The ground-floor area of Auckland's Downtown car park in the CBD.
The ground-floor area of Auckland's Downtown car park in the CBD.
NZX-listed giant landlord Precinct Properties Group says it has struck a deal with Auckland Council’s property arm to buy the Downtown car park for $122 million.
Precinct said it conditionally agreed with Eke Panuku Development Auckland to acquire and redevelop the site.
“Precinct will partner with Ngāti Whātua Ōrākei to redevelop the site located on the corner of Customs and Lower Albert Street,” a statement to the NZX said.
The Downtown car park site purchase price is $122m, payable at the end of 2025 with Auckland Transport to operate the car park until then.
While design is under way, development timing will depend on factors including demand, feasibility and consenting processes, the company said.
“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,” Precinct chief executive Scott Pritchard said.
“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.”
Initial designs for the 6442sq m site are for a centralised podium sitting beneath two high-rise towers.
There will be a retail and hospitality offer as well as new public spaces.
Ngāti Whātua Ōrākei’s involvement was instrumental in securing the opportunity, Pritchard said.
A petition has been launched to stop the sale of the Downtown carpark building.
“Ngāti Whātua is excited about the opportunity to work alongside Precinct on a development of this size, scale and significance,” Ngarimu Blair, deputy chair of the Ngāti Whātua Ōrākei Trust said.
He said as tangata whenua of the site, the iwi worked with Precinct to create a partnership covering commercial, design and social elements of the development, with a view to achieving real outcomes for Māori.
Eke Panuku today issued a statement welcoming the conditional deal and reminding of seismic issues.
“Classified as earthquake-prone, the existing car park will require between $20m-$30m to remediate in the coming years, on a structure that is now for the most part 55 years old. The car park is also under-utilised,” it said.
“Construction is not expected to start until 2026 at the earliest, with the car park operating as normal until then,” it said.
Paul Majurey, Eke Panuku chairman said: “This agreement represents significant value for Auckland Council and Aucklanders. Eke Panuku applauds the vision of Precinct and its partner Ngāti Whātua Ōrākei for this site. The commitment to the shared vision of a prosperous, sustainable city centre is evident in the design and echoes what Precinct have already delivered at Commercial Bay.
“Eke Panuku has been leading the way in delivering a rejuvenated waterfront in Wynyard Quarter, driven by the recognition and acknowledgement of the waterfront and Waitematā Harbour as ancestral taonga and significant cultural landscapes for mana whenua.”
Anne Gibson has been the Herald’s property editor for 23 years, has won many awards, written books and covered property extensively here and overseas.
