Waterfront investment opportunity “once-in-a-lifetime”
Up to $700 million is being sought from investors interested in developing residential property on the Auckland waterfront.
Friday, March 29th 2013, 6:00AM
by The Landlord
The city’s council has approved a prospectus for investors, outlining uses for a 28,000 square metre block of land in Wynyard Quarter. It allows for up to 1000 apartment and homes, selling for $500,000 up to $1.3 million.
There would be stringent design controls, an emphasis on sustainability and provision for community facilities, such as childcare, medical rooms, convenience stores and possibly a school.
The block of land designated for new housing is bordered by Halsey St, Daldy St, Madden St and Pakenham St, one block south of the public spaces along Jellicoe St. Two of those streets - Halsey St and Daldy St - are set to be turned into tree-lined boulevards, at a cost of $29 million.
There is also 48,000 square metres set aside for commercial property.
Waterfront Auckland chief executive John Dalzell said his organisation was open to partnerships, joint ventures or multiple-party contracts as opposed to the standard development agreement. Consultation with investors has begun and council will be briefed about the response.
“Finding appropriate private sector partners that share our philosophy and vision to create authentic and vibrant waterfront spaces will no doubt be challenging. We expect competition will be strong as this unique opportunity will continue to shape Auckland’s future. The quest is to find the right investment and development partners to come on board.”
He described the land as a once-in-a-lifetime opportunity for investors.
Mayor Len Brown said the development would support Auckland’s growth and provide spin-off economic benefits. “Private investment partners are essential to making it happen.”
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