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New $550m downtown development seeking retail clients

  • News
  • March 4, 2015
  • Elly Strang
New $550m downtown development seeking retail clients

The company, which is behind the project, has released the first images of the 36-level building.

Construction will start next year. The building will be erected on the current downtown shopping centre site between Lower Albert St, Customs St East, Quay St and the square.

Precinct Properties CEO Scott Pritchard says the new development will breathe life into Auckland CBD’s retail industry.

 “We believe the new retail offering will reinvigorate a part of the city that has needed new life for a while,” Pritchard says.

“The retail and food offering will feature the best of both local and international brands – ideally attracting new entrants to the New Zealand market.”

An artist's impression of what the retail sector in the development will look like.

Presentations to potential retail clients have begun and the company is looking for both established and emerging New Zealand retailers.

The company said in its presentation it plans to have a mix of premium and high-end apparel retailers.

It said the Topshop flagship store on Queen St that’s due to open March 12 is a positive development and could be a catalyst for other international retailers to venture to New Zealand.

Considering that more than 10,000 people are going to be working in the towers, food and beverage retailers are also going to have an important role to play, Pritchard says.

He says the food and beverage businesses will range from “grab and go to fine dining.”

The company is also keen on stores which will attract the cruise ship and tourist markets.

What Princes Wharf will look with the new tower, pictured centre.

Precinct Properties is seeking $174.1 million to help fund the project, as well as other projects in Wynyard Quarter and the Bowen campus in Wellington. It has raised $73.6 million so far.

It has also struck a deal with Auckland Transport for City Rail Link tunnels to be built underneath the building to take passengers to and from Britomart station.

Pritchard says this will provide a much needed around the clock connection between Lower Queen St and Albert St.

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