |
1.4 |
| Deloitte |
Deloitte House |
1.4 |
|
|
