Tainui Group Holdings (TGH) and Kiwi Property (NZX:KPG) today announced the formation of a 50:50 joint venture over Centre Place North, paving the way to create a new heart for the Hamilton CBD, including refreshed retail experiences and a proposed office development.
The agreement is set to bring certainty and new energy to the revitalisation of Centre Place North, including exploring ways to reactivate one of the country’s first underground train stations, which sits mothballed beneath the centre.
Linda Te Aho, Chair of Te Arataura, the executive committee of Waikato-Tainui, said the iwi is pleased to play a key role in the rejuvenation of the Kirikiriroa CBD. “It’s pleasing to have reached a shared vision for how Centre Place North can contribute to a vibrant, modern and safe inner city. This is important whenua for us and it’s great to have the opportunity to shape the above ground presence for this property for generations to come,” Ms Te Aho said.
The Centre Place North joint venture extends the strong partnership between TGH and Kiwi Property, which dates back to May 2016, when Kiwi Property acquired a 50% share of The Base.
TGH CEO Chris Joblin: “We are excited by the potential of this extension of our relationship with Kiwi Property in Kirikiriroa-Hamilton. Building on our experience of working together as co-owners of The Base, we want to bring a 100-year view and some visionary thinking to create something vibrant and special to accelerate the ongoing transformation of the CBD,” Mr Joblin says.
Kiwi Property CEO, Clive Mackenzie added: “We’re delighted to be working with TGH to create an exciting new mixed-use destination for the people of the Waikato and beyond. With its pivotal location in the Hamilton CBD, Centre Place North has the potential to bring together an attractive retail, office and perhaps even residential offering. The joint venture with TGH will enable us to move more quickly to deliver this vision,” he said.
The new joint venture for Centre Place will take an initial pre-paid 100-year ground lease, with the underlying whenua (land) remaining in the ownership of Waikato-Tainui, including the land transferred to iwi ownership from beneath the existing carpark which was owned by Kiwi Property.