Published 9 August 2020, updated 10 August 2020:
Asset Plus Ltd’s proposed $127 million 7-storey office building at Albany for Auckland Council has been officially registered under the Green Star NZ design & as-built v1.0 rating tool.
The council, as anchor tenant, is also seeking a Green Star interiors rating for its fitout.
The Green Star ratings are assessed for land use, management, emissions & innovation.
Asset Plus development lead Stephen Brown-Thomas said: “The Green Star registration demonstrates our commitment to designing a sustainable workplace by applying industry-leading green building standards.”
Asset Plus announced the development on 20 December and intended to use a $100 million rights issue to fund that development and part-fund redevelopment of 35 Graham St in the central city, a building the company bought from the council.
But, in the uncertainty leading into the Covid-19 lockdown in March, NZX-listed Asset Plus pulled the rights issue 24 hours before it was due to open.
The council agreed at the end of March to extend the time Asset Plus needs for resource consent, funding & shareholder approval.
The council agreed in July to extend that timeframe to 30 October, with a further right to extend to 23 December.
Asset Plus said on Friday the company & council were both committed to achieving 5 Green Star design & build ratings & a 5 Star NABERS rating for the 15,100m² building at 6-8 Munroe Lane.
Mr Brown-Thomas is also senior development manager at Asset Plus’s 18.85% shareholder & manager, Augusta Capital Ltd, which will become 90%-owned by Sydney funds manager Centuria Group when its latest share acceptances are tallied on Wednesday. Centuria said it would move to compulsorily acquire the remaining Augusta shares, which would thereby also put the Asset Plus stake in Centuria’s hands.
Monday 10 August update: Centuria gave notice this morning that it had increased its Augusta stake to 94.8%.
23 July 2020: Asset Plus & council agree new terms on Munroe Lane & Graham St
17 June 2020: Revaluations take Asset Plus to loss, company still working on developments
17 April 2020: Asset Plus gets its valuations at last, but…
31 March 2020: Asset Plus gets more time to satisfy Albany council development preconditions
18 March 2020: Asset Plus pulls rights issue
11 March 2020: Asset Plus announces rights offer, Augusta to cut its stake
14 February 2020: Asset Plus signs council for Albany development, prepares for capital-raising
Attribution: Asset Plus & Augusta releases.