Six AMI Insurance office buildings are being sold by the Government, as it attempts to recoup some of the money it spent bailing out the insurance company.
Taxpayers took over the troubled insurer in 2011, onselling the business to IAG while keeping the earthquake claims that had destabilised it.
The bailout cost taxpayers $500 million, partly recouped by the $380m paid by IAG.
Now the government agency, Crown Asset Management, established to sell the assets of finance companies whose investors were paid out under the Retail Deposit Guarantee Scheme, is selling AMI offices.
The portfolio includes AMI office premises in South Auckland, Blenheim, Timaru, Gore and Queenstown, with a rating value of close to $19 million.
The most valuable is the South Auckland office that has a rating value of $9.7m, while the cheapest is its Gore office, valued at $185,000.
Bayleys agent David Gubb, who is managing the sales campaign, said the portfolio would lend itself to both small regional investors and larger national investors.
"The larger and more prominent premises in Auckland and Queenstown would suit bigger investors, while the Blenheim, Timaru and Gore locations will most likely be bought by smaller investors possibly linked to those locations," Gubb said.
The Manukau property is a six-storey, 4531 square metre office block. Fellow tenants include Housing New Zealand and Vodafone.
The building generates an annual rental of approximately $805,000, but agents estimate that could rise to $1.1m if it was fully leased.
The Blenheim office has been recently refurbished and strengthened, and AMI is paying $57,300 rent a year on a lease that runs until 2017 with two further three-year rights of renewal.
Relationship Services is also paying $19,000 a year on its lease, which expires in October.
The property is zoned for commercial activity and includes 17 car parks.
The two-storey, 480sqm Timaru office - opposite the town library - is leased to AMI until 2017 and is generating annual rental revenue of $72,000. The property has 16 car parks.
AMI's two Queenstown properties, in the heart of the town's CBD, are being sold jointly as one offering.
The 733sqm building in central Shotover St is leased to AMI until 2017 and generates annual rental revenue of $70,000. AMI has one further three-year right of renewal. Another $2500 a month is paid by a clothing shop that has a monthly lease on its space.
The other Queenstown property, which adjoins it, is a three- storey building on a 1130sqm site in Memorial St.
"Both Queenstown buildings have significant development potential and have street appeal from both a retail and commercial perspective," Gubb said.
The 178sqm Gore office, opposite the trout sculpture in the centre of town, is leased to AMI until 2017 and generates annual rental revenue of $15,875.
Gubb said he expected the properties to generate a lot of interest, because the buildings were in high-profile locations and had good tenancies.
Tenders for the Auckland property close on July 11. The Blenheim property will be auctioned on July 10 and the other properties will be auctioned on July 11.
- ? Fairfax NZ News
Source: http://www.stuff.co.nz/business/industries/8837308/Sale-bid-to-recover-AMI-bailout-funds
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