FFNZ Sells Agriculture House
Federated Farmers of New Zealand (Inc) President Alistair Polson today announced the sale of Agriculture House; the Federation's Wellington headquarters.
"The decision to sell Agriculture House was driven by three key drivers; it is not the Federation’s core business to own buildings, the responsibility of the Federation's National Board to provide good accommodation for staff and the need manage assets prudently," said Mr Polson.
"Federated Farmers have retained naming rights for Agriculture House and the sale agreement provides for a leaseback of the building for six years with provision to sublet.
The sale facilitated by Jones Lang LaSalle provides a range of options for office accommodation in Wellington and the investment of the Federation’s assets.
"The building’s capital value represents a sizeable proportion of the Federation’s assets. Prudent management to avoid risks suggests that there should be a better spread of the Federation’s ongoing investments," Mr Polson concluded.