Sharechat Logo

Spencer breaks new ground

By Campbell McIlroy

Friday 17th March 2000

Text too small?
Covington Corporation turned the first sod for its new Spencer on Byron Hotel development on Wednesday.

The development will be the dominant landmark on Auckland's North Shore landscape. At 23 storeys high it will be the tallest structure north of the Auckland Harbour Bridge.

The hotel will comprise 249 studio or one-bedroom units, plus an additional six penthouses which will not be part of pooled accommodation.

The hotel will be managed by Castle Group, which has taken a 10-year management contract with a right of renewal for a further 10 years.

The main contractor for the development is Multiplex. Demolition on the site started on Wednesday, with piling due to start on Monday and the crane on site by the end of May. The 15-month construction contract is due for completion in June 2001.

Investment units are being offered with a guaranteed return of 8% for the first two years. After this, returns will be based on management performance but with a guaranteed minimum of 8% for the next three years and 6% for the next five years.

Already, 91% of the units have been pre-sold.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report