BCP signs deals

Press, 25 February 1988, Page 24

BCP signs deals

PA Wellington Brierley Cromwell Property, Ltd, has announced that it had signed three big leasing agreements in the last month on yet-to-be completed buildings.

The contracts cover 183,000 square feet of space and BCP said they involved no concessions for the tenants and would bring in rents of $5.84 million a year. BCP is the equal property development partnership formed between Wellesley Resources and Brierley Investments last year. One lease agreement is on the entire Auckland Club office tower development in Shortland Street, Auckland, with Bell Gully Buddle Weir, barristers and solicitors.

The SSOM project is scheduled for completion in early 1989. The lease is for a 12-year term and relates to 82,500 square feet of space.

The rentals range from between $29 and $34 a square foot. The second lease is on the entire development at 101 Customs Street, Auckland, which BCP plans to complete by next October. It would sell this project to a third party end owner and it had a value of about $27,000,000. The lease of the 11 office floors and 21 car-parks is to Sofrana Unilines (NZ), Ltd, the French international shipping line. The third deal was done on behalf of Brierley. BCP has negotiated, subject to the owner’s consent, the assignment of seven floors in the City Tower building, Customhouse Quay, Wellington, to the National Provident Fund. BCP said that Brierley was to occupy the space itself and the new arrangement was on the same terms as were negotiated for that company.