Precinct Properties has announced its entry into the student accommodation sector with the acquisition of 256 Queen Street in Auckland.
The company will develop a purpose-built student accommodation facility at the site.
In addition, Precinct has agreed to conditionally acquire a site at the junction of Dominion Road and Valley Road in Mount Eden for a high-density residential apartment development.
This is part of the company's growth in the residential build-to-sell pipeline.
Precinct also revealed a move to 100% ownership of Precinct Properties Residential, a joint venture established with Tim and Andrew Lamont in 2022.
The acquisition of 256 Queen Street is expected to settle at the end of June 2024, while the acquisition of the Dominion Road and Valley Road site is anticipated to take place in late 2025.
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