Auckland Council could use money from Queen Elizabeth Square's sale to upgrade the area in front of the Britomart transport terminal and around the waterfront.
A new report on privatising the 2000sq m downtown civic square, straddling the bottom end of Queen St to the waterfront, has backed councillors' May 15 majority vote to approve the sale in principle.
The report written by built environment manager Tim Watts went to the council's Auckland Development Committee and said the square's sale would allow the wider redevelopment of the block. That means billionaire NZX landlord Precinct Properties could go ahead and purchase, then expand into the now public-owned square when it builds a $300 million block.
Precinct has consent for a 41-level skyscraper on its Downtown Shopping Centre site, formerly owned by Westfield NZ. Watts said the square's sale would mean downtown waterfront public areas could be enhanced, with an upgraded pedestrianised civic space in front of the former Chief Post Office and money from the sale used across other downtown waterfront public spaces from lower Albert St in the west to the Admiralty Steps east of Queens Wharf.