22/7/2020, 9:24 am TRANSACT
22 July 2020
Munroe Lane and Graham Street Update
Extension of Munroe Lane Funding Condition
As announced on 30 March 2020, Asset Plus and Auckland Council had previously agreed to extend the satisfaction date for the funding and shareholder approval condition from 30 April 2020 to 31 July 2020, with an ability to agree a further extension to 30 October 2020.
Asset Plus is pleased to confirm that Auckland Council has agreed to extend the satisfaction date for the funding and shareholder approval condition from 31 July 2020 to 30 October 2020, with a further right to extend to 23 December 2020 (with such agreement at each party’s absolute discretion).
The variation agreement also provides that Asset Plus is to continue to progress the development in accordance with the previously agreed milestone schedule.
35 Graham Street Conditional Lease Extension
Asset Plus is also pleased to confirm that a conditional Deed of Lease has been entered for the basement and ground floor of 35 Graham Street with Auckland Council for a fixed term from 28 June 2021 to 28 December 2021. The lease is conditional upon Auckland Council’s insurer’s approval to the lease by 19 August 2020.
The lease provides fixed additional income of $1 million, plus a proportionate share of outgoings for Asset Plus, whilst preserving the ability to undertake soft strip-out, investigative works, and internal refurbishment across the balance of the property during the extended lease period. However, certain work required for the preferred development option (a further three floors) will not be possible during the extended lease term.
For further information contact:
Managing Director, Augusta Funds
Management Limited, Manager of Asset Plus
09 300 6161
Stephen Brown-Thomas, Asset Plus and Development
Manager, Augusta Funds Management Limited,
Manager of Asset Plus
09 300 6161