INVESTING IN THE AUCKLAND WATERFRONT - Request for Expressions of Interest
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INVESTING IN THE AUCKLAND WATERFRONT Request for Expressions of Interest
The thriving waterfront strip of eateries and bars that make up North Wharf
CONTENTS
1. Executive Summary
2. Investment Opportunity
3. Waterfront Auckland
4. EOI Responses
5. Appendices
A. EOI Information Required
B. Land Parcels
C. The Waterfront Plan
D. Team Waterfront Auckland
Page 3
WYNYARD QUARTER
• The redevelopment of Wynyard Quarter on Auckland’s
waterfront will be the largest transformational
commercial and residential development opportunity
in central Auckland in the foreseeable future
• Prominently and strategically located to the west of the
current CBD, Wynyard Quarter incorporates some of
the best mixed-use waterfront land of any major city in
New Zealand
• Redevelopment has already started (having commenced
in 2004) with several major corporate office buildings
and an entertainment precinct already in place
• A unique and exciting opportunity now exists for the
next stage of development in the Wynyard Quarter
Central Precinct
• Waterfront Auckland, the organisation tasked by
Auckland Council to manage this development, has
identified three strategic zones for redevelopment:
• Commercial office development centered around an
innovation hub
• Residential including mixed-use apartment and
townhouse developments
• International hotel
Silo Park, Wynyard Quarter
Page 5
Westhaven
Marina
Central Jellicoe Hotel Viaduct
Precinct Precinct Site Harbour
Wynyard Wynyard
Quarter Quarter
Auckland waterfront showing the
Wynyard Quarter area of development
AUCKLAND’S Wynyard Quarter and the
WATERFRONT Central Precinct enjoy
exceptional positioning on
Auckland’s waterfront
Ports of
Auckland
Britomart CBD
Transport
Centre
RESIDENTIAL / MIXED USE
OFFICE / INNOVATION HUB
HOTEL
Page 7
CENTRAL PRECINCT SITE PLAN1
Indicative Site Proposed
Site Description Area (sqm) GFA (sqm) H
A Residential 5,050 17,000 – 20,000
B Residential 2,710 9,000 – 11,000
C Residential 2,550 10,000 – 12,000
D Residential 6,230 23,000 – 26,000 A B F C
E Residential 4,120 16,000 – 18,000
F Commercial 5,965 25,000 – 27,000
G Commercial 8,455 30,000 – 32,000 D E G
H Hotel 5,500 16,000 – 20,000
1
Includes Hotel site.
Wynyard Quarter
Viaduct
Central Precinct
CBD
EXPRESSIONS OF INTEREST
This Request for Expressions of Interest (‘RFEOI’) provides further information on the
opportunities and details the responses being sought from private sector parties interested
in participating in the developments.
In relation to the Central Precinct, respondents are Waterfront Auckland has appointed Rothschild,
asked to submit expressions of interest to either: Cameron Partners2 and Colliers International to act
on its behalf in relation to the process.
• Enter into long-term ground leases with
development arrangements with Waterfront Respondents are asked to submit expressions of
Auckland acting as Master Planner; interest by 14 May 2013 to any of the following
parties:
and / or
• Enter into alternative development structures
and / or funding arrangements with Waterfront
Auckland to deliver a full range of outcomes
Duncan Wilmer Paul Dougherty John Goddard
Managing Director Partner Director – International Sales
Rothschild Cameron Partners Colliers International
p +61 2 9323 2330 p +64 9 912 8585 p +64 9 356 8837
m +61 401 134 117 m +64 21 570 674 m +64 21 947 566
e duncan.wilmer@rothschild.com e paul.dougherty@cam.co.nz e john.goddard@colliers.com
2
Whilst Rothschild and Cameron Partners have been appointed to advise on any structured or corporate arrangement that is only on the basis that the transaction
does not involve any real estate agency work (as defined in the Real Estate Agents Act 2008). If the transaction involves any real estate agency work then the role of
Rothschild and Cameron Partners will be limited to providing strategic and financial advice with Colliers undertaking the real estate agency work.
Page 9
SECTION ONE EXECUTIVE SUMMARY Karanga Plaza looking down to North Wharf is adjacent to the Viaduct Events Centre in Wynyard Quarter
EXECUTIVE SUMMARY
REVITALISING THE
AUCKLAND WATERFRONT
• Auckland is New Zealand’s largest city. Home to 1.46
million people, Auckland has been experiencing rapid
population growth and this trend is expected to continue
• Approximately 68% of all visitors to New Zealand arrive
through Auckland International Airport annually
• Auckland Council has a vision to make Auckland the
world’s most liveable city. An important element of
this is the redevelopment of the Auckland waterfront,
transforming it to a high-quality mixed-use area and
uniting the waterfront with the adjacent CBD, showcasing
highly sustainable urban and architectural design
• The proposed Innovation Hub is a key component of
Auckland Council’s economic development strategy
providing jobs and growth
• The total redevelopment forms part of Auckland Council’s
Waterfront Plan, funded by the Long-Term Plan (LTP)
and is expected to occur over 30 years. As part of the
LTP, Auckland Council has already committed funding
over the next 10 years to support the development of
infrastructure assets, parks, public spaces as well as
commercial seed capital
• Private sector participation is sought for 8 leasehold
development sites in Wynyard Quarter
The Viaduct Events CentreNew Zealand and Auckland population
6.0m 3.0%
CBD population (% of Auckland)
Forecast
Population (million)
5.0m 2.5%
4.0m 2.0%
New Zealand total
3.0m 1.5% Auckland
2.0m 1.0% CBD population (% of Auckland)
1.0m 0.5% Source: Statistics New Zealand, Colliers International Research
0.0m 0.0%
1996 2001 2006 2011 2021 2031
Visitor arrivals to New Zealand
3.5m 4.0%
Forecast
CBD population (% of Auckland)
3.0m
3.0%
Population (million)
2.5m
2.0m 2.0%
Total visitors
1.5m Year-on-year growth
1.0%
1.0m
Source: Statistics New Zealand, Colliers International Research
0.0%
0.5m
0.0m -1.0%
2005
2006
2007
2008
2009
2010
2011
2012f
2013f
2014f
2015f
2016f
Page 13An artist’s impression of the
EXECUTIVE SUMMARY proposed residential / mixed-use
area in Wynyard Quarter
REVITALISING THE
AUCKLAND WATERFRONT
• The development of the Wynyard Quarter is a key
initiative of the Waterfront Plan, LTP and imperative to the
revitalisation of the Auckland waterfront
• As part of this initiative, Waterfront Auckland has identified
7 core development areas (shown in the adjacent diagram),
5 of which are included in the RFEOI process (a total of 8
leasehold development sites).DEVELOPMENT AREAS OF THE
WYNYARD QUARTER
PART OF RFEOI: Hotel / Mixed use
PART OF RFEOI: Office / Innovation
PART OF RFEOI: Residential 1
PART OF RFEOI: Mixed Use (Heavily commercial, some residential)
PART OF RFEOI: Mixed Use (residential, some commercial)
Marine
Residential 2 (2022-2030)
Residential 2
Marine Residential 2 Hotel/Mixed
Mixed Use
Residential 1
Office / Innovation
Page 15EXECUTIVE SUMMARY
PRIVATE SECTOR PARTICIPATION IS BEING SOUGHT FOR
THE FOLLOWING CENTRAL PRECINCT DEVELOPMENTS
Opportunity Description of masterplan vision Indicative development statistics
• Strategic and sustainable development sponsored by Auckland Council, the Ministry of • Population: 3,000 workers
Science and Innovation and the Auckland Tourism, Events and Economic Development group • Site area: 12,000 – 14,400sqm
Office /
• Proposed GFA: approximately
Innovation • Aims to co-locate a mix of firms from the ICT, digital media, R&D and business incubation
59,000sqm (including up to 46,000sqm
Hub sectors in a series of commercial buildings, including a new multi-national tenant
of commercial and a basement car park)
• New Zealand’s launching pad for business going offshore, accommodating prime office space • Total development cost1: $170 – $190m
• Population: 1,100 – 1,500
• Mixed-use sustainable developments clustered on the edge of the office / innovation precinct
• Apartments: 600 – 800
Residential with central courtyards
• Site area: 20,000 – 22,000sqm
development • Dwellings will capitalise on views and prime location, complemented with retail activity and
• Proposed GFA: 65,000 – 100,000sqm
community infrastructure on the ground floors
• Total development cost1: $320 – $380m
• Site area: 5,500sqm
• High-end hotel planned on the western edge of the Viaduct Harbour • Proposed GFA: 16,000 – 20,000sqm
(no ballroom or conference facilities;
5-star hotel • Offers prime waterfront location in close proximity to Auckland’s CBD, entertainment hubs proposed food and beverage retail is
and Wynyard Quarter developments ~1,800sqm)
• Total development cost*: $120 – $135m
Public • Projects critical to building a city precinct for all Aucklanders, and to complete a dense,
liveable and mixed-use urban environment
Infrastructure
and Catalyst • Range of public spaces, infrastructure and amenity projects (cruise facility, tram extension,
Projects heritage sites, refurbishment of character buildings, solar energy, childcare, heritage shipyard) * Not including funding costs or land costNEW ZEALAND AND AUCKLAND PROVIDE VERY STRONG
REAL ESTATE INVESTMENT FUNDAMENTALS
Opportunity Commentary
New Zealand • New Zealand presents investors with a stable political and regulatory environment
has strong
• Favourable economic and demographic forecasts indicate a base for solid long-term returns
economic
fundamentals • New Zealand ranks highly compared to other countries in terms of investor protection, lack of corruption and ease of doing business
Auckland • Auckland is New Zealand’s largest city and economic hub and is home to more than 1.46 million people
is a major
• Auckland accounts for approximately 36% of New Zealand’s GDP
gateway city
• Over 60% of the top 200 companies in New Zealand operate in Auckland
• An increased demand for prime office space is expected as Auckland CBD consolidates its position as New Zealand’s business hub
Auckland’s
fundamentals are • Auckland’s population is expected to grow at an average of 1.5% p.a. (compared to a national 0.9% p.a.)
underpinned by • There is a current shortage of residential dwellings in the short to medium-term. This is expected to intensify with an estimated
strong demographic 380,000 new homes required across Auckland by 2041
trends • Approximately 68% of international visitors to New Zealand arrive through Auckland
• Tourism activity in Auckland is expected to grow over the next five years; hotel room supply has not kept up with recent and forecast growth
• Located in the Wynyard Quarter, the Central Precinct is adjacent to the Auckland CBD
• The Central Precinct is to be an example of sustainable urban transformation
Prime,
waterfront • The project will provide a unique value proposition to attract investors, businesses and residents and showcase Auckland as a smart,
location globally relevant city
• The Central Precinct will be an economic driver for Auckland and the Innovation Hub is considered a key part of the Waterfront Plan
and LTP
Page 17Silo Park, in Wynyard Quarter
EXECUTIVE SUMMARY
LOCAL GOVERNMENT SUPPORT
Opportunity Commentary
• Auckland Council has a vision to make Auckland the world’s most liveable city
• An important element of this is the redevelopment of Auckland’s waterfront to become a
The waterfront high quality, mixed-use residential, retail, office and hotel area
redevelopment enjoys • The total redevelopment forms part of Auckland Council’s LTP for the next 30 years
substantial Auckland • A significant amount of investment in public infrastructure has already occurred, with
Council support approximately $285m in additional expenditure already committed over the next 10 years
as infrastructure and seed capital
• The Central Precinct in Wynyard Quarter is core to the LTP
• Waterfront Auckland is leading the waterfront initiative on behalf of the Auckland Council
Waterfront Auckland
has the skills and • As well as managing this process, the Waterfront Auckland management team has a strong
capability to assist in background in New Zealand based commercial development
delivering the vision • Waterfront Auckland has a deep understanding of stakeholder expectations and approval
processes
Waterfront • Amongst its credentials, Waterfront Auckland delivered North Wharf in the Jellicoe
Auckland precinct in August 2011 and the ASB Commercial project
delivered • Information on Waterfront Auckland’s involvement and role in delivering these initiatives
North Wharf, can be found in Section 3
Wynyard QuarterPROCESS DETAILS
• Interested respondents should respond in writing no later than 5:00 PM on 14 May
Responses 2013 (NZT)
• The information sought from interested respondents is set out in Section 4
It is intended that a shortlist of respondents will be selected to receive further information
allowing them to submit a detailed proposal. In selecting the shortlist Waterfront Auckland will
have regard to:
• The quality of the counterparty (e.g. reputation, financial strength, track record)
Basis for • The understanding of, commitment to and relevant experience in delivering outcomes that
shortlist match Waterfront Auckland goals for the waterfront development such as urban design,
sustainability, diversity and community infrastructure
• The understanding of, commitment to and relevant experience in blending public infrastructure
and catalyst projects (Section 2) with commercial development opportunities
• Expected return requirements and other broad financial considerations
• Innovative ground lease structures that create value to all parties
• Innovative proposals for delivering greater value to the waterfront development
Communications • All communication (including responses to this RFEOI) should be addressed to the contacts
provided
Page 19SECTION TWO INVESTMENT OPPORTUNITY
INVESTMENT OPPORTUNITY
NZ PROVIDES AN ATTRACTIVE INVESTMENT ENVIRONMENT
• Transparent real estate sector; title • First equal for absence of do 51% of wholesale trade employees,
guaranteed protectionism (IMD, World highlighting Auckland’s role as a
Competitive Yearbook 2012); distribution centre to the rest of
• Favourable long-term economic
the country
indicators and solid long-term returns • Third for ease of doing business and
with low volatility first for starting a business (World • Auckland houses 41% of all NZ’s
Bank 2012); and tertiary students, 43% of employment
• High-quality, good-value assets and a
in professional, scientific and technical
market which is rising quickly from the • First on Forbes’ “Best Countries for
services, and 45% of all media and
bottom of the property cycle Business” for 2012
telecommunication employees
• A stable political and regulatory
AUCKLAND IS NEW ZEALAND’S • Auckland’s population is growing
environment
LARGEST CITY AND HOST TO THE at a faster rate than any other New
• A benign tax environment and limited MAJORITY OF THE POPULATION Zealand centre. Approximately half of
property-associated taxes - no capital AND COMMERCIAL ACTIVITY all population growth in the country
gains tax for investors, no land tax and between the 2001 census and the 2006
no stamp or conveyance duty • Auckland is NZ’s largest commercial census was in Auckland. Furthermore,
centre and wealth creator and supplies 47% of permanent and long-term
• Positive migration and demographic services to the rest of the country. It arrivals settle in Auckland
forecasts is New Zealand’s main international
• Auckland’s current population is
• Stable investment for foreign and local gateway, through which over 70% of
estimated at 1.46 million, and is
ownership: all international visitors arrive
projected to increase by one million
• New Zealand ranks first in the world • It provides 35% of New Zealand’s by 2040, at which time it will comprise
for protecting investors (World GDP and is home to over 60% of the approximately 40% of the national
Bank, Doing Business Report 2011 top 200 companies in the country. population. The population growth
and 2012); Additionally, 61% of New Zealand’s will trigger demand for approximately
imports arrive into Auckland 380,000 houses and many new
• First equal for lack of corruption
business premises
(Transparency International, • 46% of the country’s employees in the
Corruptions Perceptions Index 2012); finance sector work in Auckland, as• By 2021, 27% of Auckland’s population • The planned redevelopment is
is expected to be of Asian ethnicity, an expected to extend over the course of
increase from 19% in 2006. 30 years, directly supporting 20,000
new full time jobs in Auckland as Auckland
THE AUCKLAND WATERFRONT well as contributing indirectly to the
IS A PIVOTAL AREA FOR THE creation of an additional 20,000 jobs
FUTURE VISION OF AUCKLAND across the region
• Auckland Council has identified the • The Auckland waterfront is expected
Auckland waterfront as a focal point for to become a key economic driver for
investment and development the city in the future. It is forecast that
by 2040 the waterfront redevelopment
• Auckland Council is supporting this will contribute $4.29 billion to
redevelopment initiative with targeted Auckland’s economy (PwC report
Wellington
public investment in infrastructure and 2010)
catalyst projects that will complement
commercial developments on the • Additional information on the
Auckland waterfront Waterfront Plan, including a 30 year
timeline and the projected investment
• The redevelopment aims to transform over this period can be found in
Christchurch
the waterfront into a world-class Appendix C
destination that promotes a balance of
sustainability, resilience and productivity
DunedinINVESTMENT OPPORTUNITY
CLEAR OBJECTIVES FOR DEVELOPMENT OUTCOMES
Waterfront Auckland’s mandate is to execute and implement projects in Waterfront Auckland’s Area of Ownership co-operating
with relevant Council-Controlled Organisations. Waterfront Auckland aims to optimise the development and management of the
waterfront assets to generate long-term sustainable returns. It also delivers public realm and non-commercial projects to achieve the
agreed vision of the city waterfront, the city centre and for Auckland
To achieve this vision, Waterfront Auckland has identified five key goals for the development:
Goal Description
A blue-green • A resilient place where integrated systems and innovative approaches are taken to enhance the marine and natural eco-systems
waterfront while focusing on sustainability and minimising environmental impacts
• A place for all Aucklanders and visitors to Auckland, a destination that is recognised for its outstanding design and architecture,
A public
natural environmental quality, public spaces, recreational opportunities, facilities and events; a place where we protect and express
waterfront our cultural heritage and history, and celebrate our great achievements as a city and nation
A smart working • Attracts high-value, innovative, creative and green businesses and investment to achieve a significant lift in productivity, a place for
waterfront authentic and gritty waterfront activities: the marine and fishing industries, water transport and port activities
• A place that is highly accessible, easy to get to and to move around in, where people feel connected to the wider city and beyond by
A connected
improved pedestrian and cycling linkages, fast, frequent and low-impact passenger transport, state-of-the-art telecommunications
waterfront and through supportive community and business networks
A liveable • The location of leading sustainable urban transformation and renewal in Auckland; the most liveable New Zealand central city urban
waterfront community; a vibrant mix of residents, workers, visitors and activities. A welcoming and resilient neighbourhood that is safe, diverse
and attractive, with plentiful open space and access to local services and facilitiesSTRONG COUNCIL SUPPORT AND INVESTMENT
Auckland Council has committed $285 million to fund key elements of the waterfront redevelopment including:
• Parks and public spaces
• Infrastructure projects such as the marina redevelopment and street creation
• Commercial seed capital for public and selected catalyst projects
Wynyard Quarter Tram Extensions
$105 million and other Waterfront
Auckland Investment
$10 million
Westhaven Wynyard Quarter Wynyard Quarter Queens Wharf
Marina Marine Precinct Headland Precinct Cruise Ship Terminal
$53 million $54 million $51 million $12 millionSnapshot of Waterfront
WATERFRONT Auckland’sAREA
AUCKLAND’S Area ofOF
Ownership
OWNERSHIP
Waterfront of Auckland Area of Ownership
Waterfront Auckland Waterspace (associated with berthage and marina activity)
Waterfront Auckland Area of Influence (all land to the north of the 1840 shoreline)
Wynyard Quarter Central Precinct3INVESTMENT OPPORTUNITY
THE IMMEDIATE DEVELOPMENT PRIORITY FOR THE
WYNYARD QUARTER IS THE CENTRAL PRECINCT 3
The Central Precinct and its redevelopment is a core part of the Waterfront Plan.
Waterfront Auckland has conducted preliminary design and financial modelling in regard to the commercial developments.
The development of the Central Precinct can be broken down into three categories:
Categories Funding Description
• Innovation hub
Commercial • To be funded by
• Residential
projects private sector
• Hotel
• Public parks
• Public spaces
Public • Fully funded by
• International cruise facility
infrastructure Auckland Council
• Tram route extension
• Street creation / refurbishment & seawalls
• Refurbishment of character buildings
Catalyst and • Funded by Auckland • Refurbishment of marine heritage shed
place-maker Council in partnership
• Upgrades to buildings
with private sector
projects • Development of the Marine Centre at Westhaven
support
• District energy and water schemes (e.g. Precinct-wide solar PV, smart grid system and rainwater reuse)
Details of the public infrastructure and catalyst projects are set out on page 40
3
Including the Hotel site.
Page 27INVESTMENT OPPORTUNITY
DESIRED OUTCOMES
• In addition to the goals already people at all times created through
presented, Waterfront Auckland a public environment rich in events
articulates a number of outcomes and activations that are accessible to
for the commercial and residential everyone
component of the waterfront
• Effective engagement with
redevelopment:
Aucklanders to build a strong
• Great design that takes in the whole waterfront community
lifecycle of people, the place and the
• Innovative economic growth is
built environment. It makes it easy for
supported by providing a range of
people to interact with, and enjoy the
commercial spaces and a commitment
area
to retaining an authentic working
• Sustainability in everything done to waterfront
build a resilient community
• A core objective for the waterfront
• Creation of a liveable place that is is to have commercial and mixed-
easy to get to, get around in and use developments that meet certain
provides for people at all stages of life tenancy criteria that aligns with the
OFFICE / INNOVATION HUB
Waterfront Auckland’s goals. This
• Developing a strong community of
particularly applies to the Office
residents, workers and visitors
/ Innovation Hub development.
• Diversity through ensuring that Opportunity to secure an experienced
there are spaces and activities for all international party.CENTRAL PRECINCT
RESIDENTIAL / MIXED USE HOTEL
Page 29INVESTMENT OPPORTUNITY
OFFICE / INNOVATION HUB
Item Indicative parameters
An actively managed hub with:
• Commercial anchor tenants
• A multi-national technology firm
Indicative • Start-ups to growing business
Description • Business and export support
• Tertiary and/or research and development providers
• An environment that fosters collaboration and R&D between firms
• Backed by government and the business community
Planned
• 3,000 workers
population
Site area (sqm) • 14,000 – 16,000
Proposed
• 59,000 (including up to 46,000sqm of commercial and a basement car park)
GFA (sqm)
Total
development • Approximately $170 – $190 million
cost*
Expected • Pre-development: 2013 / 2014
timing • Construction: 2015 – 2020
*Not including funding costs or land costOFFICE /
INNOVATION
HUB
An artist’s impression of the proposed Office /
Innovation Hub in the Central Precinct.INVESTMENT OPPORTUNITY Auckland CBD Office Vacancy Forecast
14%
Forecast
OFFICE / INNOVATION HUB 12%
10%
• Vacancy forecasts for prime grade office property in the 8%
Vacancy (%)
CBD – comprising premium and A grade – have recently
6%
been reduced in light of improving economic sentiment
and performance, and a lack of new supply. Already at
4%
7.9%, below the two-decade average, this rate is forecast to
decrease to 4.7% by June 2015
Source: Colliers International Research
2%
• It is expected that premium grade office rents will rise more 0%
rapidly than A grade and much more rapidly than B grade 2014 2016 2017 2018 2019 2020 2021 2022
• Current average premium rental rate of $430/sqm is Prime Secondary Overall
forecast to grow to $620/sqm by 2032 based on historic
growth and econometric analysis for the next five years,
Auckland Investor Confidence
followed by extrapolation of the long term trend, out to
80%
2032
60%
• These average rates are considerably lower than rents
40%
achieved for newer offices and higher levels of existing
Net confidence (%)
premium grade stock, much of which is over 10 years old 20%
• Respondents are invited to express interest in one or both 0%
land parcels
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011 2012
Overall Office Industrial RetailViaduct Events Centre
Wynyard Crossing
Silo Park
Karanga Plaza
North Wharf
Jellicoe Street
INNOVATION HUB
SUBSECTION SIZES
F 5,965sqm Hotel
G 8,455sqm
Note: site area and GFA numbers
quoted are approximate and may
change in later stages of the process
F
Viaduct Harbour
GINVESTMENT OPPORTUNITY
Auckland CBD Office - Lease Expiry Forecast
OFFICE / INNOVATION HUB 60
Expected
Source: Colliers International Research
50
• CBD office stock has remained virtually unchanged since 40
Vacancy (%)
2009, as the dampening effects of the GFC passed through
the market. However in the 2012 year, net absorption, while 30
still mildly negative at minus 2,430sqm, was the highest
20
since 2008
• Combined with a virtual lack of new supply, pent-up demand 10
is pushing up prime rents and capital values. In Colliers’
0
Australasian office markets research findings, only Adelaide 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
and Auckland showed positive rental growth in 2012
Prime Secondary Overall
• Larger tenants have been starved of new opportunities for
some years, with no immediate development of office space
in the CBD expected to start in the short to medium term Auckland CBD Office Vacancy Forecast
• Auckland CBD is enjoying robust employment growth,
Source: Statistics NZ & Colliers International Research
95,000
employing 89,640 in 2012. This is a 25% increase since 2002
(Statistics NZ) 90,000
Number of Employees
• In the same period employment in Auckland Harbourside, 85,000
one of the three areas making up the CBD as defined by
80,000
Statistics NZ, and within which Auckland Waterfront lies, has
grown by 94%
75,000
70,000
65,000
60,000
2000
2001
2002
2003
2004
2015
2006
2007
2008
2009
2010
2011
2012• Prime vacancy is forecast to decline in the next two CBD Prime Office - Rental & Vacancy Forecast
years as demand outstrips supply. There are only two 450 20%
Forecast
current CBD office developments, totalling 26,000sqm, 400 18%
both pre-leased
Rental (NZ$/sqm/pa)
16%
350
• Office premises that showcase the latest in
Vacancy Rate (%)
14%
300
environmentally sustainable design (ESD) are
12%
outperforming other office premises and are 250
increasingly in demand. This is supported by the latest 10%
200
IPD data which shows a total return of 8.9% for Green 8%
star rated office assets in New Zealand, well above non- 150
6%
green office building returns 100
4%
• Further, the latest Colliers International Green Building 50
2%
vacancy survey highlights that out of the 10 green 0%
buildings surveyed in Auckland comprising around 1995 1998 2001 2004 2007 2010 2013 2016
127,000m2 of space, there is currently only 10,000m2
vacant. This is around half of the vacant space recorded Prime CBD Office Rents Prime CBD Office Vacancy
in this sector just two years ago
Source: Colliers International Research
Page 35INVESTMENT OPPORTUNITY
RESIDENTIAL / MIXED USE
Item Indicative Description
• Mixed-use residential development that establishes a vibrant community
that is active day and night
Indicative • High quality sustainable design and buildings clustered on the edges of
Description the office/innovation precinct
• Prime views complemented with central courtyards and ground floor
retail
Planned • Residential apartments: 600 – 800
population • Residents: 1,100 – 1,500
Site area (sqm)4 • 20,000 – 22,000
Proposed • 65,000 – 100,000 (including ground floor retail, marine businesses and
GFA (sqm) community infrastructure)
Total
development • Approximately $320 – $380 million (including retail / marine / fishing)
cost5
Expected • Pre-development: 2013 / 2014
timing • Construction and sales: 2015 – 2023
• Respondents are invited to express interest in one or more land parcels
4
Residential only.
An artist’s impression of the proposed
5
Not including funding costs or land cost.
Residential / Mixed-use area.RESIDENTIAL /
MIXED USE
Page 37INVESTMENT OPPORTUNITY Auckland CBD Population vs. Household
RESIDENTIAL / MIXED USE
50 25
Forecast
40 20
Population (‘000)
• Auckland Council’s concentration on intensification rather
Dwellings (‘000)
than sprawl, articulated in the recently published Draft Unitary 30 15
Plan, demands a rigorous construction programme in the areas
identified for growth. The first of these identified areas is the
20 10
City Centre, the population of which is expected to more than
double in less than 20 years
10 5
• Overall, Auckland’s population is expected to grow by one
million people by 2041, requiring an estimated 380,000 new
homes across the city
1996 2001 2006 2011 2021 2031
• More than 500 dwellings per annum will be required in the Auckland CBD Population CBD Dwellings
CBD to house the expected population growth
Source: Statistics New Zealand, Colliers International Research
• Respondents are invited to express interest in one or more
land parcels
Artist’s impression – Daldy Street Artist’s impression – Innovation HubViaduct Events Centre
Wynyard Crossing
Silo Park
Karanga Plaza
North Wharf
Jellicoe Street
RESIDENTIAL SUBSECTION SIZES
A 5,050sqm 17,000 – 20,000
B 2,710sqm 9,000 – 11,000
C 2,550sqm 10,000 – 12,000 Hotel
D 6,230sqm 23,000 – 26,000
E 4,120sqm 16,000 – 18,000
Viaduct Harbour
A B C
D E
Note: site area and GFA numbers
quoted are approximate and may
change in later stages of the processSilo Park is adjacent to the
residential / mixed-use area,
Wynyard Quarter
INVESTMENT OPPORTUNITY
RESIDENTIAL / MIXED USE
• Auckland’s residential property market is at the start of what
may be a prolonged swing. Median prices increased by 14.3%
in Auckland in February 2013, compared to a year earlier, and
compared to 7.6% across all of New Zealand (Real Estate
Institute of New Zealand). Building consent numbers, while
increasing, are running at less than half the annual average
needed to accommodate the anticipated population growth
over the next 30 years
• There have been very few high quality new apartment
developments constructed in Auckland’s city centre in
recent years
• The market continues to suffer from a lack of listings
(properties offered for sale) in comparison to demand,
which is tending to push prices up. For example, local real
estate agents Barfoot & Thompson sold 144 homes for over
$1m in January and February 2013 compared to 81 in the
corresponding months in 2012
• High prices are particularly noticeable in prime city centre
locations and in the more popular suburbs, particularly
to the east of Auckland CBD along the waterfront. Prices
over $1.5m on several recent sales of 2 or 3 bedroom
apartments reflect a range of approximately $8,000 to
$10,000/sqm. These sales are few in number, which makes
spotting the trend more difficult, but also underlines how
few opportunities there are in the Auckland market for
purchasers seeking high quality new apartmentsApartment Sales - Existing Sales
2%
11.5%
1 bedroom
• Approximately 17,000 apartments house
22,000 Auckland CBD residents. Some 750 2 bedroom
47.5%
apartments typically sell each year in Auckland 3 bedroom
Central, with a split of around half new and half 38.9% 4+ bedroom
existing dwellings
• Supply of new housing is not keeping up with
demand. Supply of new apartments to fuel
increasing demand slipped post- GFC and
Apartment Sales - New Sales
pent up demand for new high quality, well built
apartments is unquestionable
0.9%
Apartment Sales - Total Sales
12.6%
1.5%
33%
12.0%
53.5%
40.6%
45.9%
Page 41INVESTMENT OPPORTUNITY
5 STAR HOTEL
Item Indicative Parameters
• Located 5 minutes walk from Auckland’s CBD and major transport
hub. The site forms part of a premium residential, commercial and
entertainment precinct
Indicative • Close proximity to the Viaduct Events Centre, a 6,000sqm multipurpose
Description event and conference venue with capacity of 3,600
• 220 – 270 keys
• Food & beverage offering, spa and health centre
• No ballroom or conference facilities
Site area (sqm) • 5,500
Proposed • 16,000 – 20,000 (proposed food and beverage retail is ~1,800sqm)
GFA (sqm)
Total
development • Approximately $120 – $135 million
cost6
Expected • Pre-development: 2014
timing • Construction and sales: 2015 – 2017
6
Not including funding costs or land cost
An artist’s impression of a proposed scheme
for a hotel in Wynyard Quarter.5 STAR HOTEL
Page 43INVESTMENT OPPORTUNITY
5 STAR HOTEL
• Auckland was named the second-best city (after London) • Auckland is increasingly a key market for international hotel
for hosting sporting events in the 2012 International Sports brands (not all of whom are represented). Another indicator
Events Management Awards of increasing tourism awareness is the number of cruise
ship visits, up to 105 in the most recent season, from 62 two
• Auckland’s new hotel supply in recent years has largely been
years ago
outside the CBD
• Strong visitor growth is forecast, particularly from shorter
• The overall stock increased in 2011 with the construction
stay markets. Already 1.5 million international visitors arrive
of two new hotels in the Auckland Airport precinct in
in Auckland each year
preparation for an influx of visitors coinciding with the
Rugby World Cup • Room supply has not kept pace with visitor growth.
Government forecasts anticipate growth in visitor numbers
• During Rugby World Cup 2011 and at the height of visitor
from Australia and China
arrivals, hotel capacity in CBD was materially strained
• As at December 2012, there were approximately 6,733 room
• Since then, Auckland has hosted the ITU World Triathlon
nights available in the Auckland market of which 4,812 were
Championships and a Volvo Ocean Race stopover. Future
located within the CBD
committed events include the 2014 IRB Junior Rugby World
Championship, the 2015 ICC Cricket World Cup (co-hosted
Auckland CBD Hotel Star Categories
with Australia) and the 2017 World Masters Games
• In February 2013, Sky City confirmed it’s intention to develop Greater Auckland Hotel Star Categories
a 3,500 delegate convention centre in Auckland CBD, when
final terms are agreed with Government. This is expected 3-4 STAR
to generate $90m of economic activity, the equivalent 5 STAR 27%
36%
(according to Sky City) of having a Rugby World Cup event 5 STAR
26% 3-4 STAR
every two years 30%
4.5 STAR
37%
4.5 STAR
44%
Source: Colliers International HotelsViaduct Events Centre
Wynyard Crossing
Silo Park
Karanga Plaza
North Wharf
Jellicoe Street
HOTEL SIZES
H
H 5,500sqm 16,000 – 20,000
Note: site area and GFA numbers quoted are approximate,
may change in later stages of the process and dependent on
the scheme chosen.
Viaduct HarbourINVESTMENT OPPORTUNITY
5 STAR HOTEL
• The latest tourism sector outlook prepared by the Ministry of • While overall visitor numbers are forecast to increase, the
Business, Innovation & Employment has forecast overall visitor total spend per day is expected to remain at existing levels
numbers to rise by approximately 28% between 2011 and 2018, (approximately $112 per day) and length of stay is to continue
predominantly driven by increased numbers arriving from to trend downwards as these emerging markets typically stay
Australia and emerging Asia (China in particular) for shorter periods
Auckland Hotels Performance (Dec. y/e)
180 80%
160
Rates & RevPAR (NZ$)
140
75%
Occupancy (%)
120
100
70%
80
60
40 65%
20
0 60%
1994 1995 1996 1997 19985 1999 2000 2001 2002 2003 2004 2005 20060 2007 2008 2009 2010 2011 2012
Average Daily Rate Revenue per available room (RevPAR) Occupancy
Source: Colliers International HotelsView from hotel site to
Viaduct harbour and the CBD
Page 47INVESTMENT OPPORTUNITY
PUBLIC INFRASTRUCTURE AND CATALYST PROJECTS
• Of the approximately $285 million of public funding already committed by Auckland Council to the
waterfront redevelopment, approximately $52 million will be targeted to projects located in the Central
Precinct
• Waterfront Auckland will work to ensure these projects are completed as part of the total development
Category Description Expected development cost
• Point Park • $6 million
• Daldy Street Linear Park • $24 million
• Heritage Yacht Basin (Wynyard Headland Reclamation) • $28 million
• West Edge Promenade & Park • $4 million
Public • Westhaven Promenade • $6 million
infrastructure • International cruise facility • $12 million
• Tram route extension • $8 million
• Heritage Vos site • $1 million
• Street creation / refurbishment, seawalls and other public works • $90 million
• Other • $6 million
• Refurbishment of character buildings including construction of Innovation Atrium • $13.3 million
• Refurbishment of marine heritage shed (Vos & Brij) • $4 million
Catalyst • Upgrades to the Polperro building for delivery of early interim low cost Innovation • $0.5 million
projects Precinct space
• Development of a Marine Centre Platform 2 at Westhaven Marina • $21 million
• District energy and water schemes • TBC
• Community infrastructure such as childcare, education, healthcare and a hub • TBCAn artist’s impression
of the proposed
Westhaven Promenade
Page 49SECTION THREE WATERFRONT AUCKLAND
WATERFRONT AUCKLAND
PROJECT PIPELINE
• Waterfront Auckland was established in August 2010, as part of the formation of the Auckland Council
• The agency is responsible for around 45 hectares of waterfront property, including:
Area Size
Wynyard Quarter – Central Precinct 4ha7
Wynyard Quarter – Headland 17ha
Westhaven Marina 12ha
Outer Viaduct Harbour 2.7ha
Hobson Wharf 0.5ha
Queens Wharf 2.9ha
Teal Park 0.5ha
• Waterfront Auckland has established the Waterfront Plan, which represents a strategic and integrated approach to transformational
development of this area
• Waterfront Auckland is responsible for the implementation of the Waterfront Plan, requiring collaboration with landowners,
key stakeholders, the private sector and other Council organisations to plan, fund and deliver projects
• As landowner (on behalf of the community), Waterfront Auckland controls the quality, delivery and timing of projects
7
Subject of RFEOI.ORGANISATIONAL STRUCTURE
• Waterfront Auckland’s group activities are under the guidance of the Executive Leadership
Team. Each group is made up of permanent staff and some contractors. Depending on the
project, additional consultation expertise is provided by external parties
Waterfront
Board Committees
Auckland Board
Chief Executive’s
Chief Executive Officer Department
John Dalzell Richard Whitburn
5 staff
Strategy Development Property & Corporate Services
Marina Operations
Asset Management
Stephen Rainbow Rod Marler Tom Warren Carl Gosbee
Richard Aitken
12 staff 8 staff 24 staff 12 staff
15 staff
Project Director
Daniel Khong
4 staff
Page 53WATERFRONT AUCKLAND
WHAT WE HAVE DELIVERED
Since inception in November 2010, Waterfront Auckland has demonstrated its
ability to deliver:
Timeline Description
North Wharf
• First commercial tenant secured, ASB Bank announce their commitment to lease a
building from Kiwi Income Property Trust on the corner of Halsey and Jellicoe streets
2010 • November – Waterfront Auckland formed as a Council Controlled Organisation as
part of the Super City Merger to lead the strategic approach to development across
Auckland’s waterfront
• Works continue on the revitalisation of Wynyard Quarter Stage One including Jellicoe
Street Transformation, Dockline Tramway, North Wharf restaurant precinct
2011 • July - Viaduct Events Centre complete. Karanga Plaza kiosk installed. The Queens
Wharf “Cloud” installation complete
• August - Stage One Wynyard Quarter revitalisation complete
• End of August - Stage One Wynyard Quarter revitalisation public opening
Silo Park
• Completed The Waterfront Plan
• Refurbishment commenced of Shed 10 on Queens Wharf
2012 • Waterfront Auckland recognised both nationally and internationally with a number of
awards for the Jellicoe Precinct
• Over 1.3 million visitors to Wynyard Quarter within the first year of opening
Karanga KioskCORE CAPABILITIES
Waterfront Auckland contributes a number of core capabilities to Wynyard Quarter
Capability Detail Outcomes
• Facilitating the development of buildings and water • Securing first anchor tenant in new $140m headquarters for
space assets for commercial return ASB Bank
Securing and managing
• Ensuring sustainable city building and urban • Design, leasing and delivery of North Wharf restaurant
private sector investment
development precinct
for the development of
• Attracting innovative high growth businesses • Negotiation of development with Sanford Fishing
Waterfront Auckland land • Co-ordinating private sector developments with the to create state of the art marine service facility and
development of the public realm associated water space
• Includes acquisition, valuation, divestment, licence,
Property management • Comprehensive property and asset management team
lease and rental management
of Waterfront Auckland’s • Ground and occupational lease negotiations undertaken
• Asset management and maintenance of Waterfront
asset portfolio by internal resources.
Auckland’s commercial property portfolio assets
• Project management and delivery of Waterfront • Delivery of award winning Jellicoe Street Precinct
Auckland’s public works projects development in Wynyard Quarter
Planning, development • Managing stakeholder relationships and • Negotiation with all key stakeholders to achieve adoption
and management of communications of Plan Change 3 and 4 including Fishing, Marine and Bulk
public initiatives • Planning and activation of the waterfront area Liquid industries
• Ensuring rectification of contaminated land • Development of place making projects including Silo Park
• Project management of key public initiatives Markets in Wynyard Quarter and activation of Queens Wharf
• Remediation of public spaces as part of Jellicoe Precinct Works
Page 55WATERFRONT AUCKLAND
RISK REDUCTION Waterfront Auckland’s involvement substantially de-risks investment in Central Precinct
Risk Allocation / Mitigation
• Waterfront Auckland is open to the concept of mixed ownership across the waterfront portfolio
Demand
• Waterfront Auckland is willing to consider taking the lead in facilitating, planning, investing and developing assets
• Waterfront Auckland will work with Auckland Council to ensure that the proposed Unitary Plan provides clear support for the implementation
Planning Environment of the Waterfront Plan, and for the use of innovative approaches and new tools to support the delivery of the waterfront vision
• Waterfront Auckland has control over the non-statutory approval process to ensure the delivery of key objectives
• Auckland Council provides an annual funding letter prior to the end of each year, committing to fund Waterfront Auckland for
LTP Status
the next 18 months
• Waterfront Auckland has appropriate strategies to deal with land contamination
• The relocation of the bulk liquid industry by 2025
• Full assessment of risks (based on waterfront location) required in the design of projects, with input from external experts and the
Environmental
Auckland Council
• Waterfront Auckland is committed to sustainable development and has developed a Sustainable Development Framework
• Waterfront Auckland is working with other parties on wider environmental issues such as air and water quality
• Adverse publicity mitigated through a number of Waterfront Auckland initiatives, including stakeholder management and
adherence to CCO protocol
Political
• Waterfront Auckland is currently advocating for a third Harbour Crossing with Auckland Council, Auckland Transport and the New
Zealand Traffic Authority
• Plan Change 3 and 4
Statutory
• Unitary Plan
• Waterfront Plan
• Urban design framework and Sustainable development framework
Non-statutory
• Design Talent Pool and Technical Advisory Group
• Precinct rulesCASE STUDY JELLICOE PRECINCT /
WYNYARD QUARTER
OVERVIEW / BACKGROUND spaces that are unique, authentic and
The Jellicoe Precinct was stage one of welcoming. Waterfront Auckland brought
Wynyard Quarter revitalisation, which a strong commercial understanding, which
Wynyard Quarter Crossing
was completed for Rugby World Cup together with the design-led approach,
2011 at a cost of NZ$96m. This included innovative stakeholder management and
redevelopment of North Wharf including strong project management, ensured the
original cargo shed to create a vibrant successful implementation of the project
waterfront edge on the key access point
• The Project saw developments
between the CBD and Wynyard Quarter
completed in time for Rugby World Cup
WATERFRONT AUCKLAND’S ROLE 2011 (Wynyard Quarter Crossing,
Karanga Plaza and information kiosk,
Full development role including project
Viaduct Events Centre, Jellicoe Street,
planning, conceptual design, business
Silo Park, Heritage Tram)
case, design team selection, resource and
building consent applications, construction • The precinct has approximately 1.3 million Viaduct Events Centre
contracting, tenant selection, mix and visitors in its first year; 81% of visitors
management, place making and marketing were satisfied with the quality of new
public spaces
WATERFRONT AUCKLAND’S ADDED
VALUE & OUTCOME • Range of prestigious international and
• As holder of the vision for Wynyard national awards for the transformation of
Quarter, Waterfront Auckland ensured North Wharf and Jellicoe Street, including
that the first stage of development of retention of the working waterfront
Jellicoe Street would win the hearts activities and buildings, new hospitality
and minds of Aucklanders, with award and public spaces
winning, high quality design and public
Silo Park
Page 57SECTION FOUR
EOI RESPONSES
Silo Park, Wynyard QuarterEOI RESPONSES
EXPRESSION OF INTEREST RESPONSES
Respondents can express an The process will consist of two Phase Two – Binding Stage:
phases:
EOI for one or more of the • Will be based on the response
development opportunities Phase One – Expression of received in Phase One.
Interest:
including: • Likely approach will be to short
• Invitation to submit an list a number of preferred
• Entering into long-term ground Expression of Interest in qualified respondents who will
leases and development the form at attached be provided with detailed due
arrangements with Waterfront (see Appendix A) diligence with the requirement
Auckland acting as Master to submit Binding Bids by a
• All proposals must be submitted
Planner; and / or certain date (TBA).
by no later than 5:00 PM on 14
• Entering into alternative May 2013 (NZT). Phase Two may be split into more
structures and arrangements than one stage.
with the private sector Waterfront Auckland is committed
partnering with Waterfront to achieving defined strategic
Auckland to deliver built goals for Wynyard Quarter
product. and completing a transaction
/ transactions in a timely and
efficient manner.EOI RESPONSES
EXPRESSION OF INTEREST RESPONSES
Phase One – Expression of In this regard, respondents should The terms and structure of the
Interest (further details): consider the: leasehold agreements will be:
Respondents are invited to submit • Potential to become a lead • Commercial / Hotel – on the
expressions of interest for one or development partner for the assumption that revenue is
more of the eight parcels of land (2 entire site recognised on an annuity basis
office / innovation opportunities, • Capabilities of Waterfront with annual payments over the
5 residential opportunities, Auckland and its management term of the lease
hotel) on the assumption that team
• Residential – on the assumption
a Development Agreement and • Public benefit and catalyst that revenue will be recognised
Lease Arrangement will be agreed development projects on an annuity basis over the
with regard to those potential envisaged by Waterfront term of the lease or on a pre-
developments. Auckland payment basis with an upfront
Respondents are also invited to • Potential for the relationship to payment and innovative
propose alternative structures go beyond the Central Precinct proposals will be welcomed
and arrangements. Although it is developments.
Waterfront Auckland’s expectation Respondents should be aware that:
that it will partner with multiple
developers in its capacity as • Waterfront Auckland is not
Master Planner, it remains open to likely to enter into arrangements
receiving responses that propose that would dilute its rights as
alternative arrangements for all or master planner or require it to
parts of the entire site. contribute equity risk capital
• The freehold interest will not be
sold as part of this process
Page 61EOI RESPONSES
CONTACT DETAILS
All communication (including responses to this RFEOI) should be
addressed to these contacts.
DUNCAN WILMER PAUL DOUGHERTY JOHN GODDARD
MANAGING DIRECTOR PARTNER DIRECTOR – INTERNATIONAL SALES
P. +61 2 9323 2330 P. +64 9 912 8585 P. +64 9 356 8837
M. +61 401 134 117 M. +64 21 570 674 M. +64 21 947 566
F. +61 9323 2040 F. +64 9 912 8591 F. +64 9 358 1999
E. duncan.wilmer@rothschild.com E. paul.dougherty@cam.co.nz E. john.goddard@colliers.com
DAVID COCKERELL TOBY KING JASON SEYMOUR
ASSOCIATE PARTNER BROKER – CORPORATE &
P. +61 2 9323 P. +64 9 912 8594 INSTITUTIONAL SALES
M. +61 403 203 677 M. +64 21 656 809 P. +64 9 358 9855
F. +61 9323 2040 F. +64 9 912 8591 M. +64 21 607 999
E. david.cockerell@rothschild.com E. toby.king@cam.co.nz F. +64 9 358 1999
E. jason.seymour@colliers.com
Rothschild Cameron Partners Limited Colliers International New Zealand Limited
Level 41, AMP Centre Level 23, Vero Centre Level 27, SAP Tower
50 Bridge Street 48 Shortland Street 151 Queen Street
Sydney NSW 2000 PO Box 1277, Auckland Auckland 1140
Australia New Zealand New ZealandPage 63
APPENDIX A EOI INFORMATION REQUIRED
EXPRESSIONS OF INTEREST: INFORMATION REQUIRED
As a minimum, your Details of Respondent: Ownership B. Structured Option
1 structure, assets and operations,
Expression of Interest financial capacity, past experience
• Identify those land parcels in
which you have an interest
should include, but not be for opportunities of this type
in proposing an alternative
limited to the following and capability to resource a New
structure / arrangements,
Zealand based project.
information: including rationale and key
Relevant experience in delivering drivers based on the summary
2 outcomes that match Waterfront of land parcels contained in
Auckland goals for the Waterfront Appendix B.
including;
Detail of Respondent’s interest –
• Urban design 4 for each option it is expected you
will provide information on:
• Sustainability
• Financial parameters (e.g.
• Diversity
targeted development returns)
• Community infrastructure including a pricing guide for the
3 Nature of Respondent’s interest
land parcels for which you have
lodged your interest.
for either or both of the following;
• Proposed management of
A. Land Option
design and construction risk.
• Identify those parcels of land
• How you will ensure that
which you have an interest,
appropriate design diversity
based on the summary of
is achieved, particularly in the
land parcels contained in
event of interest in more than
Appendix B.
one parcel of land.• Details of other parties to be The expected enhancements
involved and their relationship the Respondent’s structured
with the Respondent. arrangements over a land
development agreement might
• Proposed role of Waterfront
deliver, including;
Auckland (if any) in these
arrangements. • The benefits to Waterfront
Auckland and any increased
Ability of Respondent to meet
5 risk to be taken by
requirements:
Waterfront Auckland.
• Details of Respondent’s
• Waterfront Auckland’s desire to
approach to funding and
see a diverse and varied design
evidence of its ability to fund its
for the waterfront.
proposed interest.
• The impact on achieving the
• Details of the internal and
design and end-use outcomes.
external approval process that
would be required prior to • The impact on developing the
lodging a Binding Proposal. non-commercial developments
for the precinct.
Additional comments:
6 Any additional comments on the • Financial outcomes for
project that the Respondent feels Waterfront Auckland.
will assist Waterfront Auckland in
• Wider benefits to Auckland City
understanding their interest in the
and beyond the development
project and each Option proposed.
of this precinct.
If submitting a proposal that
7 includes a “Structured Option”,
respondents should set out the
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