Big leases coming up for negotiation

Listed landlord Kiwi Income Property Trust has a number of big leases coming up for negotiation.

The trust released details of these in its half-year results presentation.

Its largest single ending in the near future is ANZ National Bank's tenancy of the National Bank Centre on Queen St.

That tenancy expires in 2012, prompting market speculation around Kiwi's announcement that it is considering a $130 million Auckland office development.

A large number of shops in Sylvia Park have leases expiring in 2013, although of the 71,000sq m mall only 13,500sq m is up for renewal when those 105 leases terminate.

Less than 12 per cent of the portfolio, measured by income, expires in each of the next five years, Kiwi said.

The weighted average lease term of Kiwi's retail portfolio is 4.3 years and 4.1 years for the office portfolio.