One of New Zealand’s largest property projects, deferred last year due to COVID-19 by Precinct Properties, is back on the agenda.
The project originally involved expanding the existing HSBC House at One Queen Street, opposite the Ferry Building, to accommodate an 11 storey five star InterContinental Hotel, offices and shops at a cost of $298 million.
Precinct Properties chief executive Scott Pritchard has announced work on the revised project is expected to commence in the next six months. The composition of the building has been changed to factor in the current market conditions and leverage off the surrounding amenities provided by Commercial Bay.
“The current revised scheme is expected to offer ground floor retail integrated into Commercial Bay, three levels of shared workspace and a reduced 139 room hotel when it was originally planned to have 244 rooms,” the company announced recently.
The existing building, once Air New Zealand’s offices, was built in 1972 and refurbished in 1988. It is located on the corner of Queen St and Quay St with the upper levels providing uninterrupted views of the Waitemata Harbour. It is understood all existing tenants have vacated the building with work commencing in the next six months.