NZ Urban Development news from the media | 11 May | Precinct Properties defers $298m One Queen Street InterContinental Hotel


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 12 May 2020.

Provided by Rockhopper Development Advisory, a member of:                             

Precinct Properties defers $298m One Queen Street InterContinental Hotel

One of New Zealand's largest property projects is in doubt after Precinct Properties deferred the $298 million waterfront One Queen Street scheme with a new 11-level five-star hotel.

"Following a recent review of future development projects, Precinct advises that the One Queen Street redevelopment project in Auckland will be deferred," the business said today.

That project was the expansion of the existing HSBC House at 1 Queen St to bring extra offices, a new InterContinental hotel and new shops.

Augusta Capital to raise $45m from investors to pay back debt

Property company manager Augusta Capital is intending to raise $45 million from investors to pay back debt and stabilise the business.

The company plans to do that through a placement of $12.4m of shares to institutional shareholders and through an offer of $32.6m of shares on the basis of one share for 1.9 shares held.

In a letter to shareholders Augusta Capital chairman Paul Duffy said Centuria’s shareholding would not exceed 24.99 per cent of Augusta’s shares after completion of the offer and was in accordance with the Covid-19 Takeovers Code exemption notice and the terms of the consent granted to Augusta under the Overseas Investment Act.

Prefab manufacturer Concision opens another house building factory in Matamata

Spanbild Group, the owner of Concision prefab house manufacturer, will be opening a new factory in Matamata creating up to 30 new jobs.

Concision is New Zealand’s largest, most experienced off-site manufacturer of panelised and modular components for the building and construction industry.

Its first factory was in Rolleston, just south of Christchurch, and established five years ago. It uses precision digital technology from leading German company Weinmann.

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