AMP set to show off Govt twins

AMP NZ Office Trust is about to unveil its twin-building Wellington commercial project as Fletcher Construction finishes the work there.

No 1 The Terrace will be opened next month after a full interior refurbishment, although the building has been occupied throughout the past two years while work was under way.

Fletcher also built the five-level No 3 The Terrace, developed as an adjoining annex and to increase the floor spans of No 1.

Treasury is in No 1 and the Ministry of Health is in No 1 and No 3 since consolidating from four buildings to two. The Parliamentary Corp has leased two subterranean levels of No 1 and No 3, which will be used for select committee rooms.

Trust executive manager Rob Lang said the twin-building project had yielded a 22 per cent development margin. The trust had spent $33 million, so its unrealised development gain was more than $6 million. This could improve further when project costs were finalised.

Lang said the twin buildings had some of the largest floor plates in the country - 2100sq m a floor. Such a large area suited many tenants, but particularly the Government. Use of the existing building and the creation of a new development on the adjoining site added significant value to the trust's portfolio.