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Auckland’s Wynyard Evolution Continues


The last sizeable freehold development site in Wynyard Quarter with holding income has sold for approximately $89 million to Mansons TCLM, with future plans for development of the site underway.

The highly coveted 9,793 sqm site spans an entire city block between Beaumont, Packenham, Daldy and Gaunt Streets, and was purchased with existing resource consent in place for a substantial redevelopment.

Colliers’ Capital Markets team was exclusively appointed to market the property in a two-stage international expression of interest campaign that garnered significant interest from local and offshore parties.

Peter Herdson, National Director of Colliers’ Capital Markets says the enthusiasm for purchasing and unlocking the development site was enormous, with the property’s potential hard to overstate.

“Opportunities to acquire freehold development land of this scale, and in such a sought-after location, are incredibly rare.

“Wynyard Quarter is one of Auckland’s fastest growing and most exclusive commercial and residential precincts. It’s already home to many of New Zealand’s largest corporations as well as award-winning residential developments and some of Auckland’s best hotels and eateries.

“While much of the CBD’s waterfront land is on leasehold tenure, this site holds the significant advantage of being freehold with favourable zoning and an existing resource consent.

“However, there is a possibility that the new owners will revisit the site’s potential and we could see a range of uses that complement the surrounding built environment.

“This is without a doubt one of the best Auckland CBD development sites to come to market in recent years, and we’re excited to see its potential unlocked by Mansons TCLM who continue to be very active in the commercial and residential sectors in Auckland.

“Most recently they have undertaken the development of 155 and 136 Fanshawe Streets but they have also started major new projects in Albert Street in the Auckland CBD and Carlton Gore Road in Newmarket this year.

Director of Mansons TCLM, Culum Manson says: “We are familiar with the opportunity that this strategic freehold land acquisition provides given our recent track record in the area. We are excited about unlocking the potential of the site and providing a suite of world-class premises for people to live, work and play.”

Richard Kirke, a Director of Colliers Capital Markets team says the sale shows that demand for developable land in Auckland is extremely high.

“Colliers has transacted more than $500m in development land sales in Auckland in the last year since the first Covid-19 lockdown in March.

“We are seeing demand for development land outstrip supply across the market. Demand for land is broad based, with residential, commercial and industrial land all strongly sought after.

“Key drivers of this investor demand are New Zealand’s low interest rates, demand and supply imbalances, encouraging demographic fundamentals despite travel and visitor restrictions and a positive long-term outlook.

Jason Seymour, Capital Markets Director notes Wynyard Quarter is highly sought after by commercial developers as it becomes one of the most exclusive office addresses in Auckland.

“The sale demonstrates robust long-term confidence in the market and is a real Council-led masterplan success story.

“Wynyard Quarter is Auckland’s newest waterfront neighbourhood going through one of the largest urban regenerations in New Zealand.

“The 37ha area is in a period of intense redevelopment, which has seen it transformed from a closed industrial area to a high-quality mixed-use precinct over the past decade.

The transformation is being led by Auckland Council’s development arm, Eke Panuku Development Auckland, with the regeneration set to continue for at least another ten years through to 2031.

Numerous high-profile private developments have been completed in recent years, attracting some of New Zealand’s largest corporate occupiers. Wynyard Quarter is now home to the national headquarters of ASB, Air New Zealand, Kiwibank, Genesis, Microsoft, Fonterra, IBM, Datacom and many more.”

Seymour says, “the area has added over 50,000 sqm of office space in the last five years, an increase of over 100 per cent, compared to some 30 per cent growth in the wider Auckland market.

“This growth has been matched by strong tenant demand with Wynyard Quarter fully occupied with zero direct vacancy at the end of 2020.

“Fu Wah had undertaken significant pre-assessment works on developing the site over the past few years, but after reviewing their investments and development plans, they chose to provide others the opportunity to unlock the site while they focus on other endeavours in New Zealand.

Related Experts

Peter Herdson

National Director | Capital Markets

Auckland CBD

In 1993 Peter returned to New Zealand from the United Kingdom with several years’ experience in property management and development. During this time, he worked for Vanson Developments (Richard Branson´s property development company) for two years, and in investment and management for Fuller Peiser (Rolls Royce and Vickers Pension Funds). Upon his return to New Zealand, Peter joined Colliers International (NZ) Limited, where he has been ever since.

Peter now leads the Colliers International Capital Markets division, based in the Auckland CBD. The team is proud to have established a new approach to collaborative working within their division, a first the New Zealand marketplace. 

The “Power of Five” approach with the Capital Markets team has driven exceptional outcomes for client service since 2007. The team has adapted a charter unique in the market, with over 100 years of combined experience. The personal and professional networks of 5 directors operating as a cohesive team across all projects, provides maximum leverage and market coverage for our vendors. It ensures an acceleration of all our clients success.

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Richard Kirke

International Sales Director | Capital Markets

Auckland CBD

Richard is responsible for the promotion of New Zealand property to international investors, leveraging of his relationships developed in executive positions during his near 8 years in Hong Kong, as well as assisting to grow the company’s nationwide Rural and Agribusiness agency capability.

Richard began his real estate career in 2004 with CBRE, in the five years he spent with them (before leaving to run Colliers Hong Kong business in 2008) he was involved in many notable transactions including the sale of the Lion Nathan site in Newmarket for $162m, the sale of the GE & BNZ Britomart properties on behalf of Manson’s to the German fund HIH and portfolio sales, including the successful auctioning of 16 National Bank Branches across New Zealand.

During his time as MD of Colliers Hong Kong he was involved in the sale of 50 Connaught Road on behalf Apollo Group (a New York based Hedge Fund) to the Agricultural Bank of China for $US632m.

Richard was the Managing Director of Colliers Hong Kong office for six years from 2009-2014. During this time he was an active participant in several high value transactions and developed broad relationships with both Asian investors and colleagues across the region.

In late 2014, Richard agreed to run CBRE’s Asia Pacific Capital Market business, including their Capital Advisory (Real Estate Investment Banking) business, this further added to his knowledge of real estate investors, particularly in greater Asia.

As a senior executive of Colliers for 6 years in Hong Kong, Richard has strong personal relationships with Colliers personnel across the globe.

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Jason Seymour

Director | Capital Markets

Auckland CBD

Jason has 29 years international experience in commercial sales, tenant representation, lease negotiation, corporate real estate strategy development, property management and building services design.

Jason joined Colliers International in 1991 to establish the engineering division in the Wellington office, and took on a national engineering role in 1993, incorporating the Wellington Property Management division in 1994. Jason transferred as a Director to the Colliers International Bangkok office in 1996, and in 1998 returned to Auckland to take up a role in commercial leasing brokerage, where he was consistently one of the top four leasing brokers in the market. In late 2005, Jason transferred to the Corporate and Institutional Sales team, specialising in sale and leaseback strategies, land development and large corporate sales.

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