Offer of $122m for Auckland’s Downtown Carpark

By earthnews
1 year Ago

Offer of $122m for Auckland’s Downtown Carpark

Navigation for News Categories

Precinct Properties plans to demolish and redevelop the site.
Photo: RNZ / Todd Niall

Auckland’s Downtown Carpark looks set to be sold for $122 million, with plans to demolish and redevelop the site.

Property developer Precinct Properties has made a conditional offer to buy Auckland’s Downtown Car Park.

The company plans to demolish and redevelop the site, which is located adjacent to the city’s waterfront, Precinct chief executive Scott Pritchard said.

Auckland Transport would continue to operate the carpark until the end of April 2025, while redevelopment plans get underway, including feasibility and consent processes.

“This is an incredible, once in a generation, opportunity to enhance the vibrancy of Auckland’s city centre, and to create a seamless connection along the waterfront,” Pritchard said.

Precinct was selected as the preferred development partner in October 2022 and has since been progressing commercial negotiations.

“Our ambition is to deliver a true mixed-use precinct, encompassing office, residential, and hospitality as well as new urban spaces for residents and the public,” Pritchard said.

Initial designs for the 6442 square-metre site feature a central podium beneath two high-rise towers. Retail, hospitality and new public spaces would be offered.

Precinct’s existing properties include Commercial Bay and Wynyard Quarter.

The company was working with Ngāti Whātua Ōrākei on the development of the site, Pritchard said.

“There continues to be strong demand from occupiers for high quality, city centre office accommodation – as evidenced by our portfolio being 99 percent leased.

“We have already received leasing enquiries from businesses looking to establish themselves on the waterfront.”

The scheme also includes a significant residential component which market research shows will be in high demand.

“We have high levels of confidence in this offer, which will provide a level of quality and opportunity to live in the city centre not previously seen in Auckland.”