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New lease in Novell House and lease renewal

Capital Properties New Zealand Limited

13 June 2005

Capital Properties announces new lease in Novell House and lease renewal in Charles fergusson tower


Capital Properties New Zealand Limited announced today that an unconditional lease agreement for 3,575 square metres of space in Novell House has been entered into with the Ministry of Transport.

The lease is for a 12 year term on levels 2-6 and commences in March 2006. Novell House will then be fully leased with a weighted average lease term of around 6.6 years.

MOT’s need for new larger premises is a result of the reorganisation in the transport sector that has taken place over the last year.

Novell House, located at 89 The Terrace in Wellington, was built in 1983 for Fletcher Challenge as its head office and comprises a 15 level office building with 1 level of basement car parking.

Capital Properties also announced that it had conditionally agreed a new three year lease term for 4,925 square metres of space with the Ministry of Social Development (MSD) in Charles Fergusson Tower Building.

The lease is for a term of three years from 1 June 2005 and incorporates the renewal of the existing lease.

The Charles Fergusson Building, located on Ballantrae Place in Thorndon, Wellington, was built in 1975. MSD occupy seven of the 16 floors or 46% of the building. The building remains fully occupied by three Government tenants.

ENDS

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