Precinct signs $122m car park deal, as council faces legal threat

An artist's impression of the building planned for the Downtown car park site. (Image: Precinct)

Fri, 24 Nov 2023

Precinct Properties and Ngāti Whātua Ōrākei have entered a conditional agreement with Auckland Council development agency Eke Panuku for the $122 million purchase and redevelopment of the city's downtown car park site.NZ stock exchange-listed Precinct, the country's biggest inner-city property developer with commercial assets of $3.4 billion, intends to build two mixed-use high-rise towers, including retail, hospitality and a residential component. The real estate investor was formally selected as the preferred developer last Octob...

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