H&H Construction is continuing its search offshore for an investment of $100-140 million to commence redevelopment of the former Beach Street site off Devonport Road.
'There's very little funding available, we are just going through the process of looking for people,” says director Paul Bowker.
Developers are looking for investors to build a new CBD plaza complex just off Devonport Road.
'I guess it's a little too soon to really say anything, we are just looking pretty much on the off chance that something comes up.
'There was a proposal a while back and property was secured and so forth, but the economy and circumstances with mezzanine and secondary funders has just made that impossible. So we are just going through the processes again.”
The proposal is for a multi-storey office and apartment development that will include a shopping plaza, a public square and a walkway to The Strand and waterfront, as well as ‘A' grade office space and 50-60 apartments.
6 comments
Every time a coconut
Posted on 03-03-2011 20:19 | By ROCKY
Surely even dozy TCC when doing the deal with Bowker's company on the site required evidence that funding was in place and that development would take place almost straightaway.Also you would think Bowker would have had all the finance teed up.Seems this was not the case and its all delightfully vague never never land manana land banking till i am ready stuff.Arranging finance in todays economic climate would be like peeing against the wind.What else can you expect from TCC deals.
poor urban design
Posted on 04-03-2011 09:40 | By RCH
We should count our luckly stars that funding is not likely to be forthcomming in the foreseeable future. Good on Mr Bowker for "having a go"; New Zealand needs people like him. However, this location is not the right place for another high rise building. TCC needs to start thinking about the CBD in a comprehensive manner and not allowing ad hoc development to occur. Mr Bowker's "Devonport Towers" development already obstructs all possible views of the harbour from many public spaces,inhibtis movement between the CBD and waterfront, and has turned the strand extension into a cold, dark and uninviting place. TCC need to adopt transitional height controls from Cameron Road down to the waterfront and identify key open spaces, view shafts, daylight planes and linkage corridors for protection and/or enhancement before any new high rises prevent good urban design outcomes from being achieved
WE DON'T NEED NO THOUGHT CONTROL
Posted on 06-03-2011 18:44 | By THE PELICAN BRIEF
WE DON'T NEED ANOTHER LEANING TOWER ON DEVONPORT, WE ALREADY HAVE ONE AND DON'T NEED ANOTHER TWO.
Wrong place and time in history
Posted on 06-03-2011 22:30 | By TERMITE
Guess that this little concept has escaped all, that the Super City development will in fact be adjacent to the new "BOP Council" chambers on Elizabeth St, and that most conveniently the new Sewer pipe from Melame St will pass right by (no doubt under). The pipe will have little other use than that it will collect the load there from and squirt it through to Te Munga $500m odd later ...
What deal was secured?
Posted on 07-03-2011 07:54 | By THE RING MASTER
TCC own the carpark, so what kind of deal was done on that one behind closed doors?
SMALL LOAN ...
Posted on 14-03-2011 07:50 | By THE RING MASTER
$140M FOR PROPERTY DEVELOPMENT IN THIS MARKET IS VERY UNLIKELY TO HAPPEN UNLESS ALL SIGNED AND SEALED BEFORE IT STARTS. THAT WOULD BE DIFFICULT ALSO.
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