Market Update

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27.09.2023
Market Release
Leasing and general update
Argosy Property Limited (‘Argosy’ or ‘the Company’) has announced a leasing and general
update with respect to its property portfolio.
A Flight to Green
Argosy has concluded leasing transactions over some further green certified space in the
portfolio. CEO Peter Mence said “As the market changes, it is clear that occupiers have a
strong and increasing preference for green buildings. The vast majority of our leasing
enquiry is for these buildings, with a growing focus on embodied carbon. Argosy is proud to
be working with some top-quality tenants and to secure leases in our certified green
buildings. It is a vindication of our green building philosophy.”
82 Wyndham Street – NIWA agrees to new 12-year lease
NIWA has entered into a conditional agreement for a 12-year lease for approximately
2,650m
2
on the ground floor and Level 1 of 82 Wyndham Street. The lease will commence 1
January 2024 and includes 80 car parks. The rent review mechanism is fixed at 2.75% per
annum with market review on renewal. The net effective annual rental is $1.45 million.
Argosy Management has maintained a strong working relationship with NIWA who currently
occupy a similar amount of space at 39 Market Place and will relocate to 82 Wyndham
Street from January 2024. This will be the 3rd Argosy owned building they have occupied.
The lease agreement with NIWA was contingent on a surrender by Eke Panuku (Auckland
Council) for their space in the building.
Argosy Chief Executive Officer Peter Mence said “We are very pleased to have retained
NIWA in the portfolio. The market demand for green buildings remains strong, and NIWA’s
desire to relocate to 82 Wyndham St, which is a 5 Green Star Built building, is reflected in the
lease term of twelve years.

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The benefits of green buildings around staff retention, productivity and reduced
absenteeism are well known. The Council’s well publicised desire to reduce their
commercial property exposure has allowed us to provide a modern green building solution
to a highly valued existing tenant.”
105 Carlton Gore Road
This $35 million development was completed recently and is targeting a 6 Green Star rating.
Completion followed the interior finishes including integrated tenancy fitout on the ground
floor, part Level 3 and all of Level 4. Argosy has secured additional commitments for further
tenancies at 105 Carlton Gore Road.
Colgate Palmolive Limited has committed to a new six year lease for approximately 560m
2

on part of Level 3. The annual rental is $360,000 including 22 car parks.
Instant Offices NZ Limited has committed to an eight year lease for 1,097m
2
on Level 2. The
annual rental is $678,000 including 40 car parks. The rent reviews are fixed at 3.0% per
annum.
CEO Peter Mence said “We are pleased to have finalised these commitments taking the
building to almost 80% leased. This now only leaves Level 1 remaining available for lease
and there is some current interest in that floor.”
8 Nugent Street
Argosy has also secured Fitness Portal on a new eight year lease term for approximately
1,350m
2
which commenced 1 August. The rent reviews are fixed at 3.0% with a market
review on renewal. The initial annual rental is $306,000 per annum.
“This is a great outcome for the space which very much lends itself to a health & wellness
tenant given the location and existing fit -out, including pool facilities.” said Peter Mence.
Green Star Certification
Argosy recently received 6 Green Star Office Built certification from the New Zealand Green
Building Council (NZGBC) for its building at 8-14 Willis Street in Wellington. The accreditation
means the building represents world leadership in terms of its quality. CEO Peter Mence said,
“We are extremely proud to have delivered Wellington’s first 6 Green Star Built office
building. This certification goes to the very heart of our sustainability philosophy, and we will
continue our strategy to redevelop our portfolio in sustainable manner to provide high
quality healthy buildings, reduce our impact on the environment and support the delivery of
sustainable cashflows and dividends to shareholders.”

-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