- Precinct Properties New Zealand has disclosed the initiation into the development of the third phase of Wynyard Quarter Innovation Precinct.
- The project is likely to cost NZ$157 million and is estimated to be completed by the late 2024.
Precinct Properties New Zealand Limited (NZX:PCT), New Zealand’s famous central business district (CBD) property developer, has announced the commencement of development of third stage work on the Wynyard Quarter Innovation Precinct, which comprises of 124 Halsey Street and the Flowers Building.
Image description: NZX REIT stock-PCT
PCT anticipates a high level of pre-leasing prior to completion of this project
The total estimated cost of the project is NZ$157 million, and once the building is 100% leased, it is expected to generate a yield on cost of nearly 5.75%.
It must be noted that the design of Wynyard Quarter Stage 3 reflects the latest innovation in sustainable timber construction, featuring a timber-frame structure.
Further, keeping in mind the climate change goals, the said development would be carbon neutral.
The contract for this development has been awarded to Hawkins, a well-known construction firm, which had earlier delivered buildings in the early phase of the Wynyard Quarter Innovation Precinct. The overall development would be looked after by PCT along with Eke Panuku Development Auckland.
Soon the construction work will commence and towards the end of 2024, it is scheduled to be completed.
Further, PCT has secured a new bank debt facility worth NZ$300 million to have sufficient funds to deliver the initial development phase of the above-mentioned Wynyard Stage 3.
At the time of writing, Precinct Properties New Zealand was down by 1.23% at NZ$1.61, on 22 December.
Precinct Properties New Zealand Limited remains in a strong position considering the scale and breadth of its business and is committed to enhancing sustainable value for its investors, customers, and other stakeholders.