Law firm Bell Gully has told its Auckland landlord, Kiwi Property Group Ltd, it will vacate its premises in the Vero Centre on Shortland St between the 2023-25 financial years.
Separately, Precinct Properties NZ Ltd said Bell Gully would move to its 1 Queen St office tower, which is to be refurbished over the next 3 years. It will have a hotel on the lower 11 floors, offices above, and now has 76% precommitment.
Bell Gully hasn’t determined exactly when it will leave. The firm has been a Vero Centre tenant since the building opened 18 years ago. It currently occupies 5912m² on 5 floors.
Kiwi Property chief executive Clive Mackenzie said: “We wish Bell Gully every success in their onward journey. While we are disappointed to see the firm leave, the advance notice by Bell Gully provides us with sufficient time to begin discussions with prospective tenants.”
The Vero Centre is 94% occupied, with a weighted average lease term of 7.0 years. Kiwi Property’s whole office portfolio has 98% occupancy and a portfolio weighted average lease term of 10.0 years.
Attribution: Kiwi Property & Precinct Properties releases.