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- Release Date: 22/04/14 13:50
- Summary: GENERAL: AUG: Year End Property Valuations
- Price Sensitive: No
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AUG
22/04/2014 11:50
GENERAL
REL: 1150 HRS Augusta Capital Limited
GENERAL: AUG: Year End Property Valuations
Year End Property Valuations
Unaudited independent valuations for the directly owned and syndicated
properties have been received. As at 31st March 2014 the assessed values of
directly owned properties have reduced by $2.2 million (2.2%) while the
syndicated portfolio valuations increased by 2.2%.
As previously signalled Brookfields Lawyers vacated 4 floors of Brookfields
House at 19 Victoria Street West, Auckland with an early surrender payment of
$0.64 million received in early March. This released 2,500 sqm and lead to a
valuation reduction of $1.9 million. A 30% vacancy at the Lambie Drive
property resulted in a value reduction of $0.53 million. Recent leasing rates
at 19 Victoria Street West in refurbished space are at 19% above previous
rental rates and management is confident that releasing will lead to value
recovery.
The syndicated portfolio revaluations reflect the strong occupancy rate of
99.7% and weighted average lease term of 9.0 years.
New leasing includes the area above the Countdown Supermarket which has been
leased to a strong national brand retailer and the former Stock Exchange
trading floor leased to a Night Club operator who is committed to a high
quality fit out.
Both these leases are at favourable rates and terms.
The recently announced acquisition of KCL Property Limited and Investment
Property Titles Limited settled on 1st April 2014 and implementation of the
transition is proceeding smoothly.
-ENDS-
For further information please contact:
Mark Francis
Managing Director
Augusta Capital Limited
E: [email protected]
T: +649 300 6161
End CA:00249666 For:AUG Type:GENERAL Time:2014-04-22 11:50:03
