$120m Wiri sale; Ryman's sinking village buildings; Former business boss Michael Barnett opposes Bay of Islands marina
Auckland Council's rates records show the 9.2ha property, valued at $128.9m, has a 6100sq m building on it.
Goldfinch said the sale reinforced the resilience of the industrial sector.
The giant warehouse is leased to a number of tenants.
ESR plans to demolish it and realise the site's potential.
Goldfinch said redevelopment of the site was being planned in two stages over the next two to three years.
It's not the only big industrial sector deal to get over the line of late.
Last month, Goodman Property Trust revealed the sale of 28% of its East Tāmaki Highbrook estate to Goodman Group and Mercer for $580m. That was announced on May 29.
Highbrook, the giant business park in Auckland. Photo / Jason Dorday
In the inner city, Precinct Properties plans to sell its InterContinental Auckland to Singaporeans for $180m. That was announced in March.
CBRE last month listed the largest buildings being developed in Auckland.
James Kirkpatrick Group headed by James Kirkpatrick jnr has Auckland's largest new warehouse and logistics project under construction.
That is a 65,000sq m South Auckland development of a number of separate buildings at Wiri that is expected to be worth $1 billion on completion.
Ryman's sinking village buildings
Ryman Healthcare is not just fixing the main building at its Edmund Hillary hub in Remuera.
In its full-year results out last month, the company disclosed that the sinking problem may be more widely spread.
The retirement village was built on an ex-rubbish dump and landfill.
The Shackleton apartments, the village centre, the rest home and Aoraki Hospital were lifted in a job undertaken by Mainmark.
'The group has undertaken re-levelling works of the main building and one of the apartment buildings,' consolidated financial statements to March 31, 2025 said.
That had cost approximately $8m.
The Edmund Hillary Retirement Village, part of the Ryman portfolio.
Ryman is monitoring ongoing settlement at its village and re-levelling works are likely to also be required at various other buildings in the future, it said.
Some people say they are happy at the village, while others were concerned the main building had been shut for so long and have complained.
Ryman is also assessing other villages for seismic risks, citing those particularly near the Hikurangi fault line.
None of the villages are 'earthquake-prone' and independent experts confirmed there were no life-threatening safety concerns nor any need to vacate buildings, the company said.
Naomi James, chief executive of Ryman Healthcare.
However, known seismic issues could cost $30m to $35m to fix.
On a separate topic, Ryman buyers are being charged in a different way to how they previously were.
CEO Naomi James said Ryman no longer offered residents here and in Australia a 20% deferred management fee. This is the portion the business keeps when a resident leaves or dies.
Instead, the fee is now 25% or 30%.
Earlier this year: no entry to the main reception area of Ryman Healthcare's Edmund Hillary Village in Remuera.
But James clarified this was not linked to weekly payments.
Whether people paid 25% or 30% depended on how much they paid for their licence to occupy, she said.
Out of all the retirement village operators, Ryman had offered the best deal financially for many years.
But it has undergone a number of changes, including raising $1.9b capital.
Marina fast-tracking opposition
He was the Auckland Business Chamber CEO for more than 30 years and recognised as the voice of business in the city, but now he's opposing a Bay of Islands marina proposal.
Plans for a new Bay of Islands marina by Azuma and Hoppers. Fast-tracking is sought for the plans. Photo / application document
Michael Barnett is against the Waipiro Bay marina, saying he has a connection with the area because he owned property in the Bay of Islands in the mid-eighties, initially in Parekura Bay and then at Kororāreka Russell.
Barnett particularly objects to the possibility of the marina being fast-tracked.
Speaking on behalf of the Bay of Islands Preservation Society, he said the Fast-Track Approvals Act was intended to streamline infrastructure, housing and development projects with significant regional and national benefits.
Bay of Islands hapū and community members opposed to a 250-berth marina near Kororāreka Russell going through the fast-track process make their feelings known outside a Far North District Council meeting.
'It is hard to see that this project satisfies any of these criteria,' Barnett said.
Companies owned by multimillionaire businessmen Craig Heatley and Leigh Hopper have proposed the scheme.
Heatley's Azuma Property and Hopper's Hopper Developments want to build the 200 to 250-berth marina. It is opposed by Ngāti Kuta, Patukeha and Far North Mayor Moko Tepania.
Ministry for the Environment fast-tracking has been sought, citing several points in favour including boosting infrastructure and employment.
An Azuma director and shareholder, Kallam Brown, said fast-tracking could take years off the process.
Michael Barnett is against fast-tracking for the new marina plans.
Barnett said half of prospective berth owners were likely to live elsewhere and he cited extensive capacity existing in nearby marinas.
On May 5, Auckland and Northland had 246 berths available, Barnett said.
He questioned how much of the facility's construction would be completed by regional firms rather than by generally larger and more experienced Auckland-based firms.
The marina's proposed location didn't fit with regional strategies, which seek to concentrate most future growth in and around the more accessible and established locations of Ōpua and Kerikeri, Barnett said.
In its defence, the application said the marina is projected to boost the local economy.
'The Waipiro Marina has been assessed to have a total economic impact of $177.9m to $218.8m in value-added GDP and support approximately 137 to 148 fulltime-equivalent jobs over a 30 year period,' the application for fast-tracking said.
Anne Gibson has been the Herald's property editor for 25 years, written books and covered property extensively here and overseas.
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NZ Herald
a day ago
- NZ Herald
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NZ Herald
a day ago
- NZ Herald
Big projects abandoned, deferred, delayed, unbuilt: Dire state of Auckland CBD real estate
Big plans for development and many new buildings in Auckland Central remain on hold, have been abandoned or deferred indefinitely, indicating tough times. Insiders have expressed growing concern about a lack of activity, deferrals, delays, abandonment and sites remaining unsold for years, sometimes decades. 'Every day, we're getting closer to Suva than Sydney,' financier James Kellow of New Zealand Mortgages & Securities said. 'No parking. Crime. Homeless. Almost impossible to get a consent to do anything,' Kellow complained. A list of sites that remain unsold was sent to Property Insider. Two developers are still active but Mansons TCLM and Precinct Properties remain the outliers. Even Precinct is leaning more towards residential lately, having developed the $1b Commercial Bay and extensively in the Wynyard Quarter. It does plan on developing the twin skyscraper Te Pūmanawa o Tāmaki with Ngāti Whātua Ōrākei for the Downtown Carpark. 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This land is owned by Singapore's Kum family, which also owned Auckland's Hilton Hotel. Last year, Deputy Mayor Desley Simpson said it was very sad the site had been left in that state for so long: 'Auckland deserves better,' she said of the 4371sq m block. The former Yates Building some years ago. Photo / Brett Phibbs But Peter Wall, speaking for the Kums, indicated action and said they were committed long-term investors. 'Our goal is to enhance Auckland's growth and cityscape through property development. We are actively seeking an anchor tenant to collaborate with us in transforming this site into a vibrant commercial precinct that adds significant value to the city,' Wall said. One of three remaining buildings on the Albert/Federal/Wolfe St site owned by Singaporeans the Kum family. Photo / Chris Keall 'Admittedly, the post-Covid economic challenges and evolving business sentiments have presented challenges in moving forward. 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'Unfortunately, this means the St James Suites apartment development is not currently viable and the development is on hold until further notice,' the developer said. The site has now been empty for nearly a decade. 3) Ex-Auckland Star site This site has been empty for 36 years, used as a ground-level carpark between Fort St and 28 Shortland St. The Auckland Star offices were demolished in 1989. The former Auckland Star site between Shortland and Fort Sts has been empty since the 1980s and is now used as a carpark. Photo / Greg Bowker This year, property experts debated the development potential of the site. Simplicity Living's Shane Brealey said people had been 'trying to crack it' for more than 30 years. Andrew Crosby of Xpect Property Development told a story of how 63 students were asked what they would develop on the valuable holding just off Queen St. Brealey said there was no point in a residential project because it was not financially feasible. Nor were offices, he said. BusinessDesk reported two years ago that the site was last sold in April 2014 for $26m. Heng Chuang Investment Group is listed as the owner. That company is owned by HC Investment Trustee of Victoria Ave, Remuera. 4) Even the bungee jump left Not even a tourist attraction on this empty land survived. The former Royal International Hotel site is at 104-106 Albert St and 5-13 Elliott St. It is next door to the Atrium on Elliott between Albert St, Victoria St and Elliott St. The ex-Royal International Hotel site off Elliott St and Albert St in Auckland Central. Photos / Peter Wells, Steven McNicholl The site has been empty of buildings for 38 years. The hotel was demolished by Chase Corporation in 1987 to make way for a Farmers department store. The ex-Royal Hotel site in central Auckland. Chase demolished the hotel to shift the Farmers there. It once had a reverse bungee amusement ride operating there. But that has gone too. Plans emerged once for the 67-level Elliott Tower but this was never built. 5) Federal Apartments never happened Another big scheme was at 65-71 Federal St. A massive bronze-coloured scheme apartment project was planned but never eventuated. Plans for the 65 Federal apartments on Federal St. Resource consent was granted for a 55-level giant. The scheme had the name 65 Federal. Australian developers ICD planned the scheme on what remains the seven-level carpark building on the Kingston St corner. The carpark building at 65 Federal St as it is today. Photo / Google Maps The tower was approved under the Covid-19 Recovery (Fast Track) Consenting Act 2020. 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Photo / Alex Burton Congratulations to John Love and Naylor Love for completing this refurbishment of ex-Civic Administration Building offices. Asked about unsold units, Love said: 'Not sure. I'm not really keeping track. Maybe 20. Either way, I still own them and still pay all the B.C. [body corporate] levies etc for any units my company still retains ownership of.' 8) $750m Northbrook Wynyard delayed Winton Land has delayed building the inner-city's first high-rise retirement village but its chief says the company will still build it. How the 12-level Northbrook Wynyard Quarter is planned to look on completion. Chris Meehan, Winton CEO, said just before Christmas he would repay those who put down deposits. The site is on Beaumont St, opposite Orams Marine. Meehan said Winton remained committed to its plans. The company would complete site preparation work, including the piling works and building consenting, he said. The Wynyard scheme was a big project and Winton would be prudent. 'We want to get the timing in the cycle right,' he said on December 19 last year. Northbrook Wynyard is part of a wider, more ambitious plan. A 200-seat wedding venue, new 250-seat waterfront dining/bar building, outdoor pool in a resort-like zone for village residents, new marina piers, dredging the seabed to make it deeper, a new marina and refurbishing many other surrounding buildings are envisaged. The site for the new Northbrook Wynyard retirement village, where piling work is being carried out ready for the new retirement village block. Photo / Winton Land 9) $450m Symphony Centre planned The Symphony Centre office and apartment project is planned beside the Aotea Centre on what was a carpark used for Auckland Council's fleet behind Bledisloe House. This scheme has also been cited as a sign of CBD revitalisation. The Symphony Centre, a 21-storey apartment, office and retail development planned to rise above the Auckland City Rail Link's Te Waihoritiu mid-town station. Again, it may appear unusual for this huge scheme to appear on this list. Yet consent was granted two years ago but no builder has been appointed. Extensive marketing has, however, been carried out – but how many sales or leasings have been achieved remains unanswered. Advertising talks of it being a transit-oriented project, due to tens of thousands using the station of the City Rail Link. The apartments and offices are to rise above the Te Waihorotiu mid-town station. Simon Bridges with a model for the planned Symphony Centre. Photo / Anupam Singh The developer is Malaysian Resources Corporation Berhad, which advertising says is a leading urban property and infrastructure group founded in 1968. Plans are by architects Woods Bagot. Advertising by Colliers said construction is 'set to commence later this year' at the intersection of Mayoral Drive and Wellesley St. Datuk Imran Salim (from left), Auckland Mayor Wayne Brown, Cristean Monreal and Jack Bourke in the Symphony show suite in Bledisloe House in March. Photo / Anupam Singh RCP director and project development director Cristean Monreal said last week that resource consent had been granted in 2023. Early civil works on Mayoral Drive were due to start later this year. Subject to the completion of Te Waihorotiu Station, Symphony Centre construction was scheduled to begin next year, Monreal told Property Insider. How many of the 78 apartments are pre-sold was left unanswered. The Symphony Centre is consented to rise on this carpark behind Bledisloe House (right). Photo / NZME 'We have multiple credible local and international buyers currently undertaking due diligence on a number of residences which are in the final stages of the purchase process, as well as ongoing interest from others,' Monreal said. 'There are also some very strong leads in the commercial space and we are confident that interest in leasing will enable the project to commence.' 10) Ex-Beca House: Anchor tenant gone The ex-Auckland Regional Council HQ at 21 Pitt St has been marketed for sale. The ex-Beca House at 21 Pitt St. Beca left Pitt St at the start of this year. The 17,229sq m, 10-level grey building was developed in 1990 and occupied for many years by Auckland Regional Council (ARC). It had a debating chamber and civil defence emergency bunker. But local body amalgamation last decade spelt an end to ARC and Beca moved from 132 Vincent St to the much larger block. The building is owned by private interests: Viewmont Orchards, controlled by Fendalton-based Miles and Peggy Middleton, property records show. In 2012, the Herald reported Christchurch landlord and earthquake-hit investor Miles Middleton paid $55m for the former Vodafone headquarters. Middleton took insurance proceeds from Christchurch buildings and bought Beca House. 11) Auckland Police Station for sale The former Auckland Police Station went on the market last year. That is at 67-101 Vincent St. Police moved out of the old station in Vincent St several years ago. Photo / Bastiaan Beentjes The site is nearly half a hectare at 4580sq m and is freehold, with an attractive three street frontages. 'This is a strategic and large-scale CBD property with extensive existing buildings including an 11-level tower and provides an unparalleled range of redevelopment options, ensuring appeal to a wide range of buyers,' a Bayleys ad said last October. Developers, investors, owner-occupiers, special interest groups and hotel or apartment buyers were expected to be keen. 12) North Wharf red sheds for sale In 2023, Auckland Council's property arm Eke Panuku said waterfront sites valued at $26.9 million were to be sold. ASB North Wharf: revolutionary open-plan open-floor design. Photo / Richard Robinson The 3627sq m Wynyard Quarter site on Jellicoe St was to be quit via an expressions of interest campaign. The land at 1-17 and 39-47 Jellicoe St has low-use single-level developments leased to restaurant and hospitality businesses. By last March, no sale had been concluded. 'We have entered into negotiations on a conditional agreement with a preferred development partner for the North Wharf site at Wynyard Quarter however, it is too early to provide any details,' an Eke Panuku spokeswoman said then. No timeframe was given for further updates. An Eke Panuku spokeswoman said last week: 'No news as yet on North Wharf, but I will be in touch as soon as there's something to share.' Anne Gibson has been the Herald's property editor for 25 years, written books and covered property extensively here and overseas.
NZ Herald
2 days ago
- NZ Herald
Meta, Amazon, IBM, HP: Flexible leasing model at tech titan's Auckland offices changed
The time is now right, Pritchard said, to bring Generator under the Precinct umbrella by including that name in the business. Precinct Properties CEO Scott Pritchard in Pipiri Lane, the former Flowers Building in Wynyard Quarter on Auckland's waterfront. Photo / Jason Dorday Google isn't under the flexible leasing model but all the other tech giants are. They are in Wynyard Quarter and Britomart offices owned by Precinct. Pritchard announced the changes to Generator from Pipiri Lane – itself getting a new name for what has been called the Flowers Building, standing beside Beca's new headquarters. Jess Curnow of Precinct Flex said the ground-floor socialising space of what was the Flowers Building will be called Halsey Traders. The view from Pirpiri Lane on Halsey St. Photo / Jason Dorday That area can accommodate about 80 people at a cocktail event, she said. The ground floor also has a meeting suite with spaces ranging from a four-person meeting room to an executive boardroom for up to 14 people. Level two has an event space and terrace overlooking the Viaduct Harbour. It can host theatre-style events for up to 300 people, cocktail events for up to 500, or many different smaller events because it has room dividers to shut off and open up spaces. Work is now concluding on Pipiri Lane, ready for it to be tenanted from September. Pritchard said that will conclude a decade working in the Wynyard Quarter for Precinct. Pipiri Lane is due to be ready to be tenanted from September. Photo / Jason Dorday Is it over now? No, he said. Precinct is working with Orams on a new scheme for its waterfront land on Beaumont St and Pritchard said plans for that block were coming together. Precinct Flex was a natural evolution of the business, he said. Nearly done – inside Pipiri Lane, Wynyard Quarter. Photo / Jason Dorday 'The change marks an important new chapter for our business. It's about bringing together our leadership in the flex space with our best-in-class commercial offering to provide our clients with a cohesive solution and seamless service,' he said. Precinct doesn't lease flexible space by the square metre but rather by the desk, he said. Precinct Flex leases desks to about 250 businesses including Fortune 500 companies, and multinational and New Zealand corporates, he said. The remaining membership is made up of start-ups and entrepreneurs. Precinct Flex leases desks in Britomart, at 12 Madden St in the Wynyard Quarter, in the PwC and HSBC towers and in Wellington's Bowen Campus and Waring Taylor St. Anne Gibson has been the Herald's property editor for 25 years, written books and covered property extensively here and overseas.
