ANZO to sell Wellington CBD retail unitsFebruary 26, 2010 AMP NZ Office Trust (ANZO), New Zealand’s largest listed investor in prime commercial office property, has made a decision to offer five individually-titled retail units in Wellington’s Chews Lane precinct for sale. Chief executive Robert Lang said Bayleys Real Estate has been appointed to market the units via a tender process, which is in progress with tenders closing on 30 March 2010. The five were acquired by ANZO in 2008 as part of a larger purchase in the Chews Lane precinct from developer Willis Bond & Co. ANZO’s purchase was led primarily by the opportunity to acquire the office space, which comprised 80 percent of the area and was fully leased for 15 years to a Government tenant. However, the retail space in general is not a core investment for ANZO. Mr Lang said the five units, at 60 Victoria Street, have a combined net annual rental of more than $840,000 and are in a price range that is popular with small to medium investors and family trusts, making them more “liquid” than ANZO’s other investments. ANZO will initially use the sale proceeds to repay bank debt. Mr Lang said this will have a neutral effect on earnings and gearing will remain essentially unchanged at 21.7 percent. Bayleys’ Mark Sherlock says opportunities for individual investors to purchase a stake in “golden mile” retail properties are extremely rare – the majority of such retail units are incorporated within larger office buildings. ANZO is managed by AMP Haumi Management Limited. About ANZO
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