The country's most radical new office block has an unusual new cone-shaped top.

The partly finished $132.1 million ASB North Wharf building in the Wynyard Quarter got its rooftop funnel barged to the site late last week.

Building tenant ASB Bank and developer/landlord Kiwi Income Property Trust commissioned Yachting Developments to build the fibreglass composite structure and a reflector.

The rooftop funnel was installed early on Friday morning after strong winds had delayed the shift, originally scheduled to be completed around the middle of the week. Calm conditions were needed to ship the structure to the site of the old Caltex Terminal and Pacific Terminals at the intersection of Jellicoe and Halsey Sts, beside Moana Pacific House.


The funnel is designed to play a part in cooling the building where about 1900 people will work. It is expected to act like a chimney in a house. Fresh air will be drawn inside from windows in workspaces, then rise to exit via the rooftop cone.

This allows fresh air to pass through the building naturally, enhancing temperature control and ventilation, offering a significant reduction in the use of energy required to control the heat and circulation of air inside the building, an ASB spokesman said.

Kiwi had total assets of $2.1 billion by March 31 and property of $2 billion.

The trust released an investor roadshow presentation, telling investors how the New Zealand listed property sector had outperformed other countries "due to its traditional, conservative approach to real estate investment".

That roadshow said Kiwi was the largest listed property entity, holding real estate worth $2 billion ahead of Goodman Property Trust with $1.6 billion, AMP NZ Office with $1.2 billion, Argosy Property with $975 million, DNZ Property Fund with $654 million, Vital Healthcare Property Trust with $533 million, Property For Industry with $359 million, NPT with $175 million and Augusta Capital with $102 million.

Kiwi also told investors the owner of its manager - Colonial First State Global Assets Managements - had A$18 billion of funds under management, 2.8 million sq m of floorspace under management, more than 950 employees and 94 assets here and in Australia of which 45 are shopping centres and 42 are office buildings.

ASB North Wharf:
* Estimated value on completion: $144m.
* ASB leasing 19,465sq m.
* Bank has taken an initial 18-year lease.
* Lease begins July 2013.
* Rent reviews fixed at 2.5 per cent annually.
* Target initial yield around 8.5 per cent.

[Source: Kiwi Income Property Trust]