|CentrePort Partners with ACC|
|Friday, 29 July 2011 13:29|
CentrePort and Accident Compensation Corporation (ACC) have entered into a long term commercial property joint venture under which ACC will acquire a 50% share in three of CentrePort's Harbour Quays buildings, those occupied by BNZ, Statistics NZ and the NZ Customs Service.
The newly formed joint venture will own the buildings and a 125 year ground lease interest. CentrePort will remain the property manager and freehold land owner.
The three building portfolio comprises 36,000m2 of new, A grade office and retail accommodation, strategically located close to the waterfront, Wellington’s entrance to the city and the railway station. The buildings have a 99.5% occupancy rate, an average weighted lease term of 9.5years, ‘A’ grade tenant covenants, and are built to the highest seismic design codes. The buildings are also built to the highest environmental standards with both the BNZ and Customhouse having achieved 5 Star NZ Green Building Council green star ratings.
CentrePort Chief Executive Blair O'Keeffe said the undisclosed purchase price was in line with the value of the assets and the company was delighted to be partnering with an organisation of the calibre of the NZ Accident Compensation Corporation.
CentrePort placed the properties on the market, through Colliers International Real Estate, in June 2010 as part of an exercise to support its strategic growth plans in transport and property. The offer was marketed nationally and throughout Europe, Asia and Australia, with a good degree of interest shown.
The sale of these properties into a joint venture confirms the value of Harbour Quays as a location and proves the original concept, according to Nick Wareham, CentrePort’s GM of Property. “Completing Harbour Quays remains a key priority and we continue to receive enquiries from parties wanting to become part of this exciting development.”