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Newmarket commercial joint venture

Hon John Banks QSO
Mayor of Auckland City


19 August 2002

Newmarket commercial joint venture

Auckland Mayor John Banks today praised the Newmarket joint venture announced by the Westfield Trust and Auckland One as a logical commercial marriage that was “in the best interests of greater Auckland.”

“Newmarket is a key retail hub for Auckland City and the region, and having two major property developments join forces will not only boost Newmarket as an attractive shopping destination but helps moves Auckland forward as an exciting place to live, invest and do business.”

The joint venture came about when he suggested earlier this year discussions be held between the parties with a view to achieving an integrated, planned and co-ordinated international mixed use inner city development.

“There has been a lot of work and interesting debate across Broadway in recent months. Today’s announcement accommodates much of the concern around having two major developments in Newmarket. We can now move forward as one team.

Mr Banks said the parties involved could now move the development forward based on shared objectives, including to ensure that the commercial integrity of local Newmarket and Remuera shopping environments were not simply protected but enhanced and constructive solutions to traffic and transport issues were worked through.

“When you integrate this proposed development together with our motorway network completion and public transport programmes, an exciting future emerges for Newmarket,” said Mr Banks. “With Newmarket railway station in easy walking distance and motorway access nearby, Newmarket can only be enhanced as a popular destination for Auckland shoppers and office workers.”

Mr Banks said there was now a real opportunity to incorporate badly needed local traffic and public transport improvements into the development that would benefit the whole of Newmarket. He also believed the joint venture would help reduce the risk of overbuilding on both sides of Broadway that could otherwise have occurred if both developments had proceeded independently.

Mr Banks said the fact that two international-based companies had agreed to join forces in Auckland would send a strong and positive signal to other potential investors about Auckland’s commercial development potential. Unquestionably, there would also be spinoffs in the form of employment opportunities as the development moved into construction.

A task force team comprising the council, Westfield and Auckland One will be immediately set up to progress the joint venture rapidly and efficiently.

Commending both parties on seeing the logic of taking on a project together that many might see as “outside the square,” rather than continuing to compete across the street against each other, Mr Banks said he strongly believed the outcome would be a win-win for both enterprises and a win for Aucklanders.

“This is an example of Auckland moving forward as New Zealand’s commercial capital,” concluded Mr Banks.


Ends

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