Kiwi Property and Tainui Group Holdings announced the formation of 50:50 joint venture over Centre Place North and a selection of adjoining properties. The agreement paves the way for the creation of a mixed-use precinct in the heart of Hamilton's CBD. Under the terms of the agreement, the joint venture will comprise Centre Place North, 61-65 Bryce Street, 511-523 Victoria Street and land at 10 Ward Street, with a combined value of approximately $71 million. A new 100-year ground lease will be granted by TGH, with rent pre-paid. Kiwi Property CEO Clive Mackenzie said he was looking forward to building on the strong partnership with TGH, which dates back to May 2016, when Kiwi Property acquired 50% share of The Base.