Major infrastructure partnership for North Auckland
CIP’s first infrastructure financing transaction was the Milldale development in Wainui, north of Auckland, in partnership with Auckland Council Group, Fulton Hogan Land Development and ACC, which was executed in October 2018. Milldale continues to proceed at a steady pace.
The project to build the Weiti bridge and road connecting Milldale to Old Pine Valley Road is now complete and open to traffic. The local pre-school is open, and plans for construction of the local school are underway with the Ministry of Education.
|Weiti Stream to Silverdale Interchange||Two lane arterial road and bridge connecting the development to the Dairy Flat Highway and Silverdale interchange||Construction in progress, bridge and arterial road complete.|
|Walnut Road Argent lane Intersection Upgrade||Upgrade of intersection for two Arterial Roads||Design and planning in progress|
|Milidale to Millwater Wastewater Tunnel||Wastewater tunnel and pumping equipment to service a total catchment of 9,000 dwellings||COMPLETE|
|Milldale to Millwater Wastewater Tunnel stage 2||Stage 2 connection to Milldale Development through private land||COMPLETE|
|Bridge to Highgate Parkway||Connects Milldate Development via a new bridge over the motorway to Highgate Parkway on the east side of the motorway||Design and planning in progress|
CIP’S PARTNERS FOR THE MILLDALE TRANSACTION ARE:
The Auckland Council Group (which includes council-controlled organisations) worked closely with CIP to establish and implement an alternative financing model in Milldale. Auckland Council contributed to the bulk housing infrastructure that will be met by future developer contributions charged on the future urban-zoned land that surrounds Milldale. Once the construction of these assets in Milldale is complete, they will vest to the Council. The Council also acts as the Milldale infrastructure payment-collection agent through its Council rates invoicing process.
Fulton Hogan Land Development Limited is an experienced developer that is completing residential sections in New Zealand as well as sites for pre-schools, schools, neighbourhood centres and other amenities typically found in largescale greenfield developments. Fulton Hogan Land Development is developing the Milldale area and is constructing the bulk housing infrastructure financed through CIP’s Special Purpose Vehicle.
ACC’s investment portfolio exists to support the administration of the country’s universal no-fault accidental insurance scheme. ACC contributed to the fixed-rate, long-term debt towards the infrastructure required to unlock the Milldale development (financed by CIP’s Special Purpose Vehicle).