Precinct enters multi-unit residential development market

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz
Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand

 
NZX announcement – 20 December 2022

Precinct enters multi-unit residential development market

Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) is pleased to announce today its
entry into the multi-unit residential development market in partnership with Auckland based
private equity real estate developer Lamont & Co.
The multi-unit residential development business will be jointly owned by Precinct and Lamont &
Co. and will focus on the delivery of high-quality multi-unit residential development initially in
Central Auckland.
Scott Pritchard, Precinct’s Chief Executive said, “Entering the multi-unit residential market is a
natural extension for Precinct. As New Zealand’s largest owner and developer of high-density
city centre commercial property, and with a core strategy focused on mixed-use precincts,
residential will complement our overall strategic direction and provide further competitive
advantage.”  
“Precinct has considered a residential development strategy for a number of years, and we
feel now is an opportune time” Pritchard added, “the current challenging market represents an
ideal entry opportunity, with a greater range of good quality sites available and less
competition than in a strong market.”

“Precinct is excited to be working alongside the successful and experienced team of Lamont &
Co. Their strong development capability in delivering successful, high quality multi-unit
residential development, alongside Precinct’s management expertise, scale and access to
capital is something unique in a currently fragmented build-to-sell multi-unit residential market.”
The new business will continue the delivery of Lamont and Co.’s existing portfolio, as well as
identifying and originating new development opportunities.
Precinct will not be initially investing in Lamont and Co.’s existing projects but expects to
participate in future developments alongside other capital partners.

Ends

 
Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz
Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Generator, 30 Waring Taylor Street, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand PO Box 2, Wellington 6140, New Zealand

 
For further information, please contact:

Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz


About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominantly in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT’s portfolio
includes Auckland’s HSBC Tower, AON Centre, Jarden House, Deloitte Centre, 204 Quay Street,
Mason Bros. Building, 12 Madden Street, 10 Madden Street, PwC Tower and Commercial Bay
Retail; and Wellington’s AON Centre, NTT Tower, Central on Midland Park, No. 1 and No. 3 The
Terrace, Mayfair House, Charles Fergusson Building, Defence House, Bowen House, Freyberg
Building and 30 Waring Taylor Street. Precinct owns Generator NZ, New Zealand’s premier
flexible office space provider. Generator currently offers 15,770 square metres of space across
nine locations in Auckland and Wellington.