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Home / Business

CEO Q&A: Precinct Properties chief executive Scott Pritchard

Anne Gibson
By Anne Gibson
Property Editor·NZ Herald·
25 Nov, 2015 04:30 PM4 mins to read

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Scott Pritchard says the high-rise's design (inset) references the harbour. Photo / Natalie Slade
Scott Pritchard says the high-rise's design (inset) references the harbour. Photo / Natalie Slade

Scott Pritchard says the high-rise's design (inset) references the harbour. Photo / Natalie Slade

The head of the NZX-listed property company talks to Anne Gibson about the $550 million, 38-level downtown tower planned for Auckland's CBD.

You've said you'll only go ahead once it's half-leased and that should be pre-Christmas. Are you nearly there yet?

We're making good progress. It's the end of November so the deadline is not reached yet - absolutely not.

You've said professional businesses have pre-committed already. What sectors?

They're the type of businesses which already occupy space in high-rise towers in the city such as professional services, legal firms and financial services firms. These are the sorts of businesses we have spoken to about the opportunity.

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How much annual rental income will you get from that one big tower?

I can't say. We'll be giving that sort of information once we commit to it.

Will you lease the retail area to one big store, such as David Jones, or do you envisage 100 stores with 100 operators?

I think the expectation is to have around 100 stores. That might change a bit because some retailers might want more space, some less. So there's flexibility built into the design. That's a case of engaging with retailers and trying to match what it is that they want with what the design can provide.

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What do the Abu Dhabi-based managers and 19 per cent shareholders in Precinct like about the Downtown project?

They undertake or are involved in developments like this in a range of global cities and so they're attracted to prime, quality real estate that provides good returns for them as investors. They are by far and away our biggest shareholder at 19 per cent. They like to see the business being active and are particularly interested in creating the type of real estate we're proposing to build.

What will the one-off development gain be on a project of this size?

I can't say. That's the sort of information we might release once we commit to the project but we're still working through the final aspects.

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What's special about the design of this tower, with its striking curved top?

I think there's a range of things that are exciting about the design. Just the nature of the steel and glass construction methodology leads to a different type of architecture than what we see on the skyline. We live on the harbour and there's a design reference to that. I think it will do a lot for the city.

Do you think it's right to build a 38-level tower right on the waterfront, obscuring everyone else's views?

We're below the height limit. We could build a bit higher. There's different height limits over the city determined by town planners. Where town planners prefer to have greater density, they have higher height limits and that's what we have on this site. It's good to have density in the centre of the city.

You're a national surf life saving champion. Do you still get a chance to hit the waves?

I go surfing as much as I can, but I'm not involved in surf life saving any more. I surf all over the place, on the west coast or Whangamata.

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Do you miss being a rescue fire fighter? Or do you still put out fires in this job?

Sometimes I wish I was back there. I thoroughly enjoyed my early 20s when I had a range of life experiences and I wouldn't exchange any of those for the world. I had a great time back then. It was a really useful part of my life.

What plan do you have for the Christmas holidays and summer?

I'll be at the beach, at Whangamata hopefully, catching some waves and spending as much time with family and friends as possible.

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