ANZ commits to new office building at Sylvia Park

NZX RELEASE
15 May 2018
ANZ commits to new office building at Sylvia Park

Kiwi Property is pleased to announce that ANZ Bank New Zealand, through its wholly-owned
subsidiary Arawata Assets Limited, has agreed to lease approximately 6,740 sqm of space at its
No.1 Sylvia Park office development now under construction at Sylvia Park town centre.
ANZ will take a nine-year lease over five whole floors and a partial floor, commencing in two
stages between June and December 2019, to suit the progressive relocation of bank staff into the
building from a number of locations. ANZ has also secured exclusive naming and signage rights.
Kiwi Property Chief Executive, Chris Gudgeon, said: “Our vision for Sylvia Park is the creation of a
world-class town centre, offering our customers exceptional retail, dining, entertainment and
workplace experiences.
“ANZ taking this significant space in No.1 Sylvia Park reflects this transition to a town centre. Our
ability to successfully lease over 10,000 sqm of office space in the building to major corporates
such as ANZ and I AG shows that the market is looking for such an offering. Our vision is now
becoming reality.”
Mr Gudgeon said that the new office building is being constructed to integrate seamlessly with
Sylvia Park and The Grove Dining District, which opened in December 2017.

“With a dedicated entrance, it offers businesses a truly unique and high-quality working
environment in an easily accessible location with excellent rail and bus transport links, allowing
staff to take advantage of the extensive range of amenities and services at the centre.”
ANZ Chief Operating Officer, Mike Bullock, said the company was looking forward to moving
many of its contact centre functions in Auckland into the building at No.1 Sylvia Park from around
the middle of next year.
“No.1 Sylvia Park is state-of -the-art and has strong public transport links and retail, food and
recreational facilities around it that are important for attracting and retaining staff,” Mr Bullock
said.
Mr Gudgeon adds: “ANZ and I AG, together with the ground floor retailers, will occupy around
90% of the office building and, following ANZ’s full occupation in 2019, the project is expected to
yield 7.4%, with a projected 10-year IRR in excess of 9%.
“We look forward to welcoming ANZ to the building, joining approximately 350 I AG staff who will
move into their new 3,324 sqm office premises following completion of No.1 Sylvia Park in the
middle of this year.”

“By year end, we will complete our new ~600 space shopper carpark building and the
excitement will continue right through to mid-2020 when we complete our $223 million ‘Galleria’
retail expansion project. This will take Sylvia Park to another level, featuring new international
brands and concept stores, selected retailers from Sylvia Park’s current waiting list of specialty
tenants, a two-storey Farmers department store and a sophisticated new-generation,
sophisticated dining precinct,” said Mr Gudgeon.
> Ends

2
Contact us for further information

Chris Gudgeon
Chief Executive
chris.gudgeon@kp.co.nz
+64 9 359 4011

Gavin Parker
Chief Operating Officer
gavin.parker@kp.co.nz
+64 9 359 4012
For media enquiries

Chris Gudgeon
Chief Executive
chris.gudgeon@kp.co.nz
+64 9 359 4011

Michael Holloway
GM Commercial
michael.holloway@kp.co.nz
+64 9 359 4032
About us

Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock
Exchange and is a member of the S&P/NZX 15 Index. We’ve been around for more than 20
years and we proudly own and manage a $3.1 billion portfolio of real estate, comprising some
of New Zealand’s best shopping centres and prime office buildings. Our objective is to provide
investors with a reliable investment in New Zealand property by targeting superior risk-adjusted
returns over time through the ownership and active management of a diversified, high-quality
portfolio. S&P Global Ratings has assigned Kiwi Property a corporate credit rating of BBB
(stable) and an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi
Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our website
kp.co.nz