ANZO plans five star building for Auckland

Monday 10th September 2007

AMP NZ Office Trust has outlined plans for what says will be Auckland's first office building with a Green Star rating of five for environmental sustainability.

It plans to redevelop the building at 21 Queen Street bought earlier this year into what it calls "a building of light and transparent elegance".

The redevelopment has a price tag of $77 milliion. Demolition and construction work is scheduled to begin in November, with the building to be completed in mid-2009. The design has been endorsed by the Auckland City Council's urban design panel.

"We believe 21 Queen Street will be the only premium quality building to come to market in Auckland's CBD core before Q4 2009," ANZO chief executive Rob Lang says.

"There is forecast demand from major CBD office tenants for more than 90,000 sqm of office space during 2009 and 2010. With vacancy rates currently at historic lows and ANZO's four existing Auckland properties between 98 and 100% occupied, we have ensured we have additional quality stock to continue to meet tenant demand."

The building's internal office environment has been specifically designed for the occupier.

Locationally, the building enjoys a strong competitive advantage and delivers a high level of amenity to the building occupiers and Auckland's public. The building is strategically located, offering close proximity to public transport and overlooks Queen Elizabeth Square; the old Chief Post Office Building; the heritage Britomart precinct; and has outstanding views of Auckland Harbour.

The development is forecast to deliver an Internal Rate of Return (IRR) of close to 13.0%. The expected yield on cost is 7.0% and demonstrates good growth prospects, ANZO says.

AMP Office Trust is New Zealand's largest listed investor in prime commercial property.

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