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Brookfield Multiplex announced last month that it has entered into an agreement with PI Capital Ltd (principals, Ian Wills and Andrew Holliday) together with investor, Mike Tololi, to jointly develop a prime parcel of land overlooking Takapuna Beach in Auckland, with plans for a boutique residential project to be developed under the Multiplex Living premium residential brand.

The 7,774sqm development parcel at 6-10 The Strand and 19-29 Hurstmere Road, will be Multiplex Living’s first apartment project in New Zealand and will form the catalyst for the revitalisation of Takapuna Beach and its retail hub.

While still in early design phase, the Brookf ield Multiplex – PI Capital joint venture is proposing a premium quality apartment development incorporating a small number of boutique offices and retail amenity.

The project , which will have unprecedented proximity to what is considered Auckland’s premier swimming beach, will be designed to maximise the undisturbed views towards Takapuna Beach and Rangitoto Island and will be geared towards the premium end of the market. According to Multiplex Living Apartments managing director, Mr Chris Palandri, the project provides the ideal launching pad for the Multiplex Living brand in Auckland. “There isn’t a better site to launch our Multiplex Living brand in Auckland, with the project situated in the heart of the Takapuna Beach retail strip, just a stone’s throw away from the ocean.

“Given the unique nature of the beach lifestyle, the absolute rarity in terms of location and the limited number of residences that will be created, this project provides the perfect opportunity to introduce the Multiplex Living brand and what it has become synonymous with – upmarket residences of unsurpassed quality,” added Mr Palandri.

The project will be Multiplex Living’s second residential development in New Zealand, with the company currently jointly developing the new North Canterbury town, Pegasus, a masterplanned community that will be home to up to 5,000 residents.

Importantly, the joint venture will look to work closely with the North Shore City Council to ensure the mutual objectives of revitalising the Takapuna Beach precinct are achieved to the benefit of all.

Agreement to jointly develop Takapuna beach site The development site extends from Hurstmere Road towards the Takapuna Beach Esplanade, with Hurstmere Green also extending along the northern boundary of the site. North Shore City Council is currently in the process of reviewing options to upgrade this reserve to further improve pedestrian connectivity between the main retail strip on Hurstmere Road and Takapuna Beach.

“We are fully aware of the significance of the site and the importance of the proposal to revitalise land adjacent to the Takapuna Beach Esplanade and we will be carefully considering urban design principles to ensure our proposal integrates with plans for the adjacent land,” said Mr Palandri.

An extensive design process is currently being undertaken by the joint venture, which will also include consultation with key stakeholders, ahead of expected lodgement of resource consents towards the end of 2008.