Portfolio overview
ANZO’s portfolio comprises 14 New Zealand office buildings with a total gross value of more than $1.25 billion – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, SAP Tower (formerly 151 Queen St), AMP Centre and Zurich House (formerly 21 Queen St); and Wellington’s State Insurance Tower, Vodafone on the Quay, 171 Featherston Street, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, AXA Centre and Deloitte House.
The table below summarises the investment fundamentals of the portfolio, updated to ANZO's full-year revaluation as at 30 June 2011.
For more information on each property, click on the property name.
Property |
Market Value 2011 |
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 |
|
207.0 |
94.7 |
2.6 |
8.54 |
7.75 |
9.55 |
1,350 |
31,314 |
|
158.5 |
99.5 |
11.6 |
9.27 |
7.00 |
10.26 |
1,054 |
32,794 |
|
73.3 |
79.5 |
3.1 |
8.56 |
8.50 |
9.78 |
762 |
17,649 |
|
98.3 |
90.4 |
6.8 |
8.00 |
8.25 |
9.73 |
1,097 |
25,134 |
|
71.5 |
70.0 |
7.4 |
5.92 |
8.00 |
10.14 |
910 |
14,446 |
Wellington portfolio |
|
65.0 |
100.0 |
4.1 |
8.46 |
8.00 |
9.65 |
915 |
11,307 |
|
64.2 |
94.2 |
6.3 |
7.90 |
8.00 |
9.43 |
869 |
12,019 |
|
124.6 |
93.5 |
3.6 |
7.46 |
7.90 |
9.14 |
1,050 |
26,933 |
|
96.3 |
96.7 |
3.7 |
8.05 |
7.75 |
9.63 |
1,001 |
16,768 |
|
56.0 |
100.0 |
5.3 |
8.32 |
8.13 |
9.63 |
827 |
15,466 |
|
79.0 |
100.0 |
6.8 |
8.32 |
7.75 |
9.56 |
768
(1) |
18,851 |
|
38.3 |
100.0 |
4.2 |
8.76 |
8.75 |
9.70 |
1,103 |
12,254 |
|
30.4
|
89.9 |
1.9 |
9.74 |
9.25 |
10.16 |
778 |
10,565 |
|
48.7
|
98.0 |
3.7 |
8.75 |
8.25 |
9.52 |
775 |
12,957 |
No.3 The Terrace (2) |
10.6 |
n/a |
47.1 |
n/a |
n/a |
n/a |
n/a |
n/a |
29 Willis Street
(subsequently sold in July 2011) |
32.5 |
100.0 |
10.3 |
8.71 |
8.38 |
9.92 |
1,105
(1)
|
7,299 |
Portfolio Total/Weighted Average |
$1,254.2 |
93.8 |
5.82
(4) |
|
|
|
n/a |
265,757 |
Independent valuations carried out by registered valuers Bayleys, Colliers International, CB Richard Ellis and Jones Lang LaSalle as at 30 June 2011. ANZO normally carries out portfolio revaluations 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 47-year remaining fixed (highly over-rented) cash flow
(3)
Weighted by market value
(4) Weighted by income
Top 15 clients
as at 30 June 2011
| Client |
Property |
% of Base Rent |
| Westpac |
PwC Tower/Vodafone on the Quay |
5.4
|
| PricewaterhouseCoopers |
PwC Tower |
4.9 |
| MAF |
Pastoral House |
4.1 |
| Buddle Findlay |
PwC Tower/State Insurance Tower |
3.8 |
| ANZ National Bank |
ANZ Centre |
3.5 |
| Ministry of Health |
No. 1 The Terrace |
2.9 |
| Chapman Tripp |
ANZ Centre |
2.6 |
| AMP |
171 Featherston St/AMP Centre/Zurich House |
2.6 |
| NZ Transport Agency |
29 Willis Street |
2.6 |
| The Treasury |
No. 1 The Terrace |
2.6 |
| Department of Corrections |
Mayfair House |
2.6 |
| Bank of New Zealand |
State Insurance Tower/Pastoral House |
2.3 |
| IAG |
State Insurance Tower |
2.2 |
| NZQA |
125 The Terrace |
1.9 |
| AJ Park |
State Insurance Tower/AMP Centre |
1.8 |
|
|
