{"id":557153,"date":"2026-08-03T05:47:09","date_gmt":"2026-08-03T05:47:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/557153\/"},"modified":"2026-08-03T05:47:09","modified_gmt":"2026-08-03T05:47:09","slug":"new-te-waihorotiu-train-station-spurs-74-4m-four-building-deal-by-wealthy-businesses","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/557153\/","title":{"rendered":"New Te Waihorotiu train station spurs $74.4m four-building deal by wealthy businesses"},"content":{"rendered":"

\u201cWe are literally right on top of what will be the busiest train station in New Zealand,\u201d Bridge said.<\/p>\n

\u201cWe\u2019ve looked at Sydney, New York, Tokyo and King\u2019s Cross in London and the impact of the opening of large-scale commuter hubs on real estate.<\/p>\n

\"TeTe Waihorotiu Station, City Rail Link, Auckland CBD. Photo \/ Sylvie Whinray <\/p>\n

\u201cOver five years, such an opening has a substantial impact on retail and office rents, occupancy and even residential values in walking distance of those stations.\u201d<\/p>\n

\u201cAuckland is at a turning point economically. You\u2019ve got a bit more confidence, but in the last four years … there were many negative things including Covid, street crime and [the] NZICC [New Zealand International Convention Centre] fire with negativity plus disruption from [the] CRL [City Rail Link] blasting a big barrier through the middle of your town.\u201d<\/p>\n

Now, Bridge said, the worst is over.<\/p>\n

\u201cAround the world, transport nodes always work and midtown is a big part of a lot of cities.<\/p>\n

\u201cIt\u2019s been difficult there with [the] CRL and [the] push towards the waterfront,\u201d he said of the recent challenges for tenants and landlords.<\/p>\n

\u201cWe believe it will all come back, with all the money that\u2019s been spent. The location right opposite the main entrance is important, as well as being right next to SkyCity.\u201d<\/p>\n

\"StoppingStopping all stations \u2013 at Te Waihorotiu. Photo \/ Michael Craig<\/p>\n

Accessibility to transport, end-of-trip services and buildings which enhance health and wellbeing are what are expected in offices these days.<\/p>\n

Occupiers are demanding better offices and employers want to get their staff back, he said.<\/p>\n

\u201cYou get people to do that by offering the ability to have all the services around them \u2013 bank, doctors, fitness, food, dry cleaners,\u201d Bridge said.<\/p>\n

Precinct Properties and Mansons TCLM had been pioneers in the sector, \u201cpicking up these trends several years ago\u201d.<\/p>\n

\"TheThe SkyCity Grand Hotel at 90 Federal St is also across the road from the new station. Photo \/ CBRE<\/p>\n

Bridge cited benefits of the CRL and forecast that it could drive up rent, demand and occupancy in the area.<\/p>\n

\u201cThe NZICC is going well, and [the] CRL will open soon, all in New Zealand\u2019s capital city with respect to business.\u201d<\/p>\n

A company incorporated in June, The Auckland Fund, bought the four buildings.<\/p>\n

\u201cA small group of private investors from all around New Zealand \u2013 but with a strong South Island input \u2013 and ourselves, of course, are shareholders via Mainland Auckland Fund JV,\u201d Bridge said.<\/p>\n

The investors would contribute to the wider precinct by investing in the buildings, he said.<\/p>\n

\" Mainland Capital’s Ben Bridge.<\/p>\n

\u201cWe\u2019re looking to upgrade the building for what tenants in 2026 expect to have in a building they want to work in, such as end-of-trip facilities and upgrading the foyer and also removing and rebuilding the top floor, level 17.\u201d<\/p>\n

SkyCity is on eight floors of 99 Albert St from six through to 14.<\/p>\n

The top floor is vacant and has been for some time, Bridge said.<\/p>\n

\"AAAA Insurance House as it looked years ago, when the business was a tenant and had naming rights. The building is between Federal St and Albert St and is one of the four buildings which are to be sold to the joint venture.<\/p>\n

AA Insurance left the building last decade to move to the Victoria Quarter in a new block, AA Insurance House, developed by Mansons TCLM.<\/p>\n

SkyCity\u2019s lease runs out in just over a year, Bridge said.<\/p>\n

\u201cThere\u2019s some good leasing prospects.\u201d<\/p>\n

\"BrettBrett Russell’s Russell Group was one of the buyers. Photo \/ Brett Phibbs<\/p>\n

Brett Russell of Russell Group said all four buildings would remain as commercial. There were no plans to convert them into hotels.<\/p>\n

99 Albert St needs a new roof, he said, although SkyCity had new lifts and air conditioning installed.<\/p>\n

There were also plans for the reception lobby.<\/p>\n

\u201cWe\u2019ve got some cool concepts we\u2019ll share in the next six weeks,\u201d Russell said, referring to work by Jasmax.<\/p>\n

\"9999 Albert St in Auckland Central, with the SkyTower to the right. Photo \/ Mainland Capital<\/p>\n

Dominion Constructors would do the building work there.<\/p>\n

Bridge said Mainland has $1b of funds invested in commercial, hotel, student, logistics, self-storage and private healthcare real estate nationally.<\/p>\n

\"TheThe Sheraton Christchurch is set to open in mid-2027 after a hotel management agreement was signed with Marriott International by Mainland Capital and the Russell Property Group.<\/p>\n

Mainland and Russell Group are also in a joint venture<\/a> working on Christchurch\u2019s Noah\u2019s Hotel, which is to become The Sheraton Christchurch.<\/p>\n

Russell said work on the exterior was almost completed.<\/p>\n

A further 40 rooms and a rooftop bar are being added.<\/p>\n

The hotel will be a 240-room block.<\/p>\n

Anne Gibson<\/a> has been the Herald\u2019s property editor for 26 years, written books and covered property extensively here and overseas.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cWe are literally right on top of what will be the busiest train station in New Zealand,\u201d Bridge…\n","protected":false},"author":2,"featured_media":557154,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[41813,274044,274042,19092,3952,8613,12683,138,10166,3595,1853,3088,66419,3468,36426,3011,274043,52402,155345,1132,117,111,139,69,109482,140047,31120,13655,8690,11685,274041,2940],"class_list":["post-557153","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-41813","tag-274044","tag-744m","tag-assets","tag-aucklands","tag-billion","tag-buildings","tag-business","tag-businesses","tag-by","tag-central","tag-commercial","tag-controlling","tag-deal","tag-drawn","tag-four","tag-fourbuilding","tag-lacklustre","tag-midtown","tag-million","tag-new","tag-new-zealand","tag-newzealand","tag-nz","tag-opposite","tag-revitalisation","tag-spurs","tag-station","tag-te","tag-train","tag-waihorotiu","tag-wealthy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/557153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=557153"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/557153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/557154"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=557153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=557153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=557153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}