Hamilton’s central city will soon be home to a $120 million high-end hotel development across three prime riverside properties.

Hamilton City Council has signed a conditional agreement to sell properties at 242-254 Victoria Street to one of New Zealand’s largest and most prominent developers, Templeton Group.

Templeton will now proceed with planning and design for the minimum 10-storey, mixed-use building. Aspirations for the site include a world-class food and entertainment precinct on the ground level opening to the riverfront area, with a chic new hotel, office space, and residential apartments above.

Mayor Paula Southgate and Chair of the Economic Development Committee Councillor, Ewan Wilson, have been longstanding campaigners for a second four-star hotel in the city.

“We need this,” said Mayor Southgate.

“It’s been a top priority for me since taking on this role and we couldn’t be prouder to partner with Templeton, who support our vision of connecting the central city with the river, with their reputation for creating vibrant places where people love to be.”

Council’s vision for the Victoria on the River (VOTR) area started back in 2009, with hopes to attract a development of this calibre. In 2018, the four strategic property purchases of 242-266 Victoria Street were made using $6.49 million from an allocated fund.

Council will retain ownership of the land and building at 260-266 Victoria Street, which will be developed into public space extending the footprint of VOTR.

“This development will continue the work already done through previous projects in the nearby VOTR and the exceptional work of Stark Property,” said Mayor Southgate.

Templeton have a long track record of creating hotel and apartment developments that become vibrant destinations. With a range of multi-billion-dollar developments across New Zealand underway, this is Templeton’s first project in the Waikato region. The proposed development in Hamilton is estimated between $110 to $120 million across 2000m2 of land.

“There were several factors at play when we set our sights on the properties nestled along the river,” said Templeton Group founder Nigel McKenna.

“Hamilton Kirikiriroa has experienced robust economic and population growth in recent years. The revitalisation of the central city and riverfront has begun to transform the city and we’re excited to contribute to that.

“Opening up this site to the mighty Waikato River will give Hamiltonians and visitors the opportunity to enjoy stunning views with an outstanding food and beverage precinct and hotel.

“We know Hamilton and the wider Waikato has been experiencing a resurgence in visitor numbers. Investing in a high-quality hotel will continue to attract tourists and business travellers to the city, boosting the local tourism industry and supporting related businesses.”

Along with the boost for the economy, Councillor Wilson is also excited about how the apartments will help rejuvenate the central city.

“This is a huge economic driver, it’s exactly what we wanted and what we’ve been talking about for decades” said Councillor Wilson.

“This is transformational for Hamilton’s central city, it gives effect to our long-term planning and Mayor Southgate’s economic development strategy of attracting another hotel because it is complementary to the existing Claudelands, Seddon Park, and FMG Stadium Waikato where we know there is demand for additional hotel-night stays.”

The agreement follows a comprehensive tender process which began in 2021 and received five proposals from developers across the country. Templeton have one year to complete all matters required by Council to make the agreement unconditional. Following this, it is anticipated the development will take a number of years to complete.

Council and Templeton are working closely with current tenants located at the properties.

© Scoop Media