Kiwi tipped to be developing new block for ASB in Sea+City's precinct

Kiwi Income Property Trust is expected to announce that it is developing a new block for ASB in Sea+City's precinct on the Tank Farm waterfront area.

The listed landlord has been negotiating the deal for many months and Chris Gudgeon could announce it with John Dalzell of Sea+City.

This will be Kiwi's newest development after building the Sylvia Park mall at Mt Wellington. In November, the Herald reported that the country's largest listed commercial and retail landlord was considering building the biggest office development in years. The $1.8 billion Kiwi was already then mulling a $130 million Auckland office tower development.

Buffy Gill of Goldman Sachs JBWere said at the time that the deal looked "relatively attractive".