Leasing Update
1
31.08.2026
Leasing Update 224 Neilson Street
Argosy has successfully secured a 16-year lease agreement with national business, ECLY Ltd, for
12,077 sqm, to commence 1 March 2027. The annual rental is $3.8 million. Rent reviews are fixed,
with market reviews at the fifth, tenth and fifteenth anniversaries.
The building has already achieved a 6 Green Star Design and As Built rating and will feature 440kW
Photo-Voltaic arrays (solar power), enabling full site operation and truck charging.
Peter Mence said “Securing a significant long-term industrial lease demonstrates the enduring value of
high-quality, well-located assets. Businesses continue to prioritise operational resilience and supply
chain efficiency, and this transaction reflects the confidence that leading occupiers have in strategically
positioned industrial property, despite the challenging market conditions.”
In addition, Argosy is managing solid lease enquiry in the office portfolio with three office leases
secured in Auckland (1,461sqm) and Wellington (504sqm), and further leases under negotiation.
With the above leases in place, the weighted average lease term for the Argosy portfolio at 31 July is
5.0 years, while the occupancy rate has increased to 97.3%.
END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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