Media Release – February 2008

McConnell Property and Hamilton International Airport announce new partnership for major business park development

Hamilton International Airport and McConnell Property today announced a joint venture partnership to develop a major commercial and industrial park on airport owned land.
Hamilton International Airport is a wholly owned by five local councils and is sited strategically between state highway 1, 3 and 21 in the heart of one of New Zealand’s largest export regions.

Once rezoning of the airport land is completed, anticipated for mid 2008, the joint venture will be an equal shareholding between the airport company Waikato Regional Holding Limited, and McConnell Property

The relationship is highly complementary.  The airport company has the land but lacks the resources and expertise to develop it.  McConnell Property is part of the McConnell Group of companies that have been responsible for delivering some of New Zealand’s most complex projects.

Airport Chairman Jerry Rickman said, “We are delighted to be partners with McConnell Property and we are looking forward to capitalising on the business parks strategic location. McConnell Property is a well respected and experienced developer with a heritage of delivering large scale land development projects in the greater Auckland and Waikato regions.”

McConnell Property Chief Executive Martin Udale said, “We are pleased to form this important new partnership with Hamilton International Airport as we believe creating long-term value from this prized land holding will have a significant and positive impact on the Waikato region.” 

Hamilton Airport Chief Executive Chris Doak said,”an extensive due diligence process had been undertaken to ensure that the airports aeronautical interests have been protected for the long term while maximising the value of surplus land holding surrounding the airport.” 

It is the intention of the joint venture that this business park development will set a new yardstick for quality, diversity, and sustainability, and will be one of the foremost business locations in the Waikato region.

Doak added, “We intend to develop and market the business park with a range of freehold and leasehold options for all sized businesses, and this mixed tenure will create a high quality business community  comprising a balanced mix of commercial, industrial, clean manufacturing and aviation use.”

There will be significant and ongoing economic benefits to the regional economy as a result, including an estimated 5,000 people to be employed on the business park when complete. The business park will fully complement and support the Airport as a strategic asset for the region, and the surrounding road and services infrastructure will be upgraded as part of the development. The business park will also help support the planned aviation cluster for the area and will improve Waikato transportation.  

There will also be social and environmental benefits to Waikato, as it will be a high quality and planned business park that will include a range of clean uses. The master-plan will embrace leading environmentally sustainable design principles.

Udale added, “Connections to the local community and wider social benefits will be encouraged as part of the development. Consultation has already been undertaken with iwi and other key stakeholders and we believe there is widespread support for the planned improvements. The joint venture has a long-term commitment to the business park and to ensuring its success.”

Rickman concluded, “We are looking forward to working with McConnell Property and beginning the transformation of this airport owned land into one of the best business parks in New Zealand”

ENDS
For further information contact:

About McConnell Property or the business park Nigel Richards, Head of Commercial and Industrial, McConnell Property Ltd ph 09 374 3300

About Hamilton International Airport
Chris Doak, CEO Hamilton International Airport, ph 07 848 9027