Ngai Tahu Property announces master plan
Ngai Tahu Property announces master plan for King Edward
Ngai Tahu Property today launched the master plan for its central Christchurch City site, which proposes to create a unique combination of commercial, residential and Government tenants in a prime location.
The historic King Edwards Barracks site, between Cashel Street, Hereford Street, Montreal Street and Cambridge Terrace will become a vibrant and vital link between the CBD, Hagley Park, the Cultural Precinct and the Civic Building.
Work on the development will start in July 2015 and the first two office buildings will be completed by early 2017.
The complex will also include a multi-storey car park that will be ready by the end of 2016 to provide parking spaces, comprising principally leased parking for the use of the offices.
The New Zealand Government is strongly supporting this central city development by becoming the anchor tenant in one of the two large office blocks, via the Ministry of Education and two other agencies, and will be taking up more than 65% of the available floor space in their building.
“Ngai Tahu Property is pleased the government is supporting this inner-city commercial development by committing to long-term tenancies,” says Ng?i Tahu Property Chief Executive Tony Sewell.
Anchor tenants within the other first stage building have been secured with EY (formerly Ernst & Young) taking the top floor.
Bruce Gemmell, EY’s Christchurch Managing Partner, says the move represents a new era for the firm. “The move to our new premises will mark a significant milestone for EY in Christchurch. The relocation reflects our continued investment in the growth of our business and reaffirms our commitment to our people, our clients and the wider Christchurch community.”
Further anchor tenants will be announced shortly.
The master plan is developed in conjunction with architects Warren and Mahoney and may include a number of inner-city apartments, however, these are still subject to testing of market demand.
“Ngai Tahu wants this master plan to create a benchmark for post-earthquake commercial buildings,” says Tony Sewell. “The buildings will adopt the latest earthquake technology and quality design but also will deliver cost-effective and market-appropriate commercial property to the city.”