Development Delays

Unfortunately, one of the country’s biggest shopping developments planned for 2019 will not be going ahead this year. Precinct Properties New Zealand released news that their Commercial Bay project’s opening date is to be delayed until 2020, with the official launch time yet to be confirmed.

The precinct was initially planned to debut in September of 2019 but has been put off until some time in March next year. This is the projects second delay, with the first planned opening in October of 2018.

“The last two months have been critical in progressing the project, and it is unfortunate to have to confirm that we have observed further slippage beyond what we observed earlier this year,” said the CEO of Precinct Properties New Zealand, Scott Pritchard.

The delay is expected to dramatically increase the cost of the development, adding an extra $10 million to the already $690 million project. The delays, according to Prichard, are due to “slippage” in the construction process.

According to Precinct Properties, their current priority is with their retailers and creating a smoother process for them moving forward.

“Our key priority is ensuring that all retailers can plan their opening at Commercial Bay with confidence and that our office occupiers can effectively transition to their new premises,” concluded Pritchard.