SkyCity buys TVNZ land for convention centre expansion

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

The TVNZ owned site sits next to land already owned by the casino and hotel operator. 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 Street West, where it plans to house all of its staff.

Meanwhile, New Zealand's parliamentary Commerce Committee has been hearing from a string of speakers attacking the Government's deal with the Crown-owned company that has seen it gain controversial gaming concessions in exchange for meeting the cost of the convention centre.