Precinct hails Downtown Car Park purchase

NZX-listed landlord Precinct Properties Group says it has struck a deal with Auckland Council’s property arm to buy the Downtown Car Park for $122 million.

The controversial sale is opposed by developer Andrew Krukziener, who has threatened to take legal action if it goes ahead.

Precinct said it conditionally agreed with Eke Panuku Development Auckland to acquire and redevelop the site.

“Precinct will partner with Ngāti Whātua Orākeī to redevelop the site located on the corner of Customs and Lower Albert Street,” a statement to the NZX said.

The Downtown car park site purchase price is $122m, payable at the end of 2025 with Auckland Transport to operate the car park until then.

Demolition cannot start before April 2025. While design is under way, development timing will depend on factors including demand, feasibility and consenting processes, the company said.

“This is an incredible, once in a generation, opportunity to enhance the vibrancy of Auckland’s city centre, and to create a seamless connection along the waterfront,” Precinct chief executive Scott Pritchard said.

“Our ambition is to deliver a true mixeduse precinct encompassing office, residential and hospitality as well as new urban spaces for residents and the public.”

Initial designs for the 6442sq m site are for a centralised podium sitting beneath two highrise towers.

There will be retail and hospitality sites as well as new public spaces.

Ngāti Whātua Ō rākei’s involvement was instrumental in securing the opportunity, Pritchard said.

“Ngāti Whātua is excited about the opportunity to work alongside Precinct on a development of this size, scale and significance,” said Ngarimu Blair, deputy chair of the Ngāti Whātua Ō rākei Trust.

He said as tangata whenua of the site, the iwi worked with Precinct to create a partnership covering commercial, design and social elements of the development, with a view to achieving real outcomes for Māori.