KPMG moves to the Viaduct ending months of speculation

By Christine Nikiel

Friday 7th June 2002

All bets can be settled: KPMG and KPMG Legal will move to the Thrifty site on Auckland's Viaduct in 2004.

The legal and accounting services firm announced yesterday its new offices would be a five-level purpose-built building at 18 Viaduct Harbour Ave, to be developed by Newcrest Holdings.

The building will have 8000sq m of net lettable space and construction is scheduled to begin in September. The site is owned by Viaduct Harbour Holdings which holds a ground lease on the land.

The decision comes after months of speculation over which site the firm would choose - possibilities included the Viaduct's Projex site, Trans Tasman Properties' 28 Shortland St and Manson Developments' Northern Roller Mills site.

Meanwhile, industry experts asked whether the Viaduct was too far from the CBD for firms with clients in the city.

One said the area may be "Symonds St all over again," suggesting the Viaduct may suffer the same fate as that area, which became popular during the 1980s only to lose tenants to buildings closer to the CBD.

Others suggested the move of a top accounting and legal firm cemented the future of the Viaduct.

The University of Auckland has now taken up much of the space on Symonds St.

KPMG's move means Waltus Prime Properties investors will want to see the syndicate's next strategy for the Waltus-owned and soon-to-be empty KPMG Centre.

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