SkyCity buys TVNZ land for $10.6 mln, broadcaster to put cash into upgrading main building

SkyCity Entertainment Group has agreed to buy prime real estate from state-owned broadcaster Television New Zealand for $10.6 million as part of its $402 million international convention centre in downtown Auckland.

The Hobson St sites in New Zealand's biggest city sit next to land already owned by the casino and hotel operator, and are part of its plan to wear the cost of building a convention centre in exchange for controversial gaming concessions.

TVNZ agreed to the sale after reaching agreement with shareholding ministers Bill English and Craig Foss to forgo dividends net of the sale proceeds, and allow the cash to be spent on refurbishing the broadcaster's main Auckland building on Auckland's Victoria St West, where it plans to house its entire staff.

The Crown-owned company will spend two years upgrading its online technology "to fully integrate systems that will support the automated delivery of video content to all its on-air and online platforms," it said in a statement.

BusinessDesk.co.nz

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