8 March 2007

City Council grabs Wynyard Point block

Auckland City Council has secured a strategically important block of land on Wynyard Point that will help to open up the waterfront for the people of Auckland.

"This piece of land gives us another toe in the water along the water's edge with a view to introducing some magic to the area," said Dick Hubbard, Mayor of Auckland city.

The block formerly owned by TransTasman Properties will enable the council to influence the quality of the redevelopment of Wynyard Point.

"By securing land along the waterfront, as the council did by purchasing Westhaven Marina in 2004, facilitating the redevelopment of the Britomart Precinct and funding the development of the Arena we can ensure that there is a high-quality, co-ordinated development approach along the waterfront which is a vital asset to the city."

Due to its size and location, Wynyard Point has always been a very important site to help achieve the vision for Auckland's CBD waterfront.

"We anticipate that this land purchase will provide an opportunity for Auckland City Council to create an exemplar development that will influence a world-class waterfront development."

The site on the east of Wynyard Point adjoins the water.

Auckland City Council purchased the ground lessees' interest in this block from TransTasman Properties for $24.5 million. In addition it also picks up the existing contract for the ground lessees' interest of the Southern Spars site at $16 million. The total price paid is $40.5 million.

Auckland City Council's Property Enterprise Board encouraged the purchase and advised on the deal.

"We believe that this is a fair price for this site with such a strategic importance to the overall waterfront vision and reflects the market value as well as the opportunity to influence the whole of the Wynyard Point area," said John Wells, Chairperson of the Property Enterprise Board.

Auckland City Council is continuing discussions with the ARC over the joint redevelopment of Wynyard Point and it is expected that a district plan change for the area will be lodged before the middle of the year.

The vision for the CBD waterfront was agreed by Auckland City Council and the Auckland Regional Council in December 2005. It sees the waterfront as a world-class destination that excites the senses and celebrates our Pacific, sea-loving culture and maritime history. It supports commercially successful and innovative businesses and is a place for all people and area rich in character that link people to the city and the sea.

The vision for Wynyard Point is to provide a home for the marine and fishing industries on the waterfront, high-quality mixed-use developments, a marine events precinct that can be a home for marine events and public open spaces including a five hectare park on the headland.

ENDS

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