New lease on life a step closer for beloved St James

Auckland – December 4 2015: The St James Theatre, arguably Auckland’s most iconic 87-year-old, is one step closer to undergoing a full renaissance with today’s announcement of a new ownership structure.

St James Holdings Limited has today taken complete ownership of the St James Theatre located at 302 Queen St, set to become the site of the exclusive 134m tall St James Suites apartment building and retail precinct.

The announcement coincides with the allocation of $15 million in funding from the Built Heritage Acquisition Fund after Auckland Council’s Finance and Performance committee voted in majority support for the contribution, provided agreements can be reached with the new owner.

The Auckland Notable Properties Trust, the original proponents for the restoration of the St James Theatre and ancillary residential project, is the majority shareholder of St James Holdings Limited and holds the controlling interest.

St James Holdings Limited director Steve Bielby says, “This is a giant step forward for the trust, bringing us closer to our goal of achieving a full restoration that does justice to the iconic status of the St James Theatre and its place in Auckland’s history”.

“We’ve been working tirelessly on this project for the past 18 months alongside RELIANZ HOLDINGS LP. The new ownership structure means we can go full steam ahead with financial surety and the sustainability focus that a project of this nature requires,” Mr Bielby says.

The theatre is due to close in March 2016 so that major works can begin.

Labour list MP Jacinda Ardern is an avid supporter of the restoration campaign and has suggested the Government could work alongside the owners to help find solutions to the funding shortfall for the project that is expected to cost around $60 million in total.

“Auckland Council is to be congratulated on the work it has done to save this heritage building, but it can’t do it alone,” Ms Ardern says.

“The St James deserves to be preserved. It holds a special place in many Aucklanders’ memories. We need further financial support, before we lose this beautiful building and the team putting it together. There are creative solutions out there, we just need to work together to find them, and fast,” she says.

Auckland Central MP, Nikki Kaye, has also confirmed her support for the project: “I’m a big supporter of ensuring that the St James Theatre has the investment it needs as one of the true jewels of our city. I have liaised with Steve Bielby and the Trust to understand the parties that are helping to make this happen, and what support they may need in the future.

“I’m arranging a meeting with Hon Maggie Barry to meet with the parties to discuss the project.”

Preliminary work has begun on the adjacent building and construction of the St James Suites, what is to become New Zealand’s fifth tallest building housing over 300 freehold apartments, is due to begin towards the end of January next year.

ENDS

About the St James

Built in 1928, the St James Theatre was one of Auckland’s most popular cultural venues and saw the likes of Lawrence Olivier and Vivien Leigh perform, in addition to hosting the 1981 Royal Variety Performance for Queen Elizabeth II.

The original building boasts three steep tiers of seating, boxes, an elegant entrance tower and large foyer. The ornate Spanish Colonial-style interior includes statuettes, marble steps and elaborate lighting.

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