Big deals revealed

By Chris Hutching

Friday 6th August 2004

Listed National Property Trust says Rialto Entertainment will be the new anchor tenant in the Goddards shopping centre in Tauranga, ending months of speculation about whether it might be Reading Entertainment or Village Sky City.

Rialto will be the anchor tenant in the multimillion-dollar redevelopment of the Goddards Centre in the heart of Tauranga, which will also feature Tauranga's first food court.

Meanwhile, one of Australia's largest office property investors, listed Deutsche Office Trust, is making its first foray into the New Zealand market with an agreement to buy the 80% pre-leased $100 million NRM Tower in Auckland from Manson Securities.

NRM Tower is under construction and due for completion in May 2005, with 18,700sq m of office space over 14 levels, 194 car spaces, a business centre, gymnasium, and top-floor function centre.

Law firms Simpson Grierson and Minter Ellison Rudd Watts are taking long-term leases for 8500sq m and 5100sq m respectively, while Manson Securities (which will occupy a floor within the building) will provide a nine-year lease over any remaining vacant areas and a guaranteed growth payment over a base rent escalated annually throughout the first five years.

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