Advancing next stage at Wynyard’s Innovation Precinct

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494
2267
NZX announcement – 1 November 2018
Advancing next stage at Wynyard’s Innovation Precinct
Following on from the successful completion of Wynyard Quarter Stage One last year, Precinct
Properties New Zealand Limited is pleased to announce today that it has now committed to
the development of Wynyard Quarter Stage Two, part of the wider Innovation Precinct.
The second stage of Wynyard, 10 Madden Street, is being developed on an uncommitted
basis. It will comprise a single level basement and seven upper levels providing a net lettable
area of 8,290 square metres.
10 Madden Street is positioned immediately east of Stage One. This development will have an
expected total project cost of $72 million and generate a yield on cost in excess of 7.0% once
fully leased.
Scott Pritchard, Precinct's Chief Executive, said, “Committing to the development of Stage
Two reflects an important step forward in the development of the wider Innovation Precinct
and the creation of a thriving creative hub. We began construction of Stage One in 2015 and
we are excited to proceed with the next stage of the project’s evolution.”
“Having developed The Mason Bros. building during Stage One on an uncommitted basis, we
have confidence that the quality and location of this development will attract occupiers with
the majority of tenancies expected to be committed prior to completion. We are already
seeing good levels of enquiry from businesses wanting to be located in the Innovation
Precinct.”
“Following Stage Two, there are a further two sites which offer another 22,000 square metres of
office space, which we expect to develop over the next five to six years.”
With sustainable design at the forefront of this development, Stage Two will be targeting a 5
Star Green Design (Office) and As Built Star accreditation and a 4.5 star NABERSNZ whole
building rating. The building will include End of Trip facilities with 12 electric vehicle charging
units and incorporate daylight harvesting energy efficient LED lighting. The rear side of the
building will also feature a vertically planted green screen which will cover the open egress
stairs behind.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494
2267
The development will be undertaken by Precinct in partnership with Panuku Development
Auckland. Leading construction company, Hawkins, will be the main contractor for this
development under a fixed price construction contract. Construction is expected to begin
later this month with practical completion programmed for the end of 2020.
-ends-
For further information, please contact:

Richard Hilder
Chief Financial Officer
Office: +64 9 927 1645
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz


About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominately in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns 15
New Zealand buildings – Auckland’s PwC Tower, AMP Centre, ANZ Centre, Zurich House, HSBC
House, Mason Brothers Building, 12 Madden Street and Commercial Bay; and Wellington’s
State Insurance Building, 157 Lambton Quay, No. 1 and No. 3 The Terrace, Pastoral House,
Mayfair House, Deloitte House and Bowen Campus.




Scott Pritchard
Chief Executive Officer
Office: +64 9 927 1640
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz
George Crawford
Chief Operating Officer
Office: +64 9 927 1641
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494
2267

Appendix 1: Artist’s impressions of Wynyard Quarter Stage Two – 10 Madden Street