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Spencer breaks new ground

By Campbell McIlroy

Friday 17th March 2000

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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.

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