Privatisation of QE2 Square

Recently the following email to David Rankin, CEO
Auckland Council Properties Ltd
drew the response below from Clive Fuhr

“I read in the news media that QE2 Square will be privatised (in other words sold).
Can you please advise the following:
1. If the land was advertised for sale, when was this done and in what media (newspapers, trade publications, international real estate agents, etc)?
2. By what means of disposal was the land sold (auction, treaty, written bids etc)?”

From: Clive Fuhr [mailto:clive.fuhr@acpl.co.nz]

Thank you for your email. David Rankin is currently away from the office.
The Council’s Auckland Development Committee at its meeting yesterday approved engaging with Precinct Properties Ltd to enable the land that constitutes Queen Elizabeth Square to be incorporated in a comprehensive development of the Downtown Shopping Centre.
The Council is currently working with Precinct to enable a section of tunnels that form part of the City Rail Link to be constructed as part of this overall development.
Precinct own the properties around Queen Elizabeth Square and the Council is confident that through this approach it will achieve a high quality office and retail development that revitalise this central CBD location and will also enhance ease of movement for pedestrians, particularly between public transport modes.
The approach will also enable the Council to release capital to further develop public open space closer to the waterfront.
If you are interested in the background , the reports on the matter are available on the Council web site.
The sale can only be concluded once the formal road stopping processes have been completed. This process includes public notification. The sale would then be a negotiated process with the adjacent owner. This approach will achieve a higher value for Council than a sale to a third party as the value of the site will be optimised by amalgamating it with the adjoining land.
I hope this assists. If you have any further questions please do not hesitate to email.
Yours sincerely
Clive Fuhr (Acting CE)
Clive Fuhr | Manager Acquisitions and Disposals | Auckland Council Property Ltd.
DDI +64 9 337 5164 |Fax 09 367 1955|Mobile 027 246 6054 | Ext (49) 7264
Level 13, Civic Building, 1 Greys Avenue Auckland

Is too much business done behind closed doors?

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