Precinct announces pre-leased Wellington acquisition

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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand

 
NZX announcement – 30 November 2022

Precinct announces pre-leased Wellington acquisition

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to announce today it
has secured an unconditional agreement to acquire 61 Molesworth Street in Wellington,
together with a new 24,000 square metre office development project to be undertaken on the
site.
The prime commercial office space has been leased to the New Zealand Ministry of Foreign
Affairs and Trade (MFAT).
On completion, 61 Molesworth Street will deliver a seismically resilient, environmentally-focused
commercial office building across 11 levels with ground floor amenities including a lobby café,
meeting suites, and end of trip facilities.
Scott Pritchard, Precinct’s Chief Executive said, “Securing this outstanding opportunity
reinforces the strong office occupier demand for high quality buildings in strategic locations like
the Government precinct in Wellington.”
“Having the commercial office leased to MFAT is a great result and we are very proud to have
concluded this leasing arrangement with MFAT.”
“In addition to the high quality building specifications for this project, seismic resilience has
been a critical consideration. The structural design of the building will incorporate advanced
technologies, such as tuned fluid viscous dampers which provide for performance that exceeds
design code minimum standards.”
The expected total project cost is around $250 million, with the development expected to
complete in Q3 2025.


Ends

 
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 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand

 
For further information, please contact:

Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

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 predominantly in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT’s portfolio
includes Auckland’s HSBC Tower, AON Centre, Jarden House, Deloitte Centre, 204 Quay Street,
Mason Bros. Building, 12 Madden Street, 10 Madden Street, PwC Tower and Commercial Bay
Retail; and Wellington’s AON Centre, NTT Tower, Central on Midland Park, No. 1 and No. 3 The
Terrace, Mayfair House, Charles Fergusson Building, Defence House, Bowen House, Freyberg
Building and 30 Waring Taylor Street. Precinct owns Generator NZ, New Zealand’s premier
flexible office space provider. Generator currently offers 15,770 square metres of space across
nine locations in Auckland and Wellington.