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Genuine Development Upside

Significant Surplus Development GFA

The precinct sits within the ‘Business Park’ zone under the Auckland Council Unitary Plan, which provides a generous planning regime for a multitude of development options with an unlimited GFA cap.

This planning regime allows for a long term and selective redevelopment and enhancement of Central Park, as and when tenant demand justifies it.

Building 11 - Recently Approved Resource Consent

This is exemplified in the Resource Consent recently approved for Building 11 - a new 6,500sqm GFA office building on surplus land within the Precinct.

Further feasibility and architectural details of this proposed project are included within the data room.

Wider Central Park Development

A wider review of the redevelopment opportunities within the park have been undertaken and the medium term prospects are highlighted below.

The developments incorporate the following:

  • Lot 15 - 83 upscale residential townhouses;
  • Lot 13 - A 12 level mixed-use residential, hotel and conference development to be managed by an international hotel chain

The development of a high quality hotel and conference facility, as well as an upscale residential development, is highly complementary to the already market-leading occupier amenity at Central Park precinct. The additional amenity will undoubtedly translate into greater tenant demand and precinct activation.

Flexible Title Structure

The titling of Central Park has been strategically separated across 18 lots, providing greater flexibility for divestment or individual lot redevelopment opportunities. In addition the vendor has created, but not registered, a unit titling agreement to enable tradeable car parks, a management body and associated cost apportionment for the precinct management. This will enable effective operation of the site and create functional partial divestment opportunities, should a future owner seek to sell down individual lots.

Note: The two sites identified in this plan as “Proposed Hotel Development” and “Proposed Residential Development” have been contracted for sale to independent third parties for complimentary development.