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Speaker 1: Ever do for Sea Elen, one of New Zealand's largest

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Speaker 1: property developers, has just announced two massive new projects in Auckland.

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Speaker 1: Precinct Properties is buying a property on Queen Street to

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Speaker 1: build student accommodation. Also bought another property on Dominion Road

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Speaker 1: to build apartments Jashi Mark's a big move away from

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Speaker 1: commercial property towards residential property for the company. Scott Pritchett

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Speaker 1: is the Precincts Property CEO.

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Speaker 2: Hey Scott, Hi, Heather, how are you?

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Speaker 1: I'm very well, thank you. Why have you decided to

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Speaker 1: move into the residential stuff?

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Speaker 2: Well, look, I mean for a long time now we've

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Speaker 2: been developing commercial office and then in the last few

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Speaker 2: years we've sort of moved into mixed use development where

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Speaker 2: you add retail and other uses to office, and it

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Speaker 2: sort of seems to us to be a really natural

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Speaker 2: extension of our business activities to now move into residential.

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Speaker 1: Are you a little bit worried about where things are

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Speaker 1: at on the commercial property front?

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Speaker 2: Look, I think for the most part, a lot of

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Speaker 2: the valuation impacts have already been felt. You know, commercial

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Speaker 2: properties down sort of ten to twelve percent over the

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Speaker 2: last two years, and interest rates and moderating, so we

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Speaker 2: expect from here that outlook to remain more consistent and

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Speaker 2: more constant than it has been for the last few years.

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Speaker 1: Why student accommodation, Well.

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Speaker 2: I mean student accommodation is actually an international students in

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Speaker 2: particular our big economy in Auckland, we're still not back

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Speaker 2: to the levels that we were pre pandemic, and pre

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Speaker 2: pandemic that was a five billion dollar industry. One of

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Speaker 2: the biggest issues that we're seeing is that there's not

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Speaker 2: enough beds for international students to come to Auckland and

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Speaker 2: not enough regional or domestic students to come here either.

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Speaker 2: So you know, we're basically meeting that demand and want

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Speaker 2: to provide new supply so that you know, more students

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Speaker 2: can come here.

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Speaker 1: Do you weaken apartments are catching on in this country?

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Speaker 2: Well, I think they have to. You know, when we

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Speaker 2: have immigration levels at the level that we do, and

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Speaker 2: you know, we have a planning a regime which is

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Speaker 2: very permissive, which actually allows more density in and around

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Speaker 2: the city. I think we're going to see more and

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Speaker 2: more apartment living and it makes it more attainable, and

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Speaker 2: that's what we think is what's desperately needed.

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Speaker 1: Does your apartment, your apartment block, come with car parks

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Speaker 1: or no?

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Speaker 2: Oh, absolutely, Heather, you still think they're important. Look, we

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Speaker 2: do think they're important in any location. Frankly, I mean,

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Speaker 2: public transport is good and it's getting better, but you know, Q,

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Speaker 2: we still love to drive your car.

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Speaker 1: Hey, how are you going with the plans for the

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Speaker 1: apartments at the Downtown car Park site?

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Speaker 2: Look, they're they're still in design. We're incredibly excited about

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Speaker 2: that opportunity. I mean, bringing that quality and that scale

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Speaker 2: of development into the city center. I mean, one of

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Speaker 2: the things that we think is lacking in the city

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Speaker 2: center is people that live there. We've only got about

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Speaker 2: forty thousand, and we should have more like eighty two

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Speaker 2: one hundred thousand in our city center. So we're going

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Speaker 2: to try and do our part. And we're really excited

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Speaker 2: about that opportunity because I've Scotlsten.

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Speaker 1: I mean, so you've got the stuff going on at

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Speaker 1: the Downtown car Park, You've also got the stuff going

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Speaker 1: on at Queen Street. Are you Are you at all

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Speaker 1: worried about the level of crime and whether it's going

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Speaker 1: to make those desirable locations or do you reckon It'll

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Speaker 1: be sorted by the time you've actually got people living

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Speaker 1: in these buildings.

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Speaker 2: Well, we're worried about it. We need more police on

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Speaker 2: our streets in the city center. There's just there's no

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Speaker 2: doubt about that. And I think we've seen a real

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Speaker 2: absence of police and there's a consequence. You've seeing chrime

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Speaker 2: showed up to you know, really really, you know, material

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Speaker 2: and quite concerning levels. So we need more police on

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Speaker 2: the streets in the city center. And do you have hope, Well,

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Speaker 2: I'm hopeful that they're listening because there's a lot of

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Speaker 2: people talking about it and and quite rightly show because

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Speaker 2: the level of crime is at levels that have never

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Speaker 2: been seen before, so we need a response.

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Speaker 1: Scott is good to talk to you, mate, and best

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Speaker 1: of luck with it that Scott Pritchard precing Property CEO.

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