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News Release


Solid investment opportunity despite economic climate

Quay Park carpark for Sale



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site

AUCKLAND, 16 February 2009 – Eastside carpark in Quay Park, Auckland is up for sale by tender through Jones Lang LaSalle. The six level building, which was constructed in 2007, comprises a carpark of 508 parks, currently managed by Wilsons. The property sits on 7,437m2 of leasehold land owned by Ngati Whatua O Orakei Maori Trust Board, with a ground lease of 150 years from 2 August 1996. The site is located between Beach Road, Tangihua, Quay and Tapora Street / Mahuhu Crescent.

The site is a key infrastructural asset for the Quay Park Precinct of the City, and was created as part of the regeneration plan to develop the East-West Axis of the City along the waterfront, from The Viaduct to the West and Vector Arena to the East. Quay Park is the eastern gateway to the CBD and includes the Vector Arena, the award winning Mahuhu ki te Rangi park and a cluster of commercial and residential buildings including the GE and BNZ buildings and the ‘Scene’ apartment buildings. It is well positioned for motorway access via Grafton Gully and public transport hubs, only 5 minutes walk from the eastern entrance to Britomart station and 10 minutes walk from Queen Street and the ferry terminal.  The final piece of the overall regeneration of the area will fall into place this year with the creation of the ‘East Quadrant’ building, which will bring some 650 office personnel into the location as well as complementary retail.

The carpark building, which is being sold by a developer to liquidate his assets, is expected to attract a high level of interest due to its strategic location and appetite for this type of asset. Commenting on the sale, Nick Hargreaves, Jones Lang LaSalle’s National Agency Director, says, “Carparks are an asset class that traditionally perform strongly in any economic cycle, being less susceptible to vacancies during downturns and they are also cheap to run. At the moment, there is significant investor interest in this type of asset in prime locations, as evidenced by the recent sale of the Kitchener Street carpark which was recently sold to a high net worth local buyer.”

“A significant factor that investors are taking into account is Auckland’s Regional Draft Parking Strategy. The relevancy of this strategy is that the council plan to constrain the supply of long-stay parking available in the CBD, such as ‘early bird’ parking in order to encourage commuters to switch to public transport, as they make improvements to infrastructure. This will ultimately make carparks in strategic CBD locations a premium commodity. The strategy aims to change the mix of available car parking by focusing on well-managed short term parking facilities to ensure visitors for shopping, business or entertainment are well catered for. The Eastside car park is extremely well positioned to take advantage of this growing short term car parking market, being located within a growth node of the City which has a good mix of commercial, residential and leisure activity.”

Eastside Carpark is currently under a management contract with Wilson Parking NZ Ltd, which runs until July 09. The 508 carparks are split into 296 short stay parks and 212 leased parks.

The tender for the leasehold tenure for the Carpark Building (Lot 2 and Lot 5 on Deposited Plan 346753)  closes at 4pm on 13th March 2009, unless sold prior.