This article is from the Australian Property Journal archive
Multiplex has secured the Bank of New Zealand for a new $NZ180 million office tower in Auckland, New Zealand. In addition, Multiplex said the property will likely find its way into one of Multiplex Capital’s funds.
BNZ has committed to occupy over 60% of a new premium commercial office tower owned, developed and being built by Multiplex at 80 Queen Street, Auckland.
The $180 million facility will comprise 23,000 sqm of premium grade accommodation over 19 levels, including a Bank of New Zealand branch and other retail at street level and basement car parking.
BNZ has committed to an initial term of 15 years with rights of renewals allowing an extension of a further 19 years.
The building, for which it has naming rights, will be the BNZ’s new head office in NZ.
Multiplex Development’s New Zealand managing director Peter Wall said securing BNZ and converting what has been a very challenging project is a great endorsement of Multiplex’s integrated business model.
“As well as developing and building the project, Multiplex will retain ownership through one of its managed funds and will also manage the facility. It is a strong endorsement of what is going to be an outstanding building that is only fitting of such a high profile central city site,” he added.
Wall said the project showcases what Multiplex can do.
“The rejuvenation of the neglected and underdeveloped island CBD site is the outcome of a partnered approach with the Bank, and together we have consulted at length with both Auckland City Council and the New Zealand Historic Places Trust to make this project a reality. The endorsement of both these organisations has ensured the success of this development.
“Both Multiplex and BNZ are committed to ensuring the building will set new benchmarks for environmentally sustainable design, with a range of innovative ESD initiatives to be incorporated.” he added.
In addition to securing a number of tower floors, the development will offer the BNZ six large floor plates that cover almost the entire 2,061 sqm site.
“We will move from 26 floors in our current premises, to seven in the new building. Obviously that means we have the ability to embrace a large range of initiatives to improve our business further, both in terms of the way we work and communicate and the financial impact on our business as a result of the efficiencies,” BNZ’s managing director Peter Thodey said.
“The building’s location in the heart of Auckland’s retail and service centre, close proximity to the key transport hubs and motorways is a key attribute for both our staff and our customers. We want to be able to attract and retain the best people to work at the Bank, and having top quality, centrally located premises will play a part in achieving this goal.
“We are delighted that the project is able to go ahead and we look forward to the completion date. The day we take possession will be one to celebrate. We predict a long and productive relationship with Multiplex,” Thodey concluded.
Construction of the project is due for completion in September 2009.
By Nelson Yap
