Acquisition of 224 Nielson Street, Onehunga for $32 million

13 December 2019

MARKET RELEASE
ACQUISTION OF 224 NIELSON STREET, ONEHUNGA, AUCKLAND


Argosy Property Limited (‘Argosy’) has today announced it had entered into an unconditional
agreement to purchase an industrial development site at 224 Nielson Street, Onehunga
Auckland for $32 million.

The site comprises 34,965m
2
of land and 8,000m
2
of building and is currently occupied by
Steelpipe Limited. The current rent is $1.3 million per annum and the lease expires in December
2022 with a break clause on 30 September 2020. The holding income is 4.1%.

Argosy has undertaken high level feasibility work for a development on the site and is in
preliminary discussions with an existing tenant.

Chief Executive Officer of Argosy, Peter Mence says “This acquisition fits well with our strategy.
The property is very well located relative to the CBD, with strong connectivity to motorway
arterials. We have interest from an existing tenant for the site and are working closely with them.
With our focus of greening Argosy’s portfolio over time we would seek to ensure any
development project can achieve minimum green star and NABERSNZ ratings.”

Settlement is expected to occur in January 2020.

Sale of 233 Kioreroa Road, Whangarei

Argosy can also confirm it has received the balance of funds for the full settlement of this
property.

224 Nielson Street

224 Nielson Street



































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Enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz

Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz

Stephen Freundlich
Head of Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz