Telecom Corporation of New Zealand Limited

MEDIA RELEASE

15 July 2008

Telecom to build environmentally sustainable offices in Wellington


Telecom announced today it has signed an agreement with The Wellington Company
to develop new purpose-built environmentally rated premises at 52 Willis St,
Wellington.

The Wellington Company will build two environmentally sustainable 5 Green
Star-rated buildings, linked by a central glass atrium, to create a campus-style
development of approximately 26,000 sq metres.

Telecom CEO Dr Paul Reynolds said the new development would bring together
employees currently located in six properties throughout Wellington.

“We are committed to Wellington and having a purpose-built campus will maximise
future operational efficiencies as well as meeting our environmental
sustainability commitments.”

The new premises, known as Willis Central, will house 1,700 employees from
across all parts of Telecom with the exception of staff from the separated
Chorus business.

Dr Reynolds said that The Wellington Company was chosen because of its proven
excellence in developing environmentally sustainable facilities.

The Wellington Company recently won the Property Council of New Zealand
Excellence Award for their redevelopment of the former Mid City movie theatre
complex as New Zealand’s first 5 Green Star-rated building, now home to the
Department of Conservation.

“We’re committed to sustainability and have a 5 Green Star compliance
requirement for all property developments, including the recently completed
redevelopment of our Auckland Gen-i office, and the new campus development
currently underway in Auckland,” said Dr Reynolds.

The new Willis Central development will feature active chilled beam cooling
technologies, energy efficient lighting, solar panels and possibly wind
turbines, a thermally active exterior, and during construction will use
materials and technologies which minimise environmental impact.

Ian Cassels, managing director of The Wellington Company, said the development
is a major step forward for Wellington.

“Located in the heart of the golden mile, the Willis Central development will
significantly contribute to the vibrancy and business value of the city and will
further enhance Wellington’s status as the environmentally friendly office
city.”

The building is scheduled to be ready for Telecom occupancy in mid-2011. Telecom
will be the majority tenant in the property, committing to 19,000 sq metres of
office accommodation for an initial 12-year lease term.

A new four-building campus development is currently underway at 167 Victoria
Street in Auckland. The premises will provide new environmentally sustainable
offices for over 2,500 Auckland based staff, and is due to be completed in 2010.

- ends –


What is 5 Green Star compliance?
Released in April 2007 after extensive industry and public consultation, Green
Star NZ is New Zealand’s first comprehensive environmental rating system to
assess the environmental impact of offices. Building projects are evaluated
against eight environmental impact categories: energy; transport; minerals;
water; land use and ecology; emissions; management and indoor environment
quality.

An overall score is calculated, determining the project's Green Star NZ rating.
A 5 Star Green Star NZ Certified Rating signifies 'New Zealand Excellence'.


For more information or images of the new building please contact:
Katherine Murphy
Telecom media relations
(09) 358 6725
027 4222 709

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Telecom Corporation of New Zealand Limited

Date: 15 July 2008	By:	Craig Mulholland
	Name:	Craig Mulholland
	Title:	Group Company Secretary

Telecom Corporation of New Zealand Limited ———————————————————————————————————
(Translation of registrant’s name into English)

New Zealand ———————————————————————————————————
(Jurisdiction of incorporation or organization)

Level 8, North Tower Telecom House 68 Jervois Quay Wellington New Zealand
——————————————————————————————————— (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No