Pier 1 buys on Auckland waterfront
A prime 1.2 hectare Auckland waterfront site and marina has been sold to a company associated with a $794 million Nzx-listed entity.
Pier 21 is a marine centre, offices, warehousing, marine retail, a dry stack boat storage, handstand yard space, marina and about 20 tenancies of commercial and hospitality businesses.
As one of the largest privately-held marine land holdings in the CBD, the land and buildings and marina lease have all been bought by Pier 1 Holdings, wholly owned by Chris Meehan’s Winton Holdings which has a $794m market capitalisation today.
We’ve also bought Pier 21 because it’s adjacent so we’ve bought that as an
adjunct to that.
Meehan confirmed the Pier 21 purchase and also said today he also previously bought a site of about 5000sq m nearby from a Mansons TCLM business and he has plans for a retirement village there.
“That’s destined to be a Northbrook retirement village. It’s the only freehold block in the Viaduct,” Meehan said of the approximately 5000sq m of land.
“We’ve also bought Pier 21 because it’s adjacent so we’ve bought that as an adjunct to that.
“We still haven’t decided what we’ll build on that site. It is likely to be more amenities for the retirement village.” Pier 21 was sold by Spencer family interests. Agents CBRE said Pier 21 had been in family ownership for around 25 years.
Peter Gordon’s restaurant, Homeland, leases premises from the Pier 21 business.
CBRE said tenants in the four-level 4325sq m Pier 21 building include Jcdecaux, Radiant Health, Gulf Group Marine Brokers, Zoom Health, Xelocity and the Northern Pathway JV. The two-level Baileys Building has a further 1244sq m of retail accommodation. Tenants there include Global Dive, Southern Spars, Windcraft Ownaship, Johnny Wray cafe, 36 Degree Brokers and World Power, CBRE said when marketing the Pier 21 property last June.
Winton has been planning its Northbrook village model in the Wynyard Quarter for some time. Around 150 premium living apartments and a 40-bed hospital are envisaged.