By Campbell McIlroy
Friday 17th March 2000 |
Text too small? |
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.
No comments yet
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director
CHI - New customer contract to upgrade Marsden Point
Synlait announces changes to Board of Directors
May 1st Morning Report
Devon Funds Morning Note - 30 April 2024
New Rural Advocacy Hub to be launched at Fieldays 2024
Serko signs five-year partnership renewal with Booking.com
NPH - 2024 Half Year Results Announcement Date