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

 


Precinct misses out on 1st round of govt property review

Precinct’s Bowen Campus misses out on first round of government property review

Nov. 23 (BusinessDesk) - Precinct Properties New Zealand, formerly known as AMP NZ Office, said its newly acquired Bowen Campus site near Wellington’s Beehive and Parliament has missed on a contract to supply as much as 60,000 square metres of office space for government departments.

The listed property investor agreed to buy the 10-storey Bowen State and 15-storey Charles Fergusson buildings from Capital Properties (Wellington), a member of the AMP Capital Property Portfolio, in April for $50.4 million.

The site is 97 percent occupied, mainly by the Ministry of Social Development on a lease that runs through to at least March 2015. The ministry is among state agencies involved in the government’s Property Management Centre of Expertise (PMCOE) which in August sought proposals from the market for between 50,000 and 60,000 square metres of space for delivery between 2014 and 2017 in Wellington.

Other agencies include the Ministry of Health, Crown Law Office and Ministry of Business, Innovation and Employment.

“The announcement by PMCOE is a disappointing outcome for Precinct,” said Scott Pritchard, Precinct’s chief executive. “However we remain very confident in the potential of this site to provide government accommodation in the heart of the parliamentary precinct at Bowen Campus.”

Shares of Precinct fell about 2 percent to $1. They have gained 24 percent this year. The stock is rated a ‘hold’ based on the consensus of six recommendations compiled by Reuters, with a median price target of 91 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news