The Standard’s huge site, which includes eight buildings and also has entrances from Fitzherbert Avenue, has been sold to Wallace Development Company. The Standard will remain as the leading tenant occupying about half the site with the rest being tenanted by WDC.

Fairfax NZ Chief Executive Brian Evans said the tenancy agreement underscored the company’s commitment to the Standard and to the Palmerston North and Manawatu community. The agreement followed an investigation of other sites where the newspaper publishing businesses could have relocated. Fairfax own and publish the Standard.

“At the end of the day the existing site has a position and profile right on The Square which is far superior to any of the alternative sites that were looked at,” Mr Evans said.

“A top quality refurbishment of the buildings will bring working conditions for our employees up to the best level,” Mr Evans said.

The refurbishment will include moving the Stylex commercial printing business from the front of the complex to a building at the rear. All other departments – Editorial, Advertising, Newspaper Sales, Administration and Finance – will shift into a new, purpose-designed environment.

WDC managing director Jonathan Wallace said plans for the Standard’s buildings include a new façade on the buildings fronting the Square which will also have other retail and commercial tenants. Two small old buildings will be demolished to provide further space for carparking.

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