Queen St development in doubt after deferral

One of New Zealand’s largest property projects is in doubt after Precinct Properties deferred the $298 million One Queen Street scheme on Auckland’s waterfront.

That project involves expanding the existing HSBC House at 1 Queen St, with an 11-level, five-star InterContinental hotel, offices and shops.

“This period of deferral will enable us to more reliably assess the longterm impacts on the tourism market and broader economy and to position One Queen Street so as to ensure the eventual redevelopment maximises returns,” Precinct said yesterday.

The building, once Air New Zealand’s offices, was built in 1972 and refurbished in 1998. It is on the corner of Queen St and Quay St, with the upper levels providing uninterrupted views of the Waitemata¯ Harbour.

Precinct’s plan included the hotel,

8700sq m of offices across seven levels and food and beverage outlets, including a rooftop bar.

The hotel would take up 11 levels of the building and provide 244 guest rooms and suites, together with a restaurant, meeting suites, health club and lounge facilities.

Works were to be completed by

2022.

The project would be integrated into the neighbouring Commercial Bay development, Precinct initially said.

The existing 19-level HSBC block was to be retained, its facade removed and replaced, all fittings stripped back to the bare structure, then revamped in a design by Warren & Mahoney.

Precinct chief executive Scott Pritchard said in 2018 that 75 per cent of the office space was pre-committed.