13 Sep Update on Christchurch Properties post Earthquake
Update on Christchurch Properties post Earthquake 13/09/2010
DNZ Property Fund Limited’s property at 7 Winston Avenue, Papanui will reopen today after it suffered minor damage from the Christchurch earthquake. DNZ is pleased to advise that engineering reports have confirmed that the building is structurally sound.
Minor works have been completed, including the checking and repair where required to lifts, suspended ceilings, plumbing and electrical systems. The property has now been cleared by the Christchurch City Council for normal occupation.
Further decorative repairs will be undertaken in the building in the coming month.
DNZ’s other Christchurch property at 62 Columbia Avenue, Hornby remained operational after the earthquake though there was damage to the tenant’s racking systems and stock.
DNZ would like to acknowledge and thank all the Christchurch based service providers and tradesmen for their commitment and quick response in addressing property issues related to reoccupation of the buildings.
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: [email protected]
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in Whangarei, Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Napier, Wellington, Nelson, Christchurch and Dunedin.
As at 31 May 2010 DNZ Property Fund owned 55 properties with 265 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 95.4% over a net lettable area of 379,779m², net contract rental of $54.4m with a portfolio value of $671m (31 March 2010 Valuations).
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited, which is owned by Australian institutional investors.