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"Rooms for rent" sign still out on Auckland's office tower

By Phil Boeyen, ShareChat Business News Editor

Thursday 3rd August 2000

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Kiwi Development Trust says it expects the Royal and SunAlliance Centre in Auckland to be 78% occupied by November but admits progress on leasing the building has been slower than anticipated.

GM Chris Gudgeon says the trust is on track to achieve to early practical completion by next month, with 30% of the office floor area already occupied by tenants.

He says the 22% which is yet to be leased is nearly all at the top of the building, where six and a half floors remain empty.

"Naturally our focus is very much on leasing these remaining floors and this is where we will continue to concentrate our energy and resources".

Trans Tasman Properties last month announced it was putting plans to build a $100 million, 30-storey building on hold, because of the lacklustre Auckland office-leasing market.

As part of Kiwi Development Trust's arrangements with Kiwi Income Property Trust to acquire the Shortland Street site, KIP was granted the option to purchase the centre following practical completion, with the approval of its unit holders.

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