Commercial offering to expand in the Wynyard Quarter Innovation Precinct.
19 November 2018
News
Construction on Stage Two of Precinct Properties’ expansive Wynyard Quarter project, 10 Madden Street, kicked off today, with a ground-breaking ceremony.
Scott Pritchard, Precinct Properties CEO, says the commencement of Stage Two reflects an important step forward in the development of the wider Innovation Precinct.
The new building, designed by architects Warren and Mahoney, caters to modern work environments through a distinctive side core to the building. This design will allow a range of office configurations, which supports functional and agile ways of working.
10 Madden Street will have a 1,275m2 floor plate, comprised of a single level basement and seven upper levels, resulting in 8,290m2 of lettable space.
Hawkins has been named lead construction partner for the building, which is a core asset in the Innovation Precinct within the mixed-use Wynyard Quarter development.
The development of 10 Madden Street, with completion expected in late 2020, will see the introduction of additional ground floor retail and hospitality premises. As part of the construction, a new public space – N. Cole Plaza – will be developed, adding further appeal to an area already considered a major Auckland drawcard.
Pritchard says leasing opportunities are open to interested parties. “There is already strong interest and we are in advance discussions with a number of occupiers keen to take advantage of an address at Wynyard Quarter.”
He points out that the first stage of Wynyard Quarter was developed before tenants were on board. “Having developed the Mason Bros. building during Stage One on an uncommitted basis, we have confidence that the quality and location of this development will attract occupiers with the majority of tenancies expected to be committed prior to completion.”
Todd Lauchlan, Managing Director of JLL confirms Pritchard’s view, noting that a recent vacancy review conducted by his company shows Wynyard Quarter is fully occupied. “Demand is driven out of excellent accessibility to the waterfront, parks, public transport and hospitality options, as well as increasingly high-spec working environments that meet the needs of a changing workforce,” he explains.
Lauchlan adds that with the 36th America’s Cup taking place on the literal doorstep of Wynyard Quarter in 2021, further strong demand is anticipated.
"We began construction of Stage One in 2015 and we are excited to proceed with the next stage of the project’s evolution which will see the creation of a thriving creative hub."
Scott Pritchard
Precinct's CEO
Pritchard points out that sustainable design was at the core of Wynyard Quarter Stage One, and with the proven success of 12 Madden and Mason Bros, Precinct Properties are focusing on this element for Stage Two. “Sustainable design is at the forefront of the development of 10 Madden Street and we are targeting a 5 Star Green Design (Office) and As Built Star accreditation and a 4.5-star NABERSNZ whole-building rating. These ratings attest to a low environmental impact, and optimal conditions for occupants”
Smart features planned for 10 Madden Street include End of Trip facilities, with 12 electric vehicle charging units, the incorporation of daylight harvesting, and energy efficient LED lighting. The rear of the building will feature a vertically planted green screen covering open egress stairs behind.
Construction partner Hawkins is a proven partner to Precinct Properties, having successfully completed construction of the neighbouring 12 Madden Street. One of New Zealand’s leading operators in the construction industry, the company was awarded the Hays Constructions Interdisciplinary collaboration award from the NZ Institute of Building Surveyors. “We look forward to continuing the successful partnership in the Wynyard Quarter Innovation Precinct,” says Pritchard.
The development will have an expected total project cost of $72 million and will generate a yield on cost of 7 percent once fully leased. 10 Madden Street is being undertaken by Precinct Properties in partnership with Panuku Development Auckland.