Reading’s re-zoning windfall
Rezonings under Auckland’s new unitary plan have unlocked new possibilities for a large parcel of land owned by cinema operator Reading International near Auckland Airport.
The 25.8-hectare block of land has been upgraded from agricultural zoning to light industrial.
Reading also owns a second parcel of about 2.4ha on nearby McLaughlins Rd which has also been upzoned from light to heavy industrial.
Reading does not say what its plans are for the land but notes that both tracts are adjacent to the airport’s industrial area.
Matthew Bourke, Reading’s managing director of real estate in Australia and New Zealand, said in a statement that the property was ‘‘one of our future value realisation opportunities’’.
The larger parcel, on Prices Rd, will now be able to be used for certain manufacturing, production, logistics, transportation, warehouse, and distribution activities, or selected office or retail use.
JLL national director of industrial sales and leasing, Sam Smith said it was too early to tell whether land in that area would be sold or developed by the owners themselves.
But the area was certainly becoming valuable as Auckland’s shortage of industrial land grew.
‘‘I guess with connectively from the Auckland airport, and with the Waterview connection due to be completed end of this year, start of 2017, I think people are seeing the airport precinct as being a lot more of a viable option.
US-listed Reading’s assets are primarily cinema-related but it also holds other property interests, mostly in the US and Australia.
In New Zealand it owns the Reading and Rialto cinema brands, the Steer ‘n Beer restaurants, and about 315,000 square metres of real estate, including Courtenay Central, a cinema and retail centre in downtown Wellington.
In March Reading announced it would proceed with a delayed $30 million project which would refresh Courtenay Central and add a Countdown supermarket on vacant land at the back.
Other Reading property assets here include the fee interests underlying four cinemas, which includes just under 2000sqm of retail space.
* Auckland Council’s development arm Panuku will go into a joint venture with The Selwyn Foundation to revamp the council’s 63 retirement villages portfolio.
Many of the 1452 rental units are rundown and poorly located for amenities such as public transport.
Deputy mayor Penny Hulse said a review was well overdue.
‘‘It can be something as simple as that the hallways aren’t wide enough for zimmer frames, or that the villages are located blocks away from a bus stop.’’