AMP secures MAF for Pastoral House

Thursday 4 November 2004

AMP NZ Office Trust has secured the Ministry of Agriculture and Forestry as the major tenant for Pastoral House in Wellington, lifting the building’s office tenant pre-commitment to 90.5%.

By The Landlord

MAF has taken a 12-year lease on 14 levels, accounting for 12,002m² or 77% of the building’s 15,580m² total net lettable area, which includes 1513m² of retail space. The trust’s executive manager, Rob Lang, said the only full floor now available for lease was level 18, the top floor, along with part of levels 2 & 4.

“Large floor plates in the Wellington cbd remain at a premium, particularly in the short term, and we are confident the balance of the space will be leased by the time the refurbishment project is fully completed in June 2005. The trust received considerable leasing interest from Government tenants and also private sector tenants during the marketing of the space,” he said.


“Securing MAF as the key tenant over a large area of the building has enhanced the expected performance of the trust’s investment in Pastoral House.”

Mr Lang said the refurbishment project was running on schedule and cost savings of more than $1.5 million had been achieved, while retaining the quality of the refurbishment. This saving, along with a higher rent owing to improving office market conditions since acquisition, had enhanced the trust’s yield on cost & refurbishment margin.

Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer