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Auckland Airport attracts four new property developments worth $29M

Tuesday 6th July 2010

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Auckland International Airport  attracted four new property development projects worth some $29 million last week.  

The four new deals lifts total property development under construction or committed in the airport business district over the past 12 months to some $115 million. The projects include a food innovation centre to develop and test products for commercialisation, a private travel and tourism training school, a commercial office building and a warehouse facility.  

“Auckland Airport intends to develop an airport business district to match the likes of Singapore, Hong Kong, Seoul and Dubai airports in acting as a hive of economic activity, and a world-class business experience in its own right,” said Peter Alexander, Auckland Airport’s general manager of property.

“With more than 18 million people passing through each year, and tipped for stronger than average growth over the next decade, businesses are seeing the Auckland Airport business district as the best place to locate,” he said. 

The airport has boosted its reliance on side-ventures such retail and property rentals, which made up 39% of its $182.9 million revenue in the six months ended December 31.

The gateway will take an $80 million hit on its full-year bottom line from changes to its deferred tax liability due to tax changes removing the ability to claim depreciation on buildings.  

The shares fell 0.5% to $1.89 in trading today.

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