Construction of the 23,000sq m Union Square mixed-use development is currently focused on a second office building with about 5000sq m of office space. Photo / Hamilton City Council
Construction of the 23,000sq m Union Square mixed-use development is currently focused on a second office building with about 5000sq m of office space. Photo / Hamilton City Council
Hamilton City Council reports the central city is thriving, with a 35 per cent rise in commercial development during the past 12 months.
Currently, there is 40,994 square metres of commercial development happening across the central city, up from 30,272sq m only 12 months ago, the city council says ina statement.
The central city supports 21,400 jobs, has 2650 businesses and generates $3.2 billion of Hamilton’s GDP (about 25 per cent). The central city saw growth across all three of these areas in 2022, with jobs increasing 3 per cent, the number of businesses up 4 per cent and GDP rising 7 per cent.
It is also home to 76 per cent of the city’s financial and insurance service jobs, 52 per cent of information media and telecommunications jobs and 54 per cent of public administration and safety jobs.
The second half of 2022 saw a strong increase in foot traffic in the central city, a measure that is indicative of commercial activity. Image / Hamilton City Council
The second half of 2022 saw a strong increase in foot traffic in the central city, a measure that is indicative of commercial activity. Commercial development includes office space, retail stores, restaurants, business services and accommodation.
Tainui Group Holdings recently completed Amohia Ake, the new regional offices for ACC located on the corner of Collingwood and Tristram Streets. The three-pavilion, 8500m2 project is designed for 800 staff and includes 82 bike parks, end-of-trip facilities and 12 charging stations for electric vehicles.
Construction of the 23,000sq m Union Square mixed-use development is currently focused on a second office building with about 5000sq m of office space. It is 90 per cent preleased and set to open in late 2023.
Tainui Group Holdings recently completed Amohia Ake, the new regional offices for ACC on the corner of Collingwood Street and Tristram Street. Photo / ACC
Completed buildings at Union Square include a garage for tenants with 327 car parks, end-of-trip facilities and e-bike storage. A four-storey office building opened in 2021 and is home to Rabobank, Craigs Investment Partners and AA Insurance.
In November 2022, the Government confirmed $150.6 million of Infrastructure Acceleration Fund (IAF) support for the central city. This funding will support the delivery of a new water reservoir and pump station, a new pedestrian and cycling bridge across the Waikato River, as well as investigations into other strategic water and transport infrastructure to service the central city. Over the next 10 years, the council predicts about 4000 new homes and more than 300,000sq m of additional commercial development in the central city.
The council’s meetings with employers to discuss key enablers for their growth have repeatedly highlighted a strong desire for additional business hotel options. The council’s Economic Development Committee has targeted the end of 2023 for confirming development plans to bring a new 4-plus-star hotel to the central city.
● Data Sources: Hamilton City Council, Infometrics, Marketview
