Archive | Wyndham St

Panuku to move to former IBM space on Wyndham St

Argosy Property Ltd has reached an agreement to lease 2657m² on the ground & first floors of the former IBM building at 82 Wyndham St in central Auckland to Auckland Council’s property arm, Panuku Development Auckland, which has been based at Westhaven.

The 9-year lease term will start in August and has a break clause (with penalty) at 6 years.

Long-term tenant Boffa Miskell occupies the top floor on a recently renewed lease, leaving one 1575m² floor still available. Argosy chief executive Peter Mence said yesterday the company had had good inquiry from marketing of the remaining floor, which will be available for occupation in 2018.

Argosy is completing an extensive $9 million refurbishment of the entire Wyndham St building to a minimum 4 green star built rating and is targeting a 4 star Nabers NZ energy efficiency rating.

Following the upgrade, Mr Mence said the building would provide very efficient, cost-effective space and an attractive working environment for tenants: “New services will include facilities to encourage cycling to work, an increase in the building’s fresh air supply, a smart lighting system linked to automatic blinds, a window film that improves solar conversion, a variable refrigerant flow air-conditioning system and the latest water-saving & metering systems to enable usage to be measured for Nabers NZ.

Panuku chief executive Roger MacDonald said one objective of the move was to be closer to the Auckland Council headquarters on Albert St: “Currently the Panuku offices at Pier 21 on Westhaven Drive are about 25 minutes away by foot.”

He said Panuku would make a number of long-term savings from moving into a refurbished building.

IBM has moved to 2 floors in the new Bayleys House at 30 Gaunt St in the Wynyard Quarter, behind Fonterra Group Ltd’s Fanshawe St premises and a block from the GridAKL innovation hub.

The Fonterra & Bayleys buildings are in the Wynyard Precinct Holdings Ltd portfolio held by a joint venture between the Goodman Property Trust & Singapore sovereign wealth fund GIC.

Attribution: Argosy & Panuku releases, Goodman website.

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St Patrick’s Square upgrade to start in July

Published 4 May 2008

Construction is scheduled to start in July on a $7.8 million upgrade of St Patrick’s Square.

 

An integral part of the design is the hexagonal paving pattern around St Patrick’s Cathedral, chosen to reflect the cathedral’s roof form & flooring pattern. As the paving pattern is complex the council is undertaking a paving trial to determine the best way to lay the paving as well as the final, detailed design.

 

The project began in September and the design concept was approved last September. Further design has been under way since then.

 

The object of the exercise is to:

 

·         re-establish the square as a highly valued urban oasis, a place of respite from the hustle & bustle of the central city

·         make it a destination, a place for people to safely meet & socialise, and to reflect & contemplate

·         to celebrate its historical significance & connection to St Patrick’s Cathedral, which had its own upgrade completed last year.

 

The project is part of a 10-year council programme to transform key streets & open spaces in the cbd.

 

Website: Council St Patrick’s Square upgrade page

Want to comment? Email bobdey@propbd.co.nz.

 

Attribution: Council release, story written by Bob Dey for this website.

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CBD Board to decide on St Patrick’s Square design

Published 4 September 2007Auckland City Council staff will ask the urban strategy & governance committee to delegate its authority to approve final concept designs for St Patrick’s Square to the CBD Board.

The board is a council-related organisation with business & residential representatives on it. The committee would normally approve the designs, but they won’t be ready before its last pre-election meeting, on Thursday.

Special projects group manager Jo Wiggins a number of key themes emerged through the consultation with public & stakeholders and these would be considered in finalising the concept designs.

Generally, she said, people felt the design would:

enhance the square’s unique character and its relationship to St Patrick’s Cathedralimprove the square’s role as an urban oasis, a place for people to meet & gatherimprove access for people into & through the square, andimprove the safety & comfort of the square.

The council has also opened the draft designs for Victoria & Albert Sts to public consultation this week. Submissions on both will close on Friday 24 September.

Related stories:

Consultation starts on Albert & Victoria St upgrades

Victoria St upgrade budget $3.8 million

CBD Board to decide on St Patrick’s Square design

Want to comment? Click on The new BD Central Forum or email bobdey@propbd.co.nz.

Attribution: Council release, story written by Bob Dey for this website.

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Columbard infringement authorised for new owners

Published 18 April 2007


Hotel owner CP Group Ltd (Charles Pandey) has secured council endorsement for a previous owner’s consent infringement which enabled it to get bonus floor area plus café & bar use of what was supposed to be a through-site walkway.


The ground-floor walkway in the former Columbard – now the Formule 1, at 20 Wyndham St – is in place, with a jink around a concrete pillar, and the café & bar on the sides of the walkway have been authorised.


The Columbard was developed by Peter Chevin of the Wyndham Trust, who got consent for a 15-storey development on the 246m² site in 2001. That proposal was for 120 rooms. In 2002, Mr Chevin returned to the council and got consent for 144 rooms on 17 storeys, by reducing the distance between floors and using the 4m road-widening of Durham Lane (at the rear of the property), which added 32m² to the site.


Senior council planner Bryce Pomfrett told Auckland City Council’s planning fixtures committee yesterday the addition of the café & bar to that plan not only compromised the through-site link but meant the total floorspace exceeded the maximum allowed.


Mr Chevin’s answer was to legitimise the non-compliance by transferring the through-site link to the adjoining site, 12-16 Wyndham St, which he’d also acquired with the intention of building a 440-unit residential development.


However, in April 2006, the Columbard’s financiers sold it to recover outstanding debts and the change of ownership meant transfer of the link to the adjoining site seemed untenable. Now the properties at 12-16 Wyndham St are also on the market through mortgagee sale.


The through-site link enabled Mr Chevin to increase the original consent’s maximum total floor:area ratio from 10.6:1 to 10.68:1. Including the ground-floor space in the total FAR (previously not counted when it was bonus space) would take the ratio to 11.08:1. The upshot was that the building got 129m² that wouldn’t have been built.


However, nobody was too upset. Mr Pomfrett said: The effects of the additional site intensity within the ground floor, when this is used as a café & bar, are considered to have negligible effects as the extent of the intensity infringement is minimal and does not involve any additional building projection beyond the current built envelope.”


For the CP Group, Sanjay Pratap said the hotel was losing a lot of customers by not having the café open. To improve the link through to Durham Lane, he also agreed the hotel would stop using the Durham Lane entrance as a loading zone.


Mr Pandey is a director of Asia Pacific Hotel Investments Ltd, Auckland Downtown Backpackers Ltd, Cartel Crest Management Ltd, City Backpackers Hotel Ltd, CP Carparks Ltd, CP City Holdings Ltd, CP Custom Street Ltd, CP Dunedin Ltd, CP Group Ltd, CP Harbour View Ltd, CP Investments Ltd, CP Property Investments Ltd, CP Swanson Towers Ltd, CP Wellington Holdings Ltd, Ellerslie Gateway Motor Inn Ltd, Enterprise Properties Ltd (which settled an application by Naylor Love Ltd to wind it up in May), Glasshouse Corp Ltd, Grand Wains Hotel Ltd, Grand Windsor Hotel Ltd, Hotel Holdings Ltd, JD Rai & Sons Ltd, Pandey Hotel Corp Ltd, Raisons Pacific Investments Ltd, Ricomont Ltd, South Island Hotel Investments Ltd, Swanson Towers Ltd.


Mr Chevin is now creating controversy with plans for a more intensive use of 1 & 1A Stokes Rd, Mt Eden, where he’s proposed building 68 visitor accommodation units & 61 parking spaces in a 6-level building (including 2 basement parking levels & one semi-basement habitable level) in the business 2 zone.


Earlier stories:


7 November 2006: New panellist to hear Chevin’s Stokes Rd proposal


22 December 2005: Chevin gets cut in parking after zone change


20 March 2005: 494 units in 29-floor block proposed for Wyndham St


23 July 2002: Extra 24 units in skinny Wyndham St project


Also, numerous U column items relating to Mr Chevin’s Columbard apartment building


 


Want to comment? Click on The new BD Central Forum or email bobdey@propbd.co.nz.


 


Attribution: Council committee meeting & agenda, story written by Bob Dey for this website.

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Macquarie sells IBM Centre to IBM at an old price

Published 6 August 2006


The Macquarie Goodman Property Trust has sold the IBM Centre to the ING Property Trust for $24.5 million – the same price at which Symphony Group Ltd sold it into the Colonial First State Property Trust float in 1999.



As Symphony is 50% owner of the ING trust’s management company, it’s something of a return home.


Macquarie Goodman acquired the 4-storey building on the corner of Wyndham & Nelson Sts in 2003, when Macquarie Goodman (NZ) Ltd took over Colonial First State Property (NZ) Ltd and renamed the trust.


The new transaction is unconditional, with settlement due on 15 December.


Macquarie Goodman said it expected to make an $800,000 net gain on realisation, representing an 8.4% initial yield. Back at the time of the Colonial float, the initial yield was 9.64% and, according to the 1999 prospectus, the building was 28.7% over-rented. IBM NZ Ltd occupied 3750m² and Symphony provided a rental guarantee on the remaining 2440m².


Now IBM occupies 3 of the 1575m² floors, environmental planning & design firm Boffa Miskell is the second tenant and 388m² is vacant, with a 2-year rental underwrite from the vendor in place.


Macquarie Goodman secured new leases over the past year, which chief executive John Dakin said had added “considerable value”. The building got down to $21 million on Macquarie Goodman’s books in 2004 and was still only at $21.7 million this year.


ING Property Trust Management Ltd managing director Andy Evans said the building had a weighted average lease term of 4.06 years and the 8.4% initial yield would rise with pre-set rental increases from both tenants by March 2007.


“The investment fits well with the acquisition philosophy of ING. A mixture of large floorplates (1500m²+) combined with a high-stud (4m) office environment, a highly favourable carparking ratio (1:40m²) & below-market rentals give excellent property fundamentals for future value growth,” Mr Evans said.


The ING Property Trust’s $900 million portfolio of 97 buildings is 99% occupied.


Want to comment? Click on The new BD Central Forum or email bobdey@propbd.co.nz.


 


Attribution: Management company releases, Colonial prospectus, Macquarie Goodman website, story written by Bob Dey for this website.

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494 units in 29-floor block proposed for Wyndham St

Published: 20 March 2005


Jurisdiction: Auckland City



Neighbourhood: CBD


Hearing: Hearing date hasn’t been set yet


Application: 12-20 Wyndham St, 29-level apartment tower containing 494 units, over 14 lots in conjunction with existing apartments.


Application detail: Auckland City Council’s planning fixtures committee appointed commissioners last December to hear the application, and added a community board member to the hearing panel on 16 February. The site is next to Peter Chevin’s 18-storey Columbard (above the old rooftops; Columbard rises from the centre of picture), a skinny block marketed as a corporate crash pad with 144 units of 16m², marketed for rent at $220-320/week.


Heritage campaigner Allan Matson told the city council’s planning & regulatory committee on 7 March the proposal to build 29 storeys over the existing 2-storey Blackstone Chambers “represents a radical architectural proposition that would significantly affect the streetscape.


“The disparity in scale between the 2 buildings presents a most uneasy juxtaposition despite the apartment block’s minimal setback behind Blackstone Chambers.”


Blackstone Chambers was built in 1880 and is scheduled category B in the council’s district plan heritage schedule.



Website: Columbard


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to bobdey@propbd.co.nz.

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St Pat’s concept plan approved

Auckland City Council’s city development committee has approved a concept plan for refurbishment of St Patrick’s Cathedral & redesign of St Patrick’s Square.


The heads of agreement for land transfer & exchanges, between the council & the church, will go to the council’s finance & corporate business committee then on to a full council meeting for approval.


The church wants to make a small 14m² extension at the cathedral’s eastern end to accommodate the blessed sacrament chapel, and redevelop Liston House (a 3-level extension requiring 150m² of land) to better frame that part of the square next to the presbytery.


To do that, the council has to stop some parts of the square which are designated as road, and exchange some land parcels. The council will get 216m² between Liston House & the presbytery.


The church will also take a 282m² subsoil lease at the square’s western end so it can provide basement parking.


The project has been given a 10-year timeframe.


Features of the concept plan include:

Existing surface parking on the square would be eliminated, though access & manoeuvring space for events such as weddings & funerals would be retained
Green space, particular the popular lawns, would be expanded
Redevelopment of adjacent sites as cafés & restaurants would be promoted, “activating” the edges of the square

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