Union Square starts another big $20m step on $200m journey

Tuesday, 22 July 2025

The site where the new build will take shape.

The big Union Square development in the CBD has kicked off its new $20 million Building B multi-storey office block project, the latest step in its expected $200 million overall spend at the site.

It’s the fourth of six Union Square buildings to begin construction - a sod turning ceremony for Building B is being held on Tuesday at the site between Anglesea and Alexandra streets.

Chief executive of Foster Develop Rhys Harvey said on Monday the total cost of Building B would be about $20 million.

A graphic of the Union Square building developments - A, E and F have been completed and B is now officially underway.

The existing three completed projects at the site are the Rabobank building (finished 2021), Building A carparking (2022) and the Building E offices (2023). Buildings C and D will also eventually provide office space.

He wouldn’t say how much had been spent on the three buildings completed so far for commercial sensitivity reasons but the total cost of Union Square when completed would be about $200 million.

Fosters aims to have the new building - featuring 2280sqm of office space over three floors - open for business in the third quarter of next year.

French engineering and surveying firm AECOM and food packaging and processing giant Tetra Pak are committed tenants at Building B.

“Having another two international brands here proves that Union Square continues to be the destination of choice for business in the Hamilton CBD,” said Harvey.

Foster Develop chief executive Rhys Harvey says Building B is an exciting step in the overall development as it will have a frontage onto Alexandra St with a retail offering.

He noted only 220sqm remained vacant. “We’re pitching it to other professional services firms.” It would be ideal for small to medium-size professional services firms.

Harvey said Building B will also have a retail offering at the Alexandra St entry to the Union Square precinct.

That would add to an existing cafe at the Rabobank site and a pilates business in Building E.

All up, the site was expected to have 16 retail offerings when the project was completed, involving food and beverage and health and wellness outlets.

Harvey said the Union Square development vehicle is AFI Investments, of which Foster Develop is a 50% shareholder.

He didn’t disclose who the other shareholders were but described them as “local Waikato investors”.

The Companies Office website lists Imola Ltd as a 33.33% shareholder in AFI Investments and Grant Properties Ltd as holding the remaining shares.