Precinct Properties to redevelop Auckland's Downtown Car Park

Precinct Properties Group has announced a conditional agreement to acquire and redevelop the Downtown Car Park site in Auckland.

The company will partner with Ngāti Whātua Ōrākei for the project, which aims to create a mixed-use precinct with office, residential, and hospitality spaces, as well as new public areas.

The initial designs include a central podium and two high-rise towers, along with retail and hospitality offerings.

Precinct emphasizes its track record of delivering transformational outcomes in partnership with the city.

The development will also prioritize sustainability and social procurement strategies.

The purchase price for the site is $122 million, with demolition not starting before April 30, 2025.

The timing of the development will depend on various factors, including demand and consenting processes.