KEY POINTS:
The Bank of New Zealand and developers Mansons TCLM have signed an agreement for a new four-level building in Auckland's Quay Park.
Mansons will develop the block and the bank will lease most of it long-term.
Garry Pellett, head of BNZ's property division, said Mansons would build a 7600sq m building by early next year and the bank would take 90 per cent of the floor space on a 12-year lease, with two six-year rights of renewal.
The bank would shift staff from the Penrose Business Centre and Vincent St premises in Auckland to the Quay Park block, Pellett said.
Multiplex Constructions (NZ) is also developing a new national headquarters for the bank at 80 Queen St in the city. Multiplex has demolished all except the facade of the historic Jean Batten State Building and is doing earthworks on the site.
Multiplex bought the property from the bank. Last year, BNZ got Government approval to sell the Queen St property to Australia's Multiplex for more than $93 million.
The Overseas Investment Office approved the sale of 1.4ha of leasehold land for $93,558,468.
Pellett said about 300 people would be shifting into the new Quay Park block.
The bank was also upgrading other properties.
"We are progressively updating our branch network to more suitable modern premises as leases expire."
