Luxury hotel announced as sites delayed
Leading property developer Precinct Properties will build a new luxury hotel in Auckland and has announced a six-month delay to its big Commercial Bay waterfront project.
The luxury hotel will be run by global operator InterContinental Hotels Group.
It will be part of a new $300 million commercial and retail development, called One Queen Street, currently the HSBC building, announced by Precinct as the company reported a strong profit for the June
2018 year of $254.9m.
The development will include the hotel, offices on seven levels and a variety of unique food and beverage outlets on a rooftop and will be fully integrated into Commercial Bay.
The hotel will operate on 11 levels, have
244 guest rooms and suites. Construction of the One Queen Street development would start in the first half of
2020 with the hotel scheduled to open in early 2022 and office and rooftop food and beverage in mid-2022.
Precinct has also announced delays of about six months to the completion of Commercial Bay’s retail development and the PwC office tower, after new dates were provided by main contractor Fletcher Construction.
Chief executive Scott Pritchard said the company had until now estimated the completion programme using independent advice because ‘‘we felt like we were getting a more accurate answer from our independent advisers’’.
‘‘Following considerable engagement’’ with Fletcher Construction, Precinct received a revised completion programme.
Fletcher has been hit by hundreds of millions of dollars of losses on construction projects in the past two years.
The new date for the completion of Commercial Bay’s retail was September 2019 and for the new PwC office tower was December 2019.