Scale and Diversity of Offering

• Central Park is one of New Zealand’s largest business parks with 43,440 sqm of NLA.
• With 11 buildings across the 4.85 ha precinct, tenants are afforded a full range of floor plate layouts, sizes and price points.

Leasing Momentum and Undeniable Positive Rental Reversion

• Completion of 48 lease deals negotiated since 2018, achieving an average uplift of 17% from acquisition rents.
• Recently negotiated leases commencing in 2022 reflect a similar uplift on acquisition rents of 22%.
• The Precinct has an average net rent of $303 psqm, with some buildings averaging net rent as low as $32 psqm. This illustrates the considerable positive rental reversion available at the Precinct.
• The Green has provided an exceptional level of amenity but was only introduced in recent months. The Green has positively impacted leasing activity across the park since its development, enticing large corporate and government occupiers to make Central Park their long term home.

Excellent Income Security

• Central Park provides an excellent diversity of income - with 70+ tenants across the precinct and no single tenant generating more than 7% of the Precinct’s gross income.
• Benefits from a considerable Government tenant representation (12% of income) including Drug Free Sport NZ, Department of Corrections, The Electoral Commission, International Accreditation NZ, NZ Health Partnerships and NZ Transport Agency.
• Strong international tenant base including Blackmores, Bunnings, Colgate-Palmolive, Estee Lauder and Mars.
• A WALE of 4.8 years as of 1 November 2021.

Genuine Development Options

• The 4.85 ha Central Park site has no GFA cap and generous planning controls, enabling redevelopment of the Precinct over the short to long term.
• A Resource Consent has recently been approved for a new 6,500 sqm office building on unutilised land within the Precinct.

Highly Accessible Location

• 7km from the Auckland CBD, situated in the heart of the Southern Corridor Office precinct, and a short walk to the popular Ellerslie village.
• Highly accessible given its immediate proximity to the Motorway and adjoining train and bus transport nodes.

Below Replacement Costs

• Central Park pricing is below the Precinct’s replacement costs, ignoring the development upside.
• Competing new supply is likely to be limited into the long term given development of new stock will be uneconomic when competing against the lower rental base of Central Park.
• Ample existing car parking also allows the development of new Central Park buildings at a competitive cost proposition versus competing standalone sites.