THE HIDDEN STORY

Her’s a nice story full of the warm and fuzzies  but as usual the reporters missed the best  part- as far property investors are concerned at least.

The paragraph that interested me is highlighted below. It appears that Mansons “poached” Watercare leaving one or two landlords seriously cheesed off for sure.  It is a practice often done in the commercial property world and a lesson for all commercial property owners to be well aware about.

Green offices get big response
By Colin Taylor
Friday Feb 15, 2013

Tenants signed up for 50 per cent of space a year before Newmarket building comes due for completion

The 12,796sq m Nuffield Corporate Centre will have three basement levels of parking and ground-floor cafe. Photo / NZ Herald
Watercare Services is the anchor tenant in Newmarket’s first green-star office building, which already has tenants signed up for more than half of its space nearly a year before completion.

Watercare has entered into an agreement to occupy 5600sq m of space in the Nuffield Corporate Centre being constructed by Mansons TCLM at 73 Remuera Road, Newmarket.

The organisation will relocate about 460 staff from two buildings in Newmarket and East Tamaki to the five-star green-rated building due for completion in December.

Paul Hain of Bayleys Real Estate, who negotiated the lease with colleague Steve Orr of Bayleys Auckland, says the sustainability features and the low energy costs incorporated into the design were important considerations in Watercare’s decision to lease the building.

Mansons will take over Watercare’s unexpired lease and “make good” obligations in its current premises in Nuffield Street, Newmarket, and East Tamaki which means Watercare Services will not face any further outlays once it has vacated those buildings.

Link:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10865551

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