360 Lambton Quay, Wellington now fully leased

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31.05.2022
Market Update
360 Lambton Quay, Wellington now fully leased
Argosy Property Limited (“Company”) today announced that 360 Lambton Quay in
Wellington is now fully leased. CEO Peter Mence said “We are very pleased to have
secured another high quality Government partner into our recently completed
development. A Crown agency has committed to an initial six-year lease”
Key lease metrics are:
• Tenant Crown agency
• Total NLA 2,225m
2

• Term 6 years (with rights of renewal)
• Initial rent $1.27 million per annum
• Reviews 3% fixed annual, with market review on renewal.

“The Wellington office market continues to display attractive fundamentals and an
increasing focus on sustainable buildings.
Argosy is targeting 5 Green Star Built and 5 Star NABERSNZ ratings for the development and
the Crown agency is likewise to target 5 Green Stars for their fitout.
Argosy is well positioned to be a landlord for the Crown, as our green developments align
with the Government framework requiring agencies to only tenant sustainable buildings. The
inclusion of our latest Crown partner into the portfolio sees Argosy’s exposure to
Government rental income increase to approximately 34.5%” said Peter Mence.


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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 Corporate Communications &
Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz