Media release

February 26, 2010

ASB BANK HEAD OFFICE SHIFT A KEY FIRST STEP

IN REVITALISATION OF WYNYARD QUARTER

Sea+City Projects Ltd, the company leading the transformation of publicly-owned land in Wynyard Quarter from a largely industrial area into a vibrant new suburb on the Auckland waterfront, says the decision by Kiwi Income Property Trust and ASB Bank to locate the new ASB headquarters there is an important first step in the revitalisation of the area.

Chief Executive and Project Director John Dalzell says the massive transformation project is on time and on budget, and physical work on the Jellicoe Street area will begin in earnest in the next few months, with an Auckland City Council plan change for the area close to finalisation, and the rebuilding of the North Wharf sea wall already virtually completed.

“Aucklanders will soon see big changes in this part of Wynyard Quarter, including the restoration of the old Red Shed on Jellicoe Street and the construction of complementary small scale buildings on either side. An entry plaza will also be created at the eastern end of Jellicoe Street, where the interim Te Wero Bridge connecting Wynyard Quarter to the rest of the waterfront lands, which is close to the new ASB Bank building. Auckland City Council’s new events centre on Halsey Street Extension Wharf will also be a feature.

“The Jellicoe Street area will celebrate Wynyard Quarter’s working waterfront, allowing the public to get really close to fishing boats and seafood markets and restaurants at the eastern end of Jellicoe Street, and to boats and the marine industry at the western end, fronting the Westhaven water space. New public uses are planned for the silos, which will be retained as distinctive features of the area, on what will be public open space.

“The generous and imaginative public spaces planned for the ground floor of the new ASB building will add to the richness and diversity of the area. The building design also fits with the aspirations in our Sustainable Development Framework for the area, which aims for at least 40 per cent of new buildings in Wynyard Quarter to have the New Zealand Green Building Council five-star rating,” says Mr Dalzell.

Work on the first stage of the waterfront axis is planned to be largely completed by the Rugby World Cup next year and linked to the rest of the CBD waterfront by an interim bridge across to Te Wero Island. This first stage includes Jellicoe Street itself, the public open space at the western end of Jellicoe Street and North Wharf, the first private site on the waters’ edge.

Wynyard Quarter is set to become a leading contributor to Auckland’s urban development, creating authentic and vibrant places for people in which our communities can grow and prosper in a sustainable way, celebrating design excellence and innovation.

Sea+City Projects Ltd was established by Auckland Regional Holdings Ltd to manage the revitalisation of its 18 hectares of land on Wynyard Quarter north of Pakenham Street, and has also been appointed by Auckland City Council to manage the public works required on the whole of Wynyard Quarter. ARH is the statutory investment entity that provides ARC with its principle funding base and is part of the ARC group. Viaduct Harbour Holdings own most of the Wynyard Quarter land south of Pakenham Street.

Operating in an integrated way, Sea+City Projects Ltd facilitates and undertakes private and public projects. It engages with key stakeholders, industry and the community to strategically influence, re-shape and build the urban environment in land control by Council entities within Wynyard Quarter.

The ARH land is currently valued at more than $300 million, and sites will be leased to developers wishing to build projects in accordance with the new plan for Wynyard Quarter. This will result in a mixed use, harbour-side community with parks and plazas, apartments, shops and offices alongside the traditional marine and fishing industries. Special infrastructure is planned to create the capacity for superyachts to be refitted along the western edge, earning up to $200 million a year and creating an estimated 1500 new jobs.

The large storage tanks which have been a feature of the area for decades, and have led to it affectionately being called the Tank Farm, are gradually being removed as leases expire and new locations are found for these facilities. It is estimated that the value of the current ARH area on completion in just over 20 years will be $2-3 billion in today’s money, with receipts from annual lease payments available to finance other projects in the Auckland region.

Currently some 3500 people work within Wynyard Quarter. This is expected to increase to 14,000 on completion, with a further 7000 living there. In future 70% of transport needs are expected to be met by public transport, possibly including trams running along the waterfront and across the permanent Te Wero Bridge.

To find out more about what is happening in Wynyard Quarter, please visit www.seacity.co.nz.

Media inquiries to:

John Dalzell

Sea+City Projects Ltd Chief Executive and Project Director

(09) 336 8820

Editors’ note:

Over the next 25 years around 29 hectares of Auckland’s waterfront within Wynyard Quarter will be transformed in stages into a harbour-side community with parks and plazas, apartments, shops and offices alongside the traditional marine and fishing industries. It is one of the largest waterfront urban renewal developments ever undertaken in New Zealand.

The regeneration project is a cooperative venture co-funded by Auckland Regional Holdings (ARH), the majority landowner, and Auckland City Council, which will own the roads, promenades, wharfs, parks and plazas. Auckland City Council will also share ownership of the large headland public space with Auckland Regional Council (ARC).

ARH established Sea City Projects Ltd (SCPL) to manage the revitalisation, and its commercial land north of Pakenham Street. Auckland City Council has appointed SCPL to project manage the design and construction of the public areas throughout Wynyard Quarter. ARH is a statutory investment management entity and part of the Auckland Regional Council group.