Latest Tenant Signings in KEB Development

Posted on 20 January 2016

Aurecon and Vero are the latest major tenants to sign up for space in Ngāi Tahu Property’s King Edward Barracks development in central Christchurch.

Engineering consultancy Aurecon will take levels one and two of the five-level building being constructed at 93 Cambridge Terrace, and will share signage rights with EY. Aurecon’s commitment takes occupancy in the building to 64%.

Vero will occupy half of the top level of the next door building at 48 Hereford St. The five-level building, which also fronts Cambridge Terrace and makes up a further part of stage one of the project, is now 78% leased. Government tenants – the Ministry of Education, Housing New Zealand and the Ministry of Health – have signed up to three and a half floors in the building.

Gordon Craig, development manager at Ngāi Tahu Property, said a formal marketing campaign is now underway to fill the remaining office and retail spaces available in stage one of the development – an $85m project.

“We’re delighted to welcome Aurecon and Vero as our newest occupiers, alongside our other high-profile tenants. We are now looking forward to making further announcements as marketing and negotiations progress for the remaining office and retail space.”

Ngāi Tahu Property is receiving plenty of demand based on the development’s riverside location in the heart of Christchurch’s emerging CBD, said Craig. “Occupiers are attracted to this location, which is arguably one of the city’s best, and the premium buildings we are delivering. Because of this we have secured several tenants of excellent calibre.”

Aurecon’s Christchurch Manager, Carl Devereux, said the company has chosen to relocate its 220 staff to a central city location as part of its commitment to Christchurch.

“After looking at a number of options, the King Edward Barracks was by far the best development available to us. It also meant that by partnering with Ngai Tahu Property, we have absolute confidence in both the quality of the development and that the time frames will be met.” 

Paul Smeaton, Chief Executive at Vero New Zealand said they are looking forward to moving their employees back into the city centre permanently, after being in a temporary office since February 2011.

“The Hereford Street building will be a great environment for our employees – conveniently located, with new smart environments and part of a wider city redevelopment.

“We’re very excited about the new development and are working closely with Ngāi Tahu Property on the internal fit-out to ensure that our employees can move in as soon as possible.”

Stage one of the major development on the former King Edward Barracks site between Cashel Street, Hereford Street, Montreal Street and Cambridge Terrace in central Christchurch comprises two commercial office buildings, a multi-storey car park and a landscaped central ‘pocket park’ at the Cambridge Terrace end of the 16,400m2 site.

Hawkins Construction is well underway with the construction of the two office buildings and the park area, with steel structures already at fifth floor level on one building.

Southbase Construction were awarded the contract for the construction of the multi-storey car park just prior to Christmas and will commence on site at the beginning of February.

Construction of the whole of stage one will be completed in February 2017.

The precinct-style development will become a vibrant and vital link between Christchurch’s central retail area, Hagley Park, the Cultural Precinct and the Civic Building. The master plan has been developed in conjunction with architects Warren and Mahoney and may include a number of inner-city apartments; however these still require further design and are still subject to testing of market demand.

The development will create a new benchmark for post-earthquake commercial buildings, said Craig. “The buildings will adopt the latest earthquake technology and quality design but also will deliver cost-effective and market-appropriate commercial and retail space to the city.”

The pocket park, retail component and location in the heart of Christchurch’s new CBD will deliver a level of amenity that is already keenly sought-after among potential occupiers Craig said.

Contact:

Gordon Craig
Development Manager
Ngāi Tahu Property
email: gordon.craig@ngaitahu.iwi.nz