Delays for $45m Frankton innovation hub

A $45 million research and innovation hub in Frankton is now due to open in the second quarter of next year, more than 18 months behind schedule.

The hub is part of the Remarkables Park development in Frankton and was initially expected to be open by October 2024.

From the outside, it looks largely finished, but looks are deceiving. 

CEO and co-managing director of Remarkables Park Ltd Alastair Porter said the outside of the building was finished, but work was still needed on the roof and internal fit out.   

“The film theatres are all open and have been for quite some time, and on the next floor up Medrecruit are in an office there. But they are the only two parts of the building that have been fitted out.

“There’s quite a substantial contract for fit-out works, which we are just in the process of proceeding with.”

Porter said while it was difficult to say when exactly the building would officially open, he estimated “by the second quarter next year”.

The $45 million hub was announced in 2021 by then finance minister Grant Robertson.

Robertson said at the time the Government would lend up to $22.5m from its Shovel-Ready Programme for the first stage of the project – including the costs of architecture and planning, engineering, and construction.

The $3 billion Shovel-Ready Programme aimed to create jobs post-Covid pandemic by funding significant ($10 million-plus) projects ready for construction within six months, and bringing social or economic value.

At the time of the announcement, it said the building would house research and innovation entities and commercial and hi-tech activities.

This week Treasury confirmed the Government had contributed the full $22.5 million to the Research and Innovation Queenstown project, via concessionary loan. These funds went towards earthworks, foundations and construction works.

Porter wouldn’t be drawn on any potential tenants as leasing conversations were still under way but said “we’re talking to big tenants and small tenants”.

The number of tenants the building can house depends on individual tenants’ requirements.

Porter said the delay in opening had been due to availability of people to finish works.

“All the outside of the structural works and the main contractor is finished now so we’re into the fit out which is quite complex. And it changes a bit as different potential tenants come and go.

"We're probably about to commit to build all the fit out in half of the top floor. So we're pending decisions on who's going to go in the other half.

“Fit outs are unbelievably expensive and time consuming.”

The building is four levels including three full storeys and a mezzanine.

Remarkables Park Ltd was asked if the $45m figure was still accurate but did not respond. In July last year Crux reported it would overshoot the budget by “a modest margin”. At the time the building was still on track for its October 2024 opening.