Precinct Properties reports strong demand for offices

A downgrade to the valuation of Commercial Bay helped offset an improved operating result. (Image: BusinessDesk)

Thu, 23 Feb 2023

Precinct Properties has delivered a strong operational result in the first half of the financial year, driven by rental price uplift and demand for premium office space.Operating income rose 12.7% to $51.3 million in the six months ended Dec 31 2022 compared to the same period a year earlier, although the bottom line was knocked by a $53.6m hit to the fair value of its Commercial Bay precinct in downtown Auckland and Defence House in Wellington.That led the commercial property landlord to report a loss of $1.8m, compared to net profit after tax...

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