The University of Auckland has entered into a conditional agreement to purchase the 5.2ha former Lion Breweries site in Newmarket.
A decision on whether to go unconditional will be made in April 2013.
University of Auckland vice-chancellor Professor Stuart McCutcheon says the site offers long-term growth potential close to the City and Grafton Campuses.
The site – on Khyber Pass Road – is in the heart of Newmarket and close to the Grafton train station.
The move means the University must abandon the Tamaki campus where The University of Auckland clinics and Communications and Information Technologies research centre is based.
Ironically, Lion Nathan moved to East Tamaki years ago, purchasing a 16.7ha site for its brewery.
If it gets the green light, the Newmarket site will have purpose-built teaching and research facilities and student accommodation.
University of Auckland vice-chancellor Professor Stuart McCutcheon said the growth of the University means it needs to build or acquire space at the rate of 6000m2 per year for the foreseeable future.
“In 2008, we widely consulted on, and subsequently adopted a plan to concentrate our academic activities on the City and Grafton Campuses. However at 6000m2 pa these campuses can only sustain only 10-15 years of growth.
Lion Nathan has had the site since 2010, when it reclaimed it from Great Northern Developments, a subsidiary of AMP Capital Investors.
The agreed sale price was $162 million.
The plan was to build a high-rise retirement village, offices, apartments and shops. It never eventuated.
Victoria Young
Thu, 13 Sep 2012
Thu, 13 Sep 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
University confirms agreement for Newmarket site
23812