Reserve Bank Sells Auckland Building

26 October 2001 NEWS RELEASE

The Reserve Bank of New Zealand has sold its building located at 67 Customs Street, Auckland.

The property has been unconditionally sold to the tertiary education provider, Auckland Institute of Studies at St Helens, which has been a tenant in the building. The price was $6 million.

The Auckland building was constructed in 1978 and has an approximate net lettable area of 8,354 square metres. It is situated on a freehold site of 1,565 square metres. Colliers Jardine Directors Peter Herdson and John Goddard managed the sale on behalf of the Reserve Bank.

Reserve Bank Currency and Building Services Manager Brian Lang commented: "The Reserve Bank decided to sell its Auckland building because, with the introduction of polymer banknotes, the need to have a cash-handling facility in Auckland was gone. The Bank's operation at the Auckland branch ended on 17 November 2000.

"Polymer bank notes last much longer than paper bank notes and the Reserve Bank's role in the daily 'retail' distribution of currency has been greatly reduced. The commercial banks and security companies now undertake their own procedures for checking and distributing cash and the Reserve Bank operates, in effect, as a 'wholesale' supplier."

Auckland Institute of Studies at St Helens Chairman and Chief Executive Yin-Sheng Hsieh said he welcomed the opportunity to develop a downtown presence in the Auckland CBD.

"Our purchase of this building underscores our long-term commitment to our students, our employees and the city of Auckland in the tertiary education sector. Our city campus will augment and support our main St. Helens and Asquith campuses in nearby Western Springs, filling a major need for teaching space to accommodate our expanding student numbers. AIS at St Helens has a student roll of nearly 1400. It delivers certificate, diploma and degree (undergraduate and postgraduate) programs focusing on international business, information technology and cross-cultural communication."

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