Fully leased at 44 Bowen Street

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 12 May 2021
Fully leased at 44 Bowen Street
Further to the announcement made on 19 November 2020, Precinct Properties New Zealand
Limited (Precinct) (NZX: PCT) is pleased to announce further leasing progress at 44 Bowen
Street. Precinct has secured a 12 year term lease with Waka Kotahi NZ Transport Agency who
will occupy 6 contiguous floors across the ground and levels 1 to 5, totalling 8,660 sqm of
space.
Precinct committed to the 44 Bowen Street project on a pre-committed basis with leasing to
KPMG secured at the end of last year. With Waka Kotahi NZ Transport Agency secured the
building will now be 100% leased.
Scott Pritchard, Precinct’s Chief Executive said, “Having the building 100% leased 6 months
after committing to the project and prior to its expected practical completion in 1H 2023 is a
great result. We are delighted to have secured such a high quality large occupier like Waka
Kotahi NZ Transport Agency into Precinct’s Wellington portfolio”.
Construction at both buildings at the Bowen Campus Stage Two development continue to
advance well, tracking to programme and on budget. With only one and a half floors totalling
2,700 sqm remaining vacant at 40 Bowen Street, the aggregate pre-committed leasing across
Stage Two now represents 87% of the combined office space with a weighted average lease
term of over 11 years.
Practical completion of 40 Bowen and 44 Bowen Street is expected in September 2022 and
May 2023, respectively. The total project cost for the development remains around $195
million with a yield of 6.6% once fully leased.
Ends
For further information, please contact:
Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz


About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominately in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns
Auckland’s HSBC Tower, AMP Centre, ANZ Centre (50%), Jarden House, 1 Queen Street,
Mason Bros. Building, 12 Madden Street, 10 Madden Street and Commercial Bay; and
Wellington’s AON Centre, NTT Tower, No. 1 and No. 3 The Terrace, Mayfair House and Bowen
Campus.
Precinct owns Generator NZ, New Zealand’s premier flexible office space provider.
Generator currently offers 13,600 square metres of space across four locations in Auckland.