ARG
14/03/2016 16:38
ASSET
NOT PRICE SENSITIVE
REL: 1638 HRS Argosy Property Limited
ASSET: ARG: Argosy announces development for Mighty Ape
Argosy has today announced the acquisition of 22,575 square metres of land at
Highgate Business Park in Silverdale, Auckland for $8.1 million and a
corresponding $14.2 million development at the site for Mighty Ape.
Mighty Ape, a current tenant of Argosy at 1 Rothwell Avenue, Albany, are on
an expiring lease, and are relocating due to the expansion of their business.
The development will consist of 9,000 square metres of warehouse and 1,500
square metres of office, as well as 116 carparks, with practical completion
expected to be September 2017. It is expected to have a return on cost of
7.35%.
Mighty Ape has agreed to sign a new ten year net lease commencing from the
date of practical completion, with two yearly rent reviews to market.
Argosy has received good enquiry on the space that is being vacated upon
Mighty Ape's departure. High levels of demand and a shortage of supply in
the North Shore industrial property market at present indicate that there
should be a limited vacancy period for this property.
Argosy CEO, Peter Mence, says "Internal development is in line with Argosy's
strategy and this is a great opportunity to add another quality property to
the portfolio in a growing location. We are very pleased to be able to
retain a tenant of the calibre of Mighty Ape and be able to accommodate their
expanding business requirements."
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Press enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: [email protected]
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: [email protected]
Scott Lunny
Investor Relations Manager
Argosy Property Limited
Telephone: 09 304 3426
Email: [email protected]
End CA:00279237 For:ARG Type:ASSET Time:2016-03-14 16:38:39
