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Soho Square to be offered to the market

Press Release – Grant Thornton

Receiver of the Soho Square development site in Ponsonby, Tim Downes of Grant Thornton New Zealand Ltd, announced today that the landmark Ponsonby site would be offered to the market in a campaign headed by Bruce Whillans, principal of Ray White’s …Press release

17 May 2011

Soho Square

Receiver of the Soho Square development site in Ponsonby, Tim Downes of Grant Thornton New Zealand Ltd, announced today that the landmark Ponsonby site would be offered to the market in a campaign headed by Bruce Whillans, principal of Ray White’s Auckland commercial operations.

Downes said that the Receivers’ focus on the property since appointment had been on adding value via improving the permissible development on the site. This was achieved in March this year when resource consent was granted for a mixed use development of 45,348sqm on the site, versus the previous consent of 32,286sqm when the site was offered to the market in early 2010.

Downes said that improving the permissible baseline development on the site has created a significant building envelope which can now be fine- tuned by the ultimate developer of the site.

“There has been continuous interest in the property from a number of parties throughout this value add phase, and the time is now right to bring the property to market again” said Downes, adding that he was confident of achieving a result this time.

ENDS

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