Developer Set to Launch COVID-Delayed Project

Precinct Properties New Zealand has announced it will start construction on the COVID-19-delayed One Queen Street redevelopment in Auckland after a substantial redesign, The Urban Developer reported on May 27. The NZX-listed company is one of the biggest owner-developers of premium city center real estate in the country, and will redevelop the premium site on the waterfront in the heart of Auckland at a cost of NZD305 million (US$223 million). The second stage aims to complement the NZD1-billion (US$730-million) Commercial Bay retail precinct and will include a luxury hotel, office space, and food and beverage retail space. It will be integrated with Commercial Bay. The 21-story, 5-Green Star building will include 139 hotel rooms across levels 6 to 11 for an InterContinental-branded hotel. The remaining floors will have about 14,000 m² of office space and a rooftop bar on Level 21. LT McGuinness will undertake construction, with completion due in late 2023.