Construction start on One Queen St redevelopment project

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 – 24 May 2021
Construction start on One Queen Street redevelopment project
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to announce that
following completion of a comprehensive re-design, construction of the One Queen Street
redevelopment will shortly commence.
Building on the success of Commercial Bay since opening almost one year ago, this second
stage will comprise a luxury hotel, premium office accommodation and a variety of unique
food and beverage options. Importantly, the revised scheme remains fully integrated into the
Commercial Bay retail precinct.
Scott Pritchard, Precinct’s Chief Executive said, “Following the decision around a year ago to
defer the project due to COVID-19, resolving the best approach to the redevelopment of
One Queen Street in a changed market has remained a key focus for our business. One
Queen Street occupies one of the most prominent positions within Auckland’s city centre so
ensuring the building is contributing to the city centre and to Commercial Bay has been a
priority for Precinct. We are very excited to be announcing the recommencement of this
project and further progressing the creation of a world class destination”.
Levels 6 to 11 of the 5 star Green Star building will comprise the hotel guest floors for the smaller
139-room (previously 244) InterContinental branded hotel. The balance of the floors will
accommodate around 14,000 square metres of premium grade office space, and a roof-top
bar on Level 21. With Bell Gully secured for 4,400 square metres of space the overall leasing
commitment for the project is 59%.
Construction will be undertaken by LT McGuinness on a fixed price contract with completion
due in late 2023. The total project cost is expected to be around $305 million with an expected
yield on cost of 6.2% once complete.

Ends

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
For further information, please contact:
Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
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 predominantly in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns
Auckland’s HSBC Tower, AMP Centre, Jarden House, One Queen Street, 204 Quay Street,
Mason Bros. Building, 12 Madden Street, 10 Madden Street and Commercial Bay; and
Wellington’s AON Centre, NTT Tower, Central on Midland Park, No. 1 and No. 3 The Terrace,
Mayfair House, Charles Fergusson Building and Defence House.
Precinct owns Generator NZ, New Zealand’s premier flexible office space provider.
Generator currently offers 13,600 square metres of space across four locations in Auckland.