ARC Leases Additional Space - At 21 Pitt St
Auckland Regional Council Leases Additional Space - At 21 Pitt Street, Auckland
Kiwi Income Property Trust advised today that Auckland Regional Council (ARC) is to lease the currently vacant 1,461m² level seven premises at 21 Pitt Street.
The space is to be added to ARC’s existing lease, which will now comprise 12,500m² of the 17,250m² former Vodafone headquarters at 21 Pitt Street. As a consequence, ARC will become the Trust’s largest office tenant by floor area.
As part of the arrangement ARC’s lease is to be extended from 2009 to 2015.
Chief Executive of the Manager of the Trust, Angus McNaughton, said that the agreement was a natural fit for both parties, with ARC able to rationalise and meet their long term property requirements. From the Trust’s perspective, the take up of level seven deals with the only significant vacancy in the office portfolio, and increases the occupancy rate across the office portfolio to 99.3%. The lease extension is significant in that it mitigates one of the Trust’s largest lease expiries in the next five years.
About Kiwi Income Property Trust
Kiwi Income Property Trust’s objective is to optimise returns for its unit holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 10 Index.