AMP NZ Office Trust (Anzo) says it has secured the Ministry of Agriculture and Forestry (MAF) as the major tenant for its refurbished Pastoral House property in Wellington.
The trust said MAF had taken a 12-year lease on 14 levels of the Lambton Quay building, totalling 77 per cent of the
building's lettable area.
Anzo bought the building last year for $23.95 million and is spending $15.5 million on its refurbishment.
Anzo executive manager Rob Lang said the refurbishment project was running on schedule and cost savings in excess of $1.5 million have been achieved, while retaining the quality of the refurbishment.
"This saving, along with a higher rent owing to improving office market conditions since acquisition, has enhanced Anzo's yield on cost and refurbishment margin," Mr Lang said in a statement to the NZX.
Anzo currently owns 10 New Zealand office buildings with a total value of more than $760 million, including Auckland's PricewaterhouseCoopers Tower, ANZ Centre, IAG House and Quay Tower; and Wellington's State Insurance Tower, Mobil on the Park, HP Tower, 125 The Terrace, No. 1 and 3 The Terrace and Pastoral House.
Anzo is managed by AMP Ronin Management Ltd.
Anzo units were trading unchanged at 89c shortly after the market opened today.
- NZPA
