No agreement on Pakuranga Town Centre joint venture

AUCKLAND Council and GYP Properties have been unable to reach an agreement on the terms for a joint venture to redevelop Pakuranga Town Centre, which is in an area where both parties are major landowners.

Both parties signed a non-binding Memorandum of Understanding (MOU) in August 2015.

However, GYP Properties will continue to progress a revised development plan that will be built on GYP Properties-owned land exclusively, said Mah Bow Tan, chairman of GYP Properties' parent company Global Yellow Pages.

"We saw an opportunity to deliver to the community a truly integrated development that included housing, new community facilities and improved retail alongside the proposed major transport investment. GYP Properties will continue to develop on our own footprint with a mix of residential, commercial and retail to deliver a thriving town centre," Mr Mah added.