Settlement unlocks Albany City potential

Settlement unlocks Albany City potential

Stalled development proposals for Albany City may soon be underway following an agreement to collapse the previously complex leasehold structure offered to prospective occupiers.

The agreement between entities associated with Cornerstone Group Limited and Albany City Holdings Limited and its associate Albany City Investments Limited has seen the transfer of their leasehold interests in the Albany City estate which will enable freehold titles to be purchased in the largest single commercial landholding of this type in New Zealand. This will also end the legal proceedings between the many parties involved at Albany City.

Rick Martin, principal of Cornerstone Group, says the commercial agreement reached with the former head lessee interests will breathe new vitality into the project. Albany City was conceived as a new city centre with a range of retail, commercial and residential developments 20 kilometres north of Auckland’s CBD.

“BOS International has been very supportive throughout this process and I thank everyone involved for reaching a commercial and pragmatic solution. There is now the opportunity to maximise the value of this site and create an iconic city atmosphere similar to that achieved in other world class city developments.”

“An extensive team has been working on this project for many months to bring about resolution of the outstanding issues. The negotiations have been complex, involving many parties.”

Bruce Whillans, commercial sales agent for the estate, says the agreement finalised yesterday has allowed the progression of the sale of one large block for a price in excess of $20 million to a major New Zealand retail owner occupier.

“Interest in this development had been frozen until the ownership structure was resolved. The agreement will bring about a thaw and renew enthusiasm for this attractive development that is strategically located to service one of the fastest growing and affluent regions in the country.”

Mr Martin says infrastructure improvements have further enhanced Albany City since work first began in 2005.

“Symphony Group, through Albany City Holdings, must be acknowledged for obtaining the resource consents for much of the site that will enable further development to go ahead,” Mr Martin says.

ENDS

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