PRECINCT: ANZ CENTRE DIVESTMENT

About Precinct

Precinct is the largest owner of commercial space in the Auckland and Wellington CBDs.
The company’s 300 clients employ 17,000 people in 12 Precinct-owned buildings, collectively valued at around $1.55 billion. Precinct aims to concentrate its ownership of high quality commercial space geographically, so that it can better provide services to its clients. The company is currently developing the $750m Commercial Bay project in downtown Auckland and the Innovation Precinct at Wynyard Quarter, also in Auckland. These two projects will add over $1 billion in assets to the portfolio.

The Brief

The 35-storey ANZ Centre at 23 Albert Street in Auckland’s CBD was completed in 1991. It is one of Auckland’s premium office towers and a worthy asset in Precinct’s portfolio of high quality, buildings in and around the Downtown area. (They own the nearby PwC, HSBC, AMP and Zurich towers). Precinct put the building’s entry, lobby and 22,000sqm of office space through a $79m upgrade in 2013. The project won them and architects, Warren and Mahoney, a Property Council supreme award.

Precinct is currently developing three major projects in Wellington and Auckland worth over a billion dollars. They decided to look for a partner interested in co-owning the ANZ Centre in order to free up capital to help fund these developments. The brief to Lion’s Share was to create video content as part of a sales package to help them divest a half share of the building.

Creative Strategy

Precinct planned to send commercial property agents abroad to engage in a series of one-on-one meetings with potential buyers. It was thought that the most likely buyer would be from Australia or Asia and may have limited knowledge of Auckland as a city.

Lion’s Share decided to create a loose narrative structure for the video by following a young businesswoman through her day. This approach had the advantage of giving us the ability to showcase both Auckland and the building. We wanted to feature Auckland harbour and the building’s proximity to the water and to a range of amenity including public transport and high-end retail and food and beverage. By having our ‘businesswoman’ move through key spaces and facilities in the building during the course of her day and, by shooting from dawn to dusk, we were able to leave the viewer with a fuller impression of both the ANZ Centre and the city.

CEO, Scott Pritchard covered key points about the building, the partnership with Precinct and Auckland’s booming development scene in a voiceover. In this way a much better overview of the offer was imparted in less than two and a half minutes than could be communicated via a lengthy document.

The Outcome

The video was an important tool for agents trying to interest time-poor investors in a meeting. Precinct announced in June 2018 that the company had sold 50% of ANZ Centre for $181m, subject to OIC approval. The offer attracted strong interest from a number of parties and the sale price was in line with the building’s 2018 valuation of $324m. The successful purchaser is US-based Invesco, which manages US$973 billion of assets worldwide.

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