Precinct Properties New Zealand (NZX: PCT) has committed to the development of the third stage of its Wynyard Quarter Innovation Precinct in Auckland.
The project is expected to cost around $157 million and will generate a yield on cost of circa 5.75%.
It will feature sustainable timber construction innovation and target 6-star Green Star and 5-star NABERSNZ ratings.
Construction will commence in the coming weeks and is programmed to complete in late 2024.
The company has also reported strong pre-leasing progress of 96-91% across its Bowen Campus and One Queen Street developments in Wellington.
It has secured a new $300 million bank debt facility to support this and other developments.
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