Precinct Properties has paused plans for a 227-metre office tower on Auckland's waterfront, which would have been the city's second-tallest structure, 1News reports.
The tower was part of the redevelopment of the Downtown Car Park site, alongside a 162-metre residential tower that the company put on indefinite hold in August. In a statement to the NZX, Precinct said it would not continue with the development under current market conditions.
The company said it had gained resource consent, appointed a contractor and pre-let around half of the office space, but renewed inflation, high long-term interest rates, a weaker New Zealand dollar and higher financing costs had made long projects much harder to justify. Chief executive Scott Pritchard said Precinct would keep the site running as a car park and return surplus capital to shareholders.
Source: 1News
