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Reading Announces Progress on Manukau
The Auckland Council has approved (subject to a 20-day appeal period) a multi-year zoning and development "Unitary Plan" for all of Auckland, New Zealand, including up-zoning two contiguous parcels, spanning 70.4 acres owned by Reading International (NASDAQ: RDI) in the Manukau area near Auckland International Airport.
Reading's larger parcel, a 64.0 acre parcel on Prices Road was formerly zoned agricultural and has been up-zoned to "light industrial". Light industrial uses include certain manufacturing, production, logistic, transportation, warehouse, and wholesale distribution activities and, on an ancillary basis, certain office, retail, and educational uses. Reading's contiguous smaller 6.4 acre parcel on McLaughlins Road, providing a second access point to Reading's Prices Road parcel, was also up-zoned by the Unitary Plan from light industrial to heavy industrial.
These tracts already have significant industrial use nearby and are adjacent to the Auckland airport that has recently been expanding towards Reading's properties.
Commenting on the decision, Matthew Bourke, Reading’s Managing Director Real Estate, Australia and New Zealand, stated, “We are pleased with this excellent outcome for our business. We remain focused on moving forward with this property as one of our future value realization opportunities.”
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