Capital is better for Capital

Friday 16 July 2004

Wellington is proving a happier hunting ground than Auckland for listed property vehicle Capital Properties.

By The Landlord

New chief executive Chris Gudgeon told the annual meeting at Westpac Stadium yesterday that vacancy rates in Auckland were up from 10 per cent to 13 per cent, partly due to a downturn in the education sector.

Capital Properties' portfolio includes several buildings in Wellington that are tenanted by Government departments.

Gudgeon said the space they needed was increasing, and vacancy rates there were down.

"To be frank, Auckland is not as good a market as Wellington is at the moment," he said. "Wellington is robust."

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