Precinct completes $550m Wynyard scheme, on track for record $180m hotel sale

6th June 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Precinct Properties has completed the final stage of its $550m office and retail Wynyard Quarter Innovation Precinct.

The company said in its quarterly update released today that it had delivered its Beca House scheme on schedule, finishing stage 3 of its Wynyard Quarter project in Auckland.

“Wynyard stage 3 completes the final stage of the Wynyard Quarter Innovation precinct, one of the largest urban regeneration projects in New Zealand, with a total realisable value of circa $550m encompassing circa 48,000 square metres of premium office space across five campus buildings,” Precinct said.

It added that Beca’s occupation demonstrated Precinct’s “strong track record and development expertise to deliver large-scale development projects on behalf of its capital partners”.

Precinct said the sale of its 139-room hotel at One Queen Street in Auckland to Singapore’s Hotel Properties Limited for $180m remained conditional upon subdivision being completed, which is expected to be in Q3 2025. 

“Post completion of the subdivision, Precinct will retain ownership and management of the balance of the property not being divested at One Queen Street, with the hotel sale to include the office space on levels 3 to 5,” stated the company.

The sale is a record for a single New Zealand hotel, returning more than $1m per room, with operator IHG opening its InterContinental there it in 2024 as part of Precinct’s Commercial Bay development.

“Initially purchased in 2012 and comprehensively redeveloped by Precinct, One Queen Street has been a unique adaptive reuse project for our business which has further solidified Precinct’s role in creating a world-class waterfront destination on par with other global cities.

“Our ambition was to create a fully integrated second stage of Commercial Bay and we are proud to have achieved this through the design outcome and seamless connection this building offers the wider precinct.”

As at 31 March 2025, its portfolio was valued at $3.2bn and it had an occupancy rate of 96%, with a weighted average lease term of 6.2 years.

The company reaffirmed guidance for a total FY25 dividend of 6.75 cents per stapled security.

It will report its full-year results on 27 August.