We are delighted to announce the successful completion of two significant leasing transactions at 122 Remuera Road, one of Auckland’s best-known and longest-established medical centres.
One Health Medical Limited, part of the Tāmaki Health Group, has committed to a new 12-year lease for its ground floor premises, reinforcing its long-term commitment to this important healthcare hub. In addition, neighbouring tenant Astra Radiology has exercised its long-term renewal option well ahead of expiry, providing further certainty for the property and its investors.
As part of these lease renewals, First Light Capital will undertake a comprehensive programme of building improvements, including:
- LED lighting upgrades throughout both tenancies in partnership with NuGreen.
- Refurbishment and redecoration of both tenancies and associated common areas.
- New flooring within the One Health GP clinic.
These upgrades will provide an enhanced environment for both healthcare providers and the thousands of patients who visit the centre each year, while ensuring the property continues to meet the evolving needs of modern primary healthcare. The LED lighting upgrade also represents an important ESG initiative, reducing the property’s energy consumption and carbon footprint while lowering operational costs for our tenants.
122 Remuera Road is one of three assets held within the First Light Healthcare Property Fund LP, and these leasing initiatives materially strengthen the Fund’s lease profile. The new lease commitments approximately double the property’s Weighted Average Lease Term (WALT) to around 4 years, while also significantly enhancing the overall WALT of the Fund.
Long-term tenant partnerships remain a core focus of First Light Capital’s asset management strategy. By working collaboratively with occupiers and investing in high-quality healthcare facilities, we continue to create value for both our tenants and our investors.
We would like to thank the teams at One Health Medical/Tāmaki Health Group, Astra Radiology, NuGreen and everyone involved in achieving these successful outcomes.
Healthcare property continues to be one of New Zealand’s most resilient commercial real estate sectors, and we’re excited to continue investing alongside our tenants to create facilities that support better healthcare outcomes for our communities. As part of that long-term strategy, First Light Capital continues to assess opportunities that complement the existing First Light Healthcare Property Fund LP and welcomes discussions with owners, developers and healthcare operators regarding high-quality healthcare property opportunities across New Zealand.
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