Work on Kiwi Development Trust's main asset, the 39-level Royal & SunAlliance Centre in Auckland, is progressing well but leasing is slow, with 22 per cent of the tower still unlet.
Chairman Arthur Young said in notes for yesterday's annual meeting that in the financial year to March, "exceptional progress
was achieved on the construction ... but progress on leasing has been slower than anticipated."
As part of the trust's arrangements with Kiwi Income Property Trust to acquire the Shortland St site, Kiwi Income was granted the option to buy the centre following completion.
Kiwi Development's general manager, Chris Gudgeon, said: "We are on track for achieving early practical completion in September, which will bring the construction contract to a successful conclusion."
He said 78 per cent of the office area was leased, with 30 per cent already occupied.
- NZPA
