65 / 212
The 452-room Grand Millennium Auckland is a prime
12-storey atrium-styled hotel located in New Zealand’s main
gateway city. The property is the largest hotel in the city,
situated in the heart of Auckland, only 600 metres south of
the Sky City entertainment complex, and minutes from all
major commercial buildings and the University of Auckland.
A key highlight of the hotel’s location is its proximity to
Auckland Conventions, Auckland’s prime convention precinct
which comprises four of Auckland’s finest venues: Aotea
Centre, The Civic, Auckland Town Hall and Aotea Square.
The hotel is conveniently linked to Auckland Conventions by
an exclusive underground pedestrian tunnel.
The hotel has complementary and extensive conference
facilities with approximately 1,619 sq m of meeting space that
can accommodate up to 1,000 delegates. It also provides
a full-serviced business centre which offers additional
boardrooms.
The hotel offers varied dining options from an extensive
buffet breakfast, and a la carte dinner menu in Grand
Millennium Brasserie to Japanese cuisine in Katsura and light
lunch and dinner options in Atrium Lounge.
Notable accolades include:
• TripAdvisor Certificate of Excellence (2012 – 2016)
• New Zealand Beef and Lamb Award (2015 – 2016) Grand
Millennium Brasserie
(1) The property was valued by CBRE Limited using a
combination of the Capitalisation, Discounted Cash
Flow and Sales Comparison approaches.
(2) Based on the average exchange rate of NZ$1.00 =
S$0.9628.
PROPERTY DETAILS
Number of guest rooms:
452
Number of food & beverage outlets:
Three outlets comprising Grand Millennium
Brasserie, Katsura Japanese Restaurant and
the Atrium Lounge
Other facilities:
15 meeting spaces comprising over 1,619
sqmoffering a variety of flexiblemultifunction
rooms that can be used for intimate board
meetings through to large gala dinners,
exhibitions or cocktail functions for up to
1,000 delegates
Car park facilities:
258 car park lots
Land area:
5,910.0 sq m
Title:
Freehold
Vendor:
Abacus Funds Management Limited
as trustee of Abacus NZ Holdings Trust
Purchase price at 19 December 2006:
NZ$113.0 million
Valuation
(1
)
as at 31 December 2016:
NZ$177.0 million
MASTER LEASE DETAILS
Master lessee:
Hospitality Services Limited,
a subsidiary of Millennium & Copthorne
Hotels New Zealand Limited
Term of lease:
Three years from 7 September 2016 with
options to renew for two further 3-year terms
Minimum rental income:
NZ$6.0 million
FY 2016 KEY FINANCIALS
Rental income:
S$13.3 million
(2)
(NZ$13.8 million)
Net property income:
S$13.3 million
(2)
(NZ$13.8 million)
Average occupancy rate:
84.1%
Lobby
63
Annual Report 2016
PROPERTY PORTFOLIO