SKYCITY Entertainment Group has announced plans to build further entertainment, hotel and food and beverage facilities at its SKYCITY Auckland precinct after acquiring majority interest in a connected office tower.
The NZ$47 million deal sees SKYCITY acquire 15 levels of the 17 level AA Centre from current owner NPT Ltd, comprising 12,000 square meters of office space, ground floor retail and 90 car spaces all directly connected to its current SKYCITY Auckland facilities in the Federal Street precinct. The remaining two levels are owned by the New Zealand Automobile Association.
In a statement, SKYCITY Entertainment Group CEO Graeme Stephens said, “SKYCITY is already heavily invested in the success of inner-city Auckland and this purchase is consistent with our vision of continuing to enhance the Federal Street precinct. This area has already come a long way in the past few years and as an integrated entertainment company we see great potential for further accommodation, restaurants and bars and entertainment facilities for the public.”
SKYCITY added that the acquisition is consistent with the group’s master plan with the aim of having a cohesive and integrated mixed-use entertainment precinct that ensures SKYCITY leverages the benefits of increased pedestrian traffic flow following completion of the City Rail Link.
Settlement will be completed on 12 July 2018 with NPT Ltd to complete NZ$2 million worth of capital improvements to the building in the meantime.
