Shoebox neighbour for towering Vero Centre
Sunday 6 June 2004
Plans are in hand for three high-rise Auckland apartment towers which would bring an extra 843 units to the inner-city - including one in front of the country's best office block.
By The LandlordAustralian apartment specialist First City Developments yesterday made its latest planning move for its proposed 38-level, 378-unit tower opposite the Vero Centre at 48-56 Fort St.
The tower was approved in 2002 but the company has since bought more land and wants to alter it.
The 21,388sq m tower is planned for a block of land near the intersection of Fort and Gore Sts, rising directly in front of the 40-level, $200 million Vero Centre, New Zealand's tallest office tower and home to a top line-up of tenants in commercial property, including law firms Russell McVeagh and Bell Gully, and stockbrokers Goldman Sachs JBWere and ABN Amro.
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There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.
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Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.