Maori Television Service Leasing
29 November 2016
As noted earlier in the month, a conditional Agreement to Lease had been entered into with Maori Television Service (“Maori Television”) during October for the office building at 433 East Tamaki Road and for the industrial property that was purchased earlier this year at 441 East Tamaki Road.
The site will be the head office and recording studio for the organisation. Maori Television are relocating from Newmarket. Maori Television will be undertaking extensive fitout works for its used at the property and it is expected that it will relocate in July/August 2017.
The Agreement to Lease was conditional on reaching agreement with Pumpkin Patch Limited (“PPL”) for the premises to be surrender so that Maori Television could lease them.
Negotiations with PPL were well advanced when it went into Receivership in late October. The agreement for the lease surrender has now been finalised with the Receiver for Pumpkin Patch.
The lease with Maori Television commenced on 25 November 2016.
Patrick O’Reilly, General Manager at Trust Management highlighted that;
“it is a good outcome to secure such a quality tenant such as Maori Television Service with a long term lease commitment of 15 years at this location. Maori Television strengthens diversification for the Property Fund portfolio contributing close to $1m in net rental per annum”.
Patrick also noted that there are annual 2% increases in rental throughout the lease term.
When Maori Television entered into the Agreement to Lease it provided the following “fly through” of refurbished premises which is very impressive.
Should you have any questions, please do not hesitate to contact Patrick O'Reilly (09 550 4056) or Grant Hope (09 550 4044)
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