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PFI leases last available stock

Friday 17th March 2000

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Property For Industry has relet the 10% of its rental roll that had expired.

The listed property company announced on Wednesday it had successfully let the last of its available stock with National Can New Zealand leasing PFI's 6500sq m property at 320 Rosebank Rd in the Auckland suburb of Avondale.

The lease will start in May this year after fit-out works finish.

The site's previous tenant, office supplies company OTC, moved out in August last year. The length of the lease was confidential but was said to be long term.

Of the 31,000sq m worth of leases that were due to expire this year, PFI has now negotiated lease renewals or extensions for a third of that space, secured tenants for about a fifth and identified tenant-driven redevelopment for the remainder.

That redevelopment includes a three-stage reconfiguration of the property at 19-25 Porana Rd.

PFI bought the site as part of the relocation of Amcor Flexibles to its North Harbour site.

The reconfiguration will see the site changed from five buildings to 12, ranging in size from 450sq m to 1700sq m.

Stage one was already 83% pre-sold or leased and building consents were being sought for stage two which would be released to the market later this month, with construction expected to start in April.

In Avondale PFI has secured a 10-year lease from BOC Gases for its property at 334 Rosebank Rd. Construction will begin next month on the 360sq m office/showroom complex. This leaves 6000sq m of land available for design-build projects on the site.

PFI general manager Peter Alexander said the past year had been a big challenge but leasing property was the company's main focus.

PFI had only one lease due to expire in the rest of the year and that was in December and represented less than 2% of the total lettable area of its portfolio.

- Campbell McIlroy

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