Wynyard Quarter Stage 3 commenced

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 Generator, 30 Waring Taylor Street, 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 – 21 December 2021
Wynyard Quarter Stage 3 commenced

Precinct Properties New Zealand (Precinct) (NZX:PCT) is pleased to announce today it has
committed to the development of 124 Halsey Street and the Flowers Building, which is the
third stage of the master-planned Wynyard Quarter Innovation Precinct. The project will be
undertaken on an un-committed basis and has an expected total project cost of around $157
million and will generate a yield on cost of circa 5.75% once the building is fully leased.
Scott Pritchard, Precinct's Chief Executive, said, “We continue to observe strong demand for
new space, particularly in locations where businesses are positioning themselves to attract
talent and people to their organisations. Having developed Stage 2 of Wynyard Quarter on
an uncommitted basis and achieving a high level of pre-leasing prior to completion, we are
confident that we can achieve a similar result at Stage 3”.
Investment in sustainable design continues to follow the market-leading sustainability
outcomes achieved in delivering net positive environmental, social and economic value from
the developments completed at the innovation precinct to date. The buildings are targeting
6- star Green Star and 5-star NABERSNZ ratings on completion.
The design for Wynyard Quarter Stage 3 showcases the latest in sustainable timber
construction innovation, a first for Precinct’s development projects with the Flowers Building
featuring a timber-frame structure. The overall development will be carbon neutral, with the
remaining CO2 emissions unable to be eliminated in design offset through carbon credits.
The development will be undertaken by Precinct in partnership with Eke Panuku Development
Auckland. Market leading construction firm, Hawkins have been appointed the main
contractor for this development under a fixed price lump sum construction contract. Hawkins
have successfully delivered 10 Madden Street and the award-winning GridAKL (12 Madden
Street) buildings in earlier stages of the Wynyard Quarter Innovation Precinct. Construction will
commence in the coming weeks and is programmed to complete in late 2024.
Today, Precinct is also pleased to provide an update on leasing progress across our
development portfolio. At Bowen Campus Stage Two in Wellington, two leading law firms
have committed to 2,600 sqm of space across the two remaining floors at 40 Bowen Street.

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 Generator, 30 Waring Taylor Street, 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
Pre-committed leasing now represents 96% of the building’s office net lettable area by
income. At One Queen Street, the project’s pre-committed leasing has also increased to now
be 91%.
Scott Pritchard, Precinct's Chief Executive, said, “Leasing the majority of the remaining space
at 40 Bowen Street ahead of practical completion next year reflects the strong demand for
the premium-grade real estate we are developing in unrivalled locations. It is also
representative of the demand for high quality office space – despite the lockdown we have
leased more office space in 2021 than the previous year, which reflects the preference for
business’ to work from the office.”
Precinct has also secured a new $300 million bank debt facility. The new facility is for a term
of 5 years and provides sufficient funding capacity to deliver the first phase of the
development commitment of Wynyard Stage 3 announced today and also refinance the $75
million senior secured fixed rate bonds (PCT010) which matured on 17 December 2021.
Ends
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, AON
Centre, Jarden House, Deloitte Centre, 204 Quay Street, Mason Bros. Building, 12 Madden Street, 10 Madden
Street, PwC Tower and Commercial Bay Retail; and Wellington’s AON Centre, NTT Tower, Central on Midland Park,
No. 1 and No. 3 The Terrace, Mayfair House, Charles Fergusson Building, Defence House, Bowen House and
Freyberg Building. Precinct owns Generator NZ, New Zealand’s premier flexible office space provider. Generator
currently offers 13,600 square metres of space across nine locations in Auckland and Wellington.