Precinct is the largest owner of commercial space in the Auckland and Wellington central business districts. The company’s 300 clients employ 17,000 people in 12 Precinct-owned buildings, collectively valued at around $1.55 billion. With an impressive list of commercial development projects to their name, Precinct was behind Commercial Bay in downtown Auckland and the Innovation Precinct at Wynyard Quarter.
In 2013, the ANZ Centre in Auckland, also part of Precinct's commercial development portfolio, underwent a $79m upgrade. The project won Precinct and their architects, Warren and Mahoney, a Property Council supreme award.
We were engaged by Precinct in 2018, to attract investment partners interested in co-owning the award-winning ANZ Centre. Our work with Precinct, saw us creating and producing video content to be included in a sales package promoting divestment in a half share of the ANZ Centre building.
SECURING A CRUCIAL INVESTMENT PARTNERSHIP
SHOWCASING THE ANZ CENTRE TO INTERNATIONAL BUYERS
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. To hit Precinct's brief and ensure that the content we produced was targeted to an international audience, we created a narrative structure for a promotional video that followed a young, urban business woman through her working day in Auckland.
This approach gave us the ability to showcase both Auckland and the ANZ Centre building. We wanted to feature Auckland harbour and the building’s proximity to the water and to a range of amenities including public transport and high-end retail and food and beverage establishments
MAKING IT COUNT
Precinct’s video was an important tool for agents trying to interest time-poor investors in a meeting. In June 2018, Precinct announced that the company had sold 50% of the 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.
