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Portfolio Kermadec Property Fund owns five commercial properties loacated predominantly in Auckland, with a combined value of $100 million. The core of the portfolio is the $48 million Finance Centre situated in the heart of Auckland's CBD. Kermadec is focused on increasing its presence in the central Auckland market over time, with a bias towards well located office and carparking assets. Brookfields House  Located within the Auckland CBD and adjacent to the Finance Centre Carpark, the property is approximately 40 metres from the corner of Queen Street and Victoria Street.
Constructed between 1984 and 1988, the 16 level commercial office tower comprises ground floor retail and upper level offices leased by 13 tenants with varying lease terms. The major tenant is Brookfields Partners which occupies approximately 30% of the lettable area. The Sale Agreement for the property includes a tenancy support agreement. Location: 19 Victoria Street West, Auckland Valuation: $21.6m (CB Richard Ellis, March 2010) Lettable Area: 9,290 sqm Occupancy: 83% Net income: $2.27 million p.a. WALT: 2.6 years Net Rental Yield: 10.61% Key tenants: Brookfields Partners, Pavilion Management, NZX Exchange Ltd Interest acquired: 100% 7 City Road  A modern 16 level office building comprising a net lettable area of 6,606m2. There are 4 levels of secure undercover car-parking containing 132 carparks and 12 levels of office space encompassing 2 podium levels of 600m2 and 700m2 respectively and 10 levels of tower floors with and average floor plate of 470m2.
The property is located high on the Symonds St ridge and enjoys expansive views of the city and harbour beyond. It is close to all motorways with restaurants and cafes within easy walking distance. The building was completed in 1987 but underwent a major refurbishment and reletting program which saw a significant upgrade to the exterior, lifts and foyer areas refurbished and office floors given new ceilings, lighting, floor coverings and wall finishes. This has attracted a good mix of new quality tenants to the building. The leases are a mix of gross and net leases. Location: 7 City Road, Auckland Valuation: $18.6m (Colliers International NZ, March 2010) Lettable Area: 6,603 sqm Occupancy: 100% Net Income: $1.63 million p.a. WALT: 3.5 years Net Rental Yield: 9.46% Key Tenants: iiNet Ltd, and Meltzer Mason, Coffey Ltd. Interest Acquired: 100% Finance Centre  Centrally located within the heart of Auckland’s CBD, the carparking, office and retail complex is surrounded by three large office towers formerly known as the Finance Centre and enjoys vehicle access from Albert Street and Durham Street West. The complex is located within close proximity to and has pedestrian access to Queen Street, the principal retail thoroughfare of the CBD.
Comprising five levels, including a basement level, the concrete pillar and beam building provides carparks for the surrounding buildings with short-term parking also managed by an on-site operator (Wilson Parking). There are a total of 450 parks with 282 subject to long term occupancy arrangements with a variety of tenants including the owners of Brookfields House and Qantas House and 110 parks leased to Wilson Parking. The complex also houses state of the art childcare facility, Lollipos Educare on a 12 year lease. Most of the leases are gross leases. Accordingly the owner of the property is responsible for the majority of the operational outgoings and service and maintenance costs. Location: Durham Lane, Auckland Valuation: $44.6m (CB Richard Ellis, March 2010) Number of carparks: 450 Occupancy: 97% Net income: $3.85 million p.a. WALT: 8 years Net Rental Yield: 8.63% Key tenants: Wilson Parking New Zealand Limited, Robt. Jones Holdings Limited (the owner of Qantas House), Lollipops Educare Interest acquired: 100% Manukau Business Park  The property is situated on the fringe of the Manukau City CBD and also the Manukau Supa Centre, being the retail elements fronting Lambie and Cavendish Drives.
The property is held in seven strata titles and comprises four buildings that offer modern office accommodation, three buildings of two level construction and one building that is single level. The site allows for ample on site carparking for 204 cars with the balance of the site attractively landscaped. The area immediately surrounding the property is experiencing a change of use with the conversion and redevelopment of sites from industrial to retail or bulk retail and office park. Location: 17 Lambie Drive, Manukau City Valuation: $12.13m (CB Richard Ellis, March 2009) Lettable Area: 4,673 sqm Occupancy: 87% Net income: $1.13 million p.a. WALT: 2 years Net Rental Yield: 9.32% Key tenants: Counties Manukau District Health Board, Paperplus New Zealand Limited and Waitemata District Health Board Interest acquired: 100% |
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