AUG
26/09/2014 11:02
GENERAL
REL: 1102 HRS Augusta Capital Limited
GENERAL: AUG: Market Update
The company would like to provide an update on recent activity across its
Directly Owned Property Portfolio.
Directly Owned Portfolio
19 Victoria Street West
The company has, as previously advised, undertaken a refurbishment and
upgrade of a number of floors within 19 Victoria Street West that were left
vacant by Brookfields Lawyers earlier in the year. Their expiry left 4 vacant
floors and reduced the building's occupancy to 66%. The company has now
successfully leased approximately 2.5 of the 4 floors and restored the
building's occupancy to 87%. New leases have been signed for terms ranging
from 5-6 years and importantly at rates ranging from $268-$280 per sqm. This
compares very favourably with the rate historically paid by Brookfields
Lawyers of $235 per sqm.
Finance Centre Podium
As advised previously the former foodcourt space was refurbished earlier in
the year and at the time we announced it had been leased to a national brand
retailer. We are pleased to now advise that the retailer is Warehouse
Stationery and they have commenced trading from the space.
The Nightclub operator that leased the former stock exchange trading pit has
completed a significant multi-million dollar fitout and is scheduled to open
tomorrow. The tenant has signed a 12 year lease.
Finance Centre Carpark
The company has entered into a new lease agreement with Wilson Parking over
250 of the 450 bays at the Finance Centre Carpark. The lease is for a term of
ten years commencing on 19 October 2014.
This leasing takes the occupancy across the Finance Centre Carpark to 100%
and the Finance Centre Podium to 99%.
Total Portfolio Occupancy has risen from 85.5% to 91.6%. Enquiry on the
balance of the space across the portfolio remains encouraging.
Manukau Business Park, Lambie Drive
As previously advised we had entered into an unconditional sale agreement for
our residual property holding at Lambie Drive in Manukau. This transaction
has now settled and as such the company has completed its exit of the Manukau
Business Park.
An update on the performance of Company's Funds Management Division will
follow next week.
-ENDS-
For further information please contact:
Mark Francis
Managing Director
(09) 300 6161
End CA:00255750 For:AUG Type:GENERAL Time:2014-09-26 11:02:51
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
