Britomart: from dull spot to hip hub

Britomart today relects the image planners had for an area that lacked life in 2000. Photo / Nick Reed

New book charts urban regeneration project worth $1.3b.

Britomart has gone from decay to super cool, churning over $1.3 billion a year to the Auckland economy, says a book tracing the first 10 years of the redevelopment.

Britomart - The Story, looks back at the biggest heritage and urban regeneration project in Auckland, overseen by lawyer-turned-property investor Peter Cooper, who has played a leading role in the revival of Auckland's waterfront edge.

"It's turned out to be much richer in terms of its density and impact and lucky to coincide with Auckland coming of age," says Mr Cooper, who set out in 2004 to create a world-class environment with a unique New Zealand identity.

Research commissioned by Cooper and Company shows the 6.5ha precinct contributes $1.3 billion to the regional economy, rising to $2 billion in a few years.

Construction has given the economy a one-off boost of $450 million and 9210 jobs have been created over 10 years, according to Business and Economic Research (Berl).

The largest building project has the EY (previously Ernst & Young) Building and Westpac on Takutai Square, which opened in 2011, housing more than 2000 workers.

But it has been the ongoing upgrade of 17 heritage buildings that has contributed most to the huge success of Britomart, driven from the "pavement up", says Mr Cooper.

The redevelopment has weathered the global financial crisis and several retail failures, but emerged as a vibrant night scene with successful bars, clubs and restaurants.

Night backed into day, Mr Cooper said, with the emergence of many fashion brands, including t New Zealand's Zambesi, Kate Sylvester and Kathryn Wilson and popular overseas names like Sass & Bide, Jo Malone and M.A.C Cosmetics.

"That has been embraced by a relatively new society emerging and we now have this breakfast-to-late-night environment. Sometimes on a Friday or Saturday night it is as busy at midnight as it is at midday," he said.

Britomart lacked life in 2000.

Cooper and Company chief executive Matthew Cockram said monthly tracking of sales showed Britomart accounted for 21 per cent of food and beverage sales among the city's main entertainment areas and nearly 25 per cent of fashion sales in the CBD.

Plans for apartments at Britomart have not come off, but demand for office space in refurbished heritage buildings has been huge. All available space is leased and more will be available when the Australis and Nathan buildings on Customs St are fully refurbished in mid-2016. High-end, international retailers are lined up for the ground-floor space.

Mr Cooper, who in 2004 set out to substantially finish Britomart in five years, said he is two-thirds finished with a $500 million-plus asset showing a "nice cash flow".

Top of his list of unfinished business is a boutique hotel, after plans for a 21-storey hotel on Quay St were dashed several years ago.

A new commercial building is also planned behind the Chief Post Office on the site of the Pavilions low-rise retail and hospitality area.

By the numbers
6.5ha size of heritage and regeneration project
17 number of heritage buildings
2004 date Cooper and Company won competition to redevelop the area
25 number of bars and restaurants
31 number of retail outlets
$1.3b economic benefit to Auckland*
$450m construction costs to date*
9210 jobs created since 2004*
* Research by Berl

• Britomart - The Story is written by ex-Herald journalist Carroll du Chateau.