\u201cTogether, these projects bring our committed student accommodation pipeline to 1602 beds – a significant step toward meeting the growing demand for high-quality student housing in T\u0101maki Makaurau.\u201d<\/p>\n
Plans for New Zealand’s single largest purpose-built student accommodation tower at 256 Queen St in Auckland’s centre. Photo \/ Precinct Properties<\/p>\n
Precinct aims to have the Queen St tower finished for the start of the 2029 academic year.<\/p>\n
Its Stanley St project is larger than Queen St.<\/p>\n
The Parnell scheme is a $290m 960-unit student accommodation block with building started in June, due to open in 2028.<\/p>\n
Plans (left) for the new $290m student accommodation block at 22 Stanley St, Parnell. Photo \/ Precinct Properties<\/p>\n
On Monday, Precinct launched<\/a> a $310m equity raise to fund growth through a fully underwritten $285m placement and a non-underwritten share purchase plan targeting $25m.<\/p>\n Proceeds are to repay bank debt and fund the Queen St project.<\/p>\n The placement was underwritten at $1.23 per new stapled share, being a 7.5% discount to the last closing price of $1.33 on last Friday and a 7.7% discount to last week\u2019s five-day volume-weighted average price of Precinct\u2019s stapled shares.<\/p>\n Chief executive Scott Pritchard said Precinct was positioning itself for sustained earnings growth.<\/p>\n Bosher said today that the business had been working on the Queen St project since the second quarter of last year. <\/p>\n \u201cIt\u2019s been a big journey to get there in difficult market conditions. We\u2019ve signed the contract and take possession of the site on November 3. It\u2019s great to have positive news.<\/p>\n \u201cEach of the 638 units will have its own bathroom and own kitchen so it\u2019s world-standard student accommodation, a premium offering.\u201d<\/p>\n Icon also built a new 18-level student accommodation building with nearly 700 rooms at 66-77 Lorne St in Auckland CBD.<\/p>\n That is for Cedar Pacific, with UniLodge to be the operator, Bosher said. Like Precinct\u2019s Queen St tower, the Lorne St block was designed by Ashton Mitchell.<\/p>\n Precinct\u2019s new Queen St block will be about 400m from the University of Auckland<\/a> and AUT University<\/a>.<\/p>\n Architects Ashton Mitchell said the project would help revitalise Auckland\u2019s midtown precinct.<\/p>\n The former Auckland Savings Bank Headquarters, built in 1884, is listed as a Category 1 Historic Place.<\/p>\n It was designed by Edward Bartley and is an Italianate building which has served many roles.<\/p>\n \u201cThe development carefully retains and restores ornate heritage fa\u00e7ades and interiors, including the coffered ceiling of the grand banking hall, ensuring the building\u2019s historic character continues to enrich the Queen St streetscape,\u201d Ashton Mitchell said.<\/p>\n The studio-style student rooms will each have a kitchen and bathroom. <\/p>\n The atrium will be triple-height with a spiral staircase.<\/p>\n Precinct $3.7b residential plans, largest to smallest:<\/p>\n 22 Stanley St, Parnell<\/a>: $290m 960-unit student accommodation, consented, building started in June, due to open 2028.256 Queen St, $201m, 638-unit, 32-level student accommodation, Icon appointed.Pumanawa\/Downtown Carpark<\/a>\u00a0site: 160 units, not started, being designed.Mt Eden<\/a>: $100m+ 198-222 Dominion Rd and 113-117 Valley Rd: 135 units, consented, work yet to begin.Fabric 2, Onehunga, finished next year: 118 units.The Domain Collection, Newmarket, completion next year: 65 units.York House, Parnell, completion next year: 41 units.Pillars<\/a>, 99 College Hill, St Mary\u2019s Bay: $100m scheme for 20 units, non-notified, consented.Joint venture with Orams Group<\/a>\u00a0to develop its big Wynyard Quarter site, numbers not announced.<\/p>\nDan Bosher heads Icon in New Zealand and the company will build the new student tower. Photo \/ Jason Oxenham<\/p>\n
Dan Bosher heads the New Zealand arm of construction business Icon. Photo \/ supplied by Icon<\/p>\n
The new student accommodation block which Icon is building for Cedar Pacific on Lorne St in Auckland CBD. Photo \/ Ashton Mitchell<\/p>\n
256 Queen St, Auckland CBD: Precinct is building its student tower here. Photo \/ Google Street View<\/p>\n