Precinct secures Downtown Car park site

Precinct Auckland 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 – 24 November 2023
Precinct secures Downtown Car park site for transformational
development
Precinct Properties Group (Precinct) (NZX: PCT) is pleased to announce that it has entered
into a conditional agreement with Eke Panuku Development Auckland to acquire and
redevelop the Downtown Car Park site. Precinct will partner with Ngāti Whātua Ōrākei to
redevelop the site located on the corner of Customs and Lower Albert Street.
Precinct was selected as the preferred development partner in October 2022 and has since
been progressing commercial negotiations.
“This is an incredible, once in a generation, opportunity to enhance the vibrancy of
Auckland’s city centre, and to create a seamless connection along the waterfront,” Scott
Pritchard, CEO of Precinct Properties said. “Our ambition is to deliver a true mixed-use precinct
encompassing office, residential, and hospitality as well as new urban spaces for residents
and the public.”
Initial designs for the 6,442 sqm site are for a centralised podium sitting beneath two high-rise
towers. There will be a retail and hospitality offer as well as new public spaces.
Precinct is proud of delivering world-class transformational outcomes in partnership with the
city, as seen with Commercial Bay and Wynyard Quarter. Precinct’s existing connections and
interests provide a unique opportunity to create a public East-West connection, from Britomart
to the Viaduct and beyond, which delivers on the Auckland Council’s long-term masterplan
for the City Centre.
“We are delighted to partner with Ngāti Whātua Ōrākei on the development of the site, and
their involvement in the proposal to date has been instrumental in securing the opportunity”
Pritchard added.
Ngarimu Blair, Deputy Chair of the Ngāti Whātua Ōrākei Trust said. “Ngāti Whātua is excited
about the opportunity to work alongside Precinct on a development of this size, scale and
significance. Ngāti Whātua Ōrākei, as tangata whenua of the site, has worked with Precinct
to create a partnership covering commercial, design and social elements of the
development, with a view to achieving real outcomes for Māori.”

Precinct Auckland 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
Pritchard added, “There continues to be strong demand from occupiers for high quality, city
centre office accommodation – as evidenced by our portfolio being 99% leased.” “We have
already received leasing enquiries from businesses looking to establish themselves on the
waterfront.”
The scheme also includes a significant residential component which market research shows
will be in high demand.
The residential component of the development ranges from studio apartments to stunning
penthouses, offering truly world class city centre living. “We have high levels of confidence in
this offer, which will provide a level of quality and opportunity to live in the city centre not
previously seen in Auckland”, Pritchard said.
In line with Precinct’s sustainability strategy and wider ESG commitments, a whole-of-life
approach will be taken with this redevelopment. This aligns with both Auckland Council’s
sustainability approach and Eke Panuku’s vision to develop the site underpinned by
sustainable urban transformation and renewal.
Precinct will commit to a social procurement strategy, which aims to provide quality
employment opportunities to underemployed and minority groups, with a key focus on
increasing access for Māori and Pasifika owned businesses.
The Downtown Car Park site purchase price is $122 million, payable at the end of 2025 with
Auckland Transport to continue to operate the carpark until then. Demolition cannot
commence before 30 April 2025. While design is underway, development timing will be
dependent on a number of factors, including demand, feasibility and consenting processes.
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

Precinct Auckland 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
Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz

About Precinct (PCT)
Listed on the NZX Main Board under the ticker code PCT and ranked in the NZX top 30, Precinct
is the largest owner, manager and developer of premium inner-city real estate in Auckland
and Wellington. Precinct is predominantly invested in office buildings and also includes
investment in Generator, Commercial Bay retail, third party capital partnerships, and a multi-
unit residential development business. For information visit: www.precinct.co.nz
On 1 July 2023, Precinct effected a restructuring to create a stapled group structure. A stapled
group comprises two listed parent companies whose shares are held by the same shareholders
in equal proportions. The shares in each parent company can only be transferred or dealt
with together.
Shareholders in Precinct Properties Group (“Precinct”) hold an equal number of shares in
Precinct Properties New Zealand Limited (“PPNZ”) and Precinct Properties Investments Limited
(“PPIL”) and these shares can only be dealt with together. The stapled issuers are described
as “Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NS)” on NZX systems and
the ticker code for the stapled shares remains PCT.