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

 


Aecom House changes hands

Aecom House changes hands

18 August 2014 - AECOM House, a landmark commercial building located in Auckland’s Quay Park precinct near Auckland’s waterfront, has been sold to Ngāti Whātua Ōrākei Whai Rawa Limited. The sale, conducted privately on behalf of Harbour 5 Limited, was assisted by Colliers International and CBRE.

Harbour 5 Limited, part of a family owned business which purchased the land in 2008, progressed the eight-level 5 green star rated building in 2011 with the intention of holding the asset long term. However when an opportunity arose for a negotiated sale with Ngāti Whātua Ōrākei Whai Rawa Limited; the directors felt this was an excellent prospect for both entities, the building’s tenants and the wider precinct in general.

Being able to conclude a divestment of this building to the underlying land owner and maintain long term New Zealand ownership was certainly a key factor in the sale, said Brett Russell, Harbour 5 director. “We continue to retain other holdings in the precinct and see this transaction as a further positive step in our strong relationship with Ngāti Whātua Ōrākei Whai Rawa Limited.”

Ngarimu Blair, director Ngāti Whātua Ōrākei Whai Rawa Limited, which owns the underlying land noted that the building is a “high quality strategic asset. We are confident in Quay Park’s future as a key precinct within the Auckland CBD and we believe the acquisition of this building further reinforces our commitment to this area. This asset is our first step towards diversifying NWO’s commercial property portfolio away from either residential landholdings or ground lessors’ interests, and will provide a positive cash flow impact for our balance sheet.”

Peter Herdson, national director of corporate and institutional sales at Colliers International, who was involved with the property sale along with colleague Andrew Reed, with Brent McGregor and Jonathan Ogg of CBRE, said the building offered a wide range of desirable attributes which contributed to an early sale and a yield of approximately 8%.

Brent McGregor, senior managing director at CBRE, said the investment offered a strong income stream from a number of high quality commercial tenants, modern construction and a high profile location adjacent to the revitalised Britomart precinct. “With A-grade office buildings being tightly held, it is not surprising that Aecom House was acquired by the ground lessor.”

Completed in February 2013, Aecom House is a striking 12,992m2 building fronting Beach Rd and Mahuhu Cres, offering harbour views and ideally positioned for all public and private transport needs. It has been awarded a five green star rating and offers large, highly efficient floor plates.

Global consulting firm Aecom occupies over 5000m2 in the building, alongside other corporate tenants Fiserv, Zoetis and Spendvision; and retail tenants which include Subway, Mahuhu Café and Corporate Men’s Haircuts, generating total annual net passing income of around $5.4m. The building has a weighted average lease term of six years.

Designed and built by Dominion Constructors Ltd with Woodhams, Meikle, Zhan Architects (WMZA), the building is the Auckland headquarters of professional technical and management consultancy AECOM. AECOM designed, engineered and project managed the internal fit-out of the company’s three floors to reflect its 95 year heritage in New Zealand, combined with its global expertise. The area’s nautical heritage is reflected in the building’s design, with the use of green glass representing the sea and granite inspired by Auckland’s volcanic cones.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news