New office complex to be built in Auckland's Wynyard Quarter

Fletcher Building Limited announces that its subsidiary, Fletcher Construction, has entered into a conditional agreement to construct a new office building in Auckland’s Wynyard Quarter. The building will comprise one level of retail space and six levels of office space along with 152 car parks, and has been substantially leased to IT service provider Datacom. The property is designed to a five star green star certified rating standard.

Wynyard Precinct Holdings, the joint venture between Goodman Property Trust and Singapore’s sovereign wealth fund GIC, has conditionally agreed to purchase the property on completion of construction from Fletcher Building in March 2017, for NZ$86.2m.

Goodman Property Trust will also finance the construction of the building by way of a funding arrangement with Fletcher Building. This funding will be repaid on settlement of the completed building.