Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Precinct secures development agreement at Wynyard Quarter

Precinct secures development agreement at Wynyard Quarter

Precinct Properties New Zealand (NZX: PCT) announced today that it has entered into a development agreement with Waterfront Auckland to develop the commercial office property within the Central precinct of Wynyard Quarter. The agreement marks the successful conclusion of the exclusive negotiations which were announced earlier this year.

Scott Pritchard, Precinct's Chief Executive, said, “We are very pleased to have reached this agreement to work in partnership with Waterfront Auckland. We now have two unique and exciting opportunities on Auckland’s CBD Waterfront. It is widely accepted that there has been a shift in Auckland’s CBD from a historic north-south or Queen Street orientation to one that follows the waterfront. We believe this development complements our existing portfolio but importantly will support our aspirations for the Downtown Shopping Centre site.”

“Securing this opportunity has been design led and the team together with our architects Warren and Mahoney have done a fantastic job.”

The current design is for two sites separated by a 15m wide public laneway “the Water Street”. Both sites have frontage to the Water Street that runs from east to west between the sites.

Wynyard Quarter is one of New Zealand’s largest urban regeneration projects and has benefited from considerable public investment which is also set to continue. Its public spaces and level of amenity in Auckland is unrivalled.

The sites will accommodate the Innovation Precinct and have a land area of approximately 1.1 hectares with the potential to develop around 46,000 square metres of gross floor area.

It is envisaged that these two sites will be developed in 5 stages. The leasing strategy for the sites will build upon existing efforts to create a purpose-built information communication technology and digital media hub that brings together innovative entrepreneurs and larger scale companies as part of Auckland Tourism Events and Economic Development’s (ATEED’s) plans for a multi-building innovation precinct in the Wynyard Quarter.

Precinct will undertake the leasing, design and development of the site and once agreed with Waterfront Auckland, Precinct will acquire a 125 year prepaid ground lease to that stage. Progressing to construction of each stage will require both Waterfront Auckland and Precinct approval. 2

The consideration for the prepaid ground lease will be determined based on a residual valuation allowing for market tested assumptions. The structure provides strong alignment and encourages a partnership approach between Precinct and Waterfront Auckland.

Precinct retains its city centre office sector specialist strategy. This opportunity caters to corporate occupiers whose operations would benefit from low rise, larger floor plate accommodation in a city centre location and with a focus on sustainable and innovative design. The Innovation Precinct also widens Precinct’s client base to provide accommodation for high-growth technology businesses that may not otherwise be located in the CBD.

Precinct’s previously announced programme of recycling capital out of its existing portfolio will provide funding for this opportunity, taking advantage of strong investment market conditions and a lack of competing stock.

SAP Tower is currently being marketed for sale. Additional assets identified for sale are currently being repositioned.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news