Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

ANZ Sells And Leases Back Properties

ANZ is selling and leasing back up to 34 of its branch properties around the country.

"We will be selling the properties with a six year lease in place," ANZ's Chief Operating Officer Colin MacDonald said today. "The branches will remain open and operate as normal, but with ANZ as tenant, rather than owner. ANZ will also have the option of renewing the lease after six years.

"The sale of these branches reflects our wish to focus on our core business, banking, rather than on property ownership. The Bank now leases approximately 70% of its branches. Where possible, we now prefer to lease premises to meet the needs and locations of our customers, rather than invest directly in bricks and mortar."

Corporate real estate services firm Colliers Jardine will be handling the nationwide disposal process.

Mark Synnott, managing director of Colliers Jardine said the branches present an attractive investment opportunity.

"In addition to the six year leaseback to ANZ, the branches are all well-maintained buildings in good locations. We expect there will be a lot of interest in them," Mr Synnott said. "Values are expected to range from close to $100,000 to over $2 million in centres ranging from Kaitaia in the north to Dunedin in the south."

The properties will be auctioned in Auckland at the Crowne Plaza (formerly Centra Hotel) at 11am on 18 September 2001, in Wellington at the Duxton Hotel at 11am on 19 September 2001 and in Christchurch at the Holiday Inn at 11am on 20 September 2001.

Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: