North Wharf site to go to market
24 March 2023
- Wynyard Quarter
- Urban regeneration
Over the last decade, Wynyard Quarter has continued to develop into the welcoming neighbourhood you see today, but it’s not finished yet.
The coming decade will continue to see the plan for rest of the precinct come to life.
The headland in the north of Wynyard Quarter will be developed into a park, and other areas in Wynyard Quarter will be developed to accommodate the growing needs of the community by introducing more housing, offices and public amenities.
One site to deliver on this vision is North Wharf, which is currently a hub for hospitality that overlooks Jellicoe Harbour. This site popped up in Wynyard Quarter back in 2011 ahead of the Rugby World Cup. It was designed as a temporary build (10 – 15 years lifespan) that could provide income, while it retained the full development potential of the site for a future date.
Now over a decade on, in alignment with the long-term plan for the site and the current leases expiring, North Wharf is being taken to market by Eke Panuku with the goal of selling it (125-year prepaid ground lease) to a development partner, who will unlock the potential of a permanent and sustainable building for the site.
This new build will optimise the waterfront site by increasing the height of the building, with the likely uses being office space and ground floor retail/food and beverage. The finished result will accommodate more workers and visitors in the proximity of the focal point between the water’s edge, Silo Park, Karanga Plaza and Jellicoe Street.
While it’s not obvious to the eye, North Wharf is made up of three separate buildings – the historic Red Shed, and an east and west wing that sidles either side. The Red Shed was once a weathered original 1930’s cargo shed that was renovated to retain its character, including its famous red doors, and it’s of special character status under the Unitary Plan. Due to this, any future development of the site must incorporate and retain this building within the design.
The current tenancies: Good George, Gelatiamo, Rushworth’s, The Conservatory, The Good Luck Coconut, Seafood Paradise, North Park and Wynyard Pavilion, all have leases due to expire by August 2023.
However, given the current market reality, once a sale of the site is made, it is unclear about when construction would begin. Due to this, Eke Panuku has offered a lease extension to tenants with a final expiry date of no later than September 2026. This lease extension includes a redevelopment clause that permits the landlord to terminate the lease within an agreed notice period to enable development to start.
As next steps, Eke Panuku will be entering into a competitive market process from 24 March 2023. Project outcomes and timeframes will be dependent on the selection of a development partner and more detail will be shared once this is confirmed.
More detailed information about the development site can be found here.