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


Big Pinky Benefits From Active Lease Management

The AMP NZ Office Trust announced today that it had leased a further three floors of NZI House (formerly 151 Queen Street) out to 2008, improving the weighted average lease term of the building.

"We are delighted to have secured international insurance broking giant, Marsh, as tenants for NZI House, following a competitive tender process," said Anthony Beverley, Executive Manager of the AMP NZ Office Trust.

The award wining building, nicked named "Big Pinky" because of its distinctive colouring and striking architecture, is recognised as one of the country's top buildings. It is one of six premium properties in the AMP NZ Office Trust portfolio of commercial CBD properties in Auckland and Wellington.

The lease is for nine years, concluding on 30 June 2008, for levels 18, 19 and 20.

"Together with the recent decision by NZI to lease six floors in the building, today's announcement extends the weighted average lease term of NZI House from 4.18 years to 5.18 years. This demonstrates the ability of the AMP NZ Office Trust's active lease management approach to improve the lease structure of a property investment and hence its value," said Mr Beverley.

Securing a top tenant like Marsh for NZI House in a very competitive market confirms our belief in the ability of prime office buildings to attract superior tenants and provide a strong return over time."

Over the last six months the AMP NZ Office Trust has been successful in securing new leases or extending existing leases out to 2008 and 2009 for nine of the 19 office levels of NZI House.

Previously, international insurance brokers Sedgwick occupied three floors in the building, subleasing out a floor to smaller tenants. As a result of the international merger between the Marsh McLennan group of companies and Sedgwick group, the newly merged organisation, Marsh, sought to combine its Auckland operations under one roof and held a competitive tender, which resulted in the selection of three floors of NZI House. The organisation wanted to secure a long term tenure in a quality building, centrally located in the CBD.

AMP NZ Office Trust is New Zealand's largest commercial CBD property investor, managing property investments worth $486 million. Ends

© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>