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Quay Tower gets big upgrade for tenants

Friday 21st February 2003

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Investors in New Zealand's biggest commercial office property investor, AMP NZ Office Trust (ANZO), can be assured their company is not living in the 1980s.

ANZO is spending $2.7 million to upgrade Quay Tower to keep it at the forefront of tenant demand.

ANZO asset manager Pat O'Reilly said Quay Tower, built in 1980, was "a building before its time."

The 1100sq m rectangular floor plates are still highly efficient by today's standards, allowing for flexible, high-density layouts in combination with effective airconditioning.

"The location has become stronger with the gravitation of the Auckland CBD toward the waterfront," Mr O'Reilly said.

The 25-level Quay Tower now has to compete with Auckland's newest office building, the $170 million PricewaterhouseCoopers Tower, officially opened in mid-2002 and also owned by ANZO.s

Quay Tower now has a new Kindercare childcare facility, with capacity for up to 120 children, and a new corporate health club.

NZSE40 trading boards, provided by Access Brokerage, have been installed in the Quay Tower foyer, giving a centre for commerce feel.

The lift cars have been refurbished, the exterior facade repainted, and Alucabond cladding and glass balustrades and a new canopy built around the plaza and podium levels.

The improvements at Quay Tower will continue later this year, with a new access control system and a new building management system, controlling services such as airconditioning to a quality equivalent to a new building such as the PwC Tower.

ANZO is already seeing the benefits of its investment. "Tenants who have experienced Quay Tower have willingly committed to stay here," says Mr O'Reilly.

"We signed new leases in 2002 with international-quality tenants such as GlaxoSmithKline, Aon and Southern Cross, for terms of up to nine years."

Quay Tower is also home to Air New Zealand.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

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