Precinct Properties, one of New Zealand’s largest property developers has deferred its $298 million hotel, office and retail development at One Queen Street, Auckland.
The project included a new flagship hotel, InterContinental Auckland, managed and operated by InterContinental Hotels Group (IHG), occupying 11 levels of the building with a total of 244 guest rooms and suites, together with a restaurant, meeting suites, health club and club lounge facilities.
“The period of deferral will enable us to more reliably assess the long term impacts on the tourism market and broader economy, and to position One Queen Street so as to ensure the eventual redevelopment of the existing HSBC House maximises returns,” said Precint.
One Queen Street was designed to complement the $1 billion Commercial Bay lifestyle district currently under construction, at the bottom of Queen Street. One Queen Street is located on the corner of Queen and Quay Streets with the upper levels providing uninterrupted views of the Waitemata Harbour. Precincts plans included the hotel, 8700sq m of office space across seven levels and food and beverage outlets, including a rooftop bar.