Market Update

.1
30.09.2022
Market Release
105 Carlton Gore Road and 23 Customs Street
(Citibank) leasing update
Argosy Property Limited (‘Argosy’ or ‘the Company’) has announced a leasing update with
respect to its 105 Carlton Gore Road development which is currently targeting a 5 Green
Star Built rating.
CEO Peter Mence said “The Auckland leasing market has proven to be encouraging with
new leasing enquiry progress well. Lease commitments have been secured for two
tenancies at 105 Carlton Gore Road making up approximately 50% of the building by net
lettable area. Argosy is pleased to welcome Harbour Cancer Centre (HCC) and Stantec
New Zealand (Stantec) into the Argosy portfolio.
HCC have committed to a 12 year lease for 755m
2
on the ground floor. Stantec have
committed to an 8 year lease for 1,606m
2
of space including all Level 4 (1,086 m
2
) and part
Level 3 (~520m
2
).
While there are commercial sensitivities around the rental rates achieved, they are
encouraging from a valuation perspective.
There is also solid leasing success at Citibank. The first of these is leased to a new tenant,
Design Group Stapleton Elliot, with two further leases under offers to corporate tenants. The
current market is demonstrating good demand for smaller suites in CBD locations.
Argosy has also recently settled the sale of 25 Nugent Street, in Auckland, for $22.0 million.
-END-


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