NZ Urban Development news from the media | 23 July | $4.4b City Rail Link milestone: tunnel contract sealed as officials sign up Link Alliance


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 23 July 2019.

Provided by Rockhopper

$4.4b City Rail Link milestone: tunnel contract sealed as officials sign up Link Alliance

Auckland's $4.4 billion City Rail Link project hit another milestone with the signing of the tunnel and station contract between state officials and the winning Link Alliance bid.

The Government/Auckland Council entity, City Rail Link invited guests to the event which it said "marks an important milestone in the delivery of the project."

CRL and the Link Alliance signed the project alliance agreement and that now marks the formal start of construction of the project's substantive stations-and-tunnels contract, by far the largest part of the project which started some years ago.

NZ Super Fund makes its first direct investment in local hotels

The Government fund investing to pay for the pension in the future is making a $300 million local hotel investment including three established hotels and plans to develop more.

It is the NZ Super Fund's first direct investment in hotels in this country. It is a "phased investment" from which the fund will invest further in the tourism sector.

NZ Super Fund invests worldwide and in New Zealand to build a national nest egg to help fund the pension in the future.

SFO finds no reason to investigate CAB complaint

“The board of Panuku Development Auckland Ltd has received notification from the Serious Fraud Office (SFO) that, following a complaint regarding the sale of the Auckland Council Civic Administration Building, it has no reason to suspect fraud, corruption or bribery on the part of Panuku Development Auckland, its employees or its agents.

“The SFO has conducted enquiries to determine if the threshold for a formal enquiry has been met. Panuku cooperated and provided information to the SFO. The board is pleased that the SFO has confirmed there is no reason to further investigate Panuku in relation to this process.

“The SFO also raised a concern regarding Panuku’s Chief Executive, Roger MacDonald, accepting an invitation from Mike Mahoney, Chairman of Tawera Group, to join him sailing in the Millennium Cup in January 2017.

High Court orders overseas property developer to sell sensitive land in Alban

The High Court in Auckland has ordered an overseas property developer to sell 5 hectares of land bought without Overseas Investment Office approval. 

BCH Investments bought properties at 79 to 95 Gills Rd in Albany for just under $13 million in 2013.

The company planned to develop the land into 117 residential sections for sale. 

However, the Gills Rd land is classified as sensitive under the Overseas Investment Act as the properties sit next to a reserve.

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