NZ Urban Development News - 7 August


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 7 August 2018.

Hotel pays $31m for former Auckland newspaper site

Part of an prominent Auckland central city site, previously home to the New Zealand Herald, has sold for $31 million. 

Developer Mansons TCLM has settled a deal to sell a 1,100 square metre portion of land on the corner of Albert and Wyndham Streets to Australian company Pro-Invest Developments.

Pro-Invest Developments is planning a 490-room, 37-storey dual-branded hotel on the land, while Mansons builds an office building on the remainder of the 4,258sqm site.

The sale gave the property a land value of $28,181 per square metre.

'Poorly performing' Auckland projects blamed for tipping construction company over the edge

Some "poorly performing" Auckland projects are being blamed for tipping Ebert Construction into receivership.

Lara Bennett, John Fisk and Richard Longman from PwC were on Wednesday evening appointed receivers to Ebert Construction Limited as a result of a request made by the Ebert Board of Directors to its bank.

A statement from the receivers said that Ebert’s Board had advise that it and the company’s newly appointed senior management team had been working to improve a number of poorly performing projects in the Auckland Region which have adversely affected the Company’s financial position.

Heritage facades to stay at Saffron development

It’s a decade since plans were announced for Albert Street’s Saffron development. Over that time various proposals have been put forward, and the site has changed hands. The most recent applications centred on the floor area and vehicle access across neighbouring St Patrick's Square.

Waitematā Local Board member Vernon Tava tracks the ward’s consent applications and says what is now proposed is better than it could have been. "There are some concerns still, but it is an improved outcome because the developer could have reverted to an earlier consent that didn't include keeping heritage frontages on Albert Street and the square, was higher, and allowed traffic in the square."

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