Properties Limited was incorporated in 1995 and
has 367 Shareholders. First NZ owns
two properties: 15 Sheffield Crescent,
Christchurch and 110 Symonds St, Auckland.
through the purchase of shares in the Company.
Shareholders have benefited from good capital
growth and minimum dividends of 10 cents per
share, per annum, which are paid
Sheffield Crescent is on a large industrial
site close to Technology Park in Christchurch.
The building is predominantly industrial high
stud warehouse space. The building is occupied
on a 10 year lease from November 2014 by NZ
Yarn Ltd who operate a processing plant
converting wool into yarn for export. The yarn
is used in the manufacture of carpet and the
processes used by NZ Yarn have unique
capabilities that allow them to be competitive
and produce a quality product that is in high
110 Symonds St, Auckland was purchased in
September 2012. This twin towered, multi storey
office building has multiple tenancies.
years there have been a number of changes in
the composition of the properties in First NZ
Properties Ltd which have provided an
opportunity for capital gains for investors.
The Manager has been proactive in identifying
opportunities in the market to sell and replace
properties to optimise the returns to investors
in both capital gains and cash returns.
Update – June 2018
110 Symonds Street
As we noted in
the 2017 Annual Report we had an indication
from Vocus Communications that they would not
be looking to renew for a further
The lease terminates
on 31 May 2018 and they will vacate.
The vacant areas will
undergo refurbishment and upgrades including
ceiling grids, lighting & flooring. The
completion of this work will provide a high
level of quality space enhancing our ability to
secure quality long term tenants.
The costs associated
with this work, inducements & legal costs
& the reduction in rental income will
impact the dividend payment.
As per the dividend
policy 40% will be paid in November with final
payment in May 2019.On this basis we
have forecast a Gross Dividend of 20 cents per
share for the 2019 year.
Secondary Market Listings :Click here to access
more detail on the availability of shares in
First NZ Properties Limited.