The week in New Zealand real estate - 11 September 2020

The week in New Zealand real estate  11 September 2020  hero

A weekly update of the biggest real estate news from around New Zealand.

Institutional Investors

  • Property For Industry has recorded a 66% fall in its half-year profit. Valuation write-downs of $7.8M reduced the net profit after tax to $15.6M. More info here.
  • Metlifecare's chairman has opposed the $6 per share takeover offer for the company from Asia Pacific Group, arguing the offer under-values the shares. The majority of the board are in favour of the deal, although it is yet to be voted on. More info here.
  • Investore Property has performed well during the pandemic due to its focus on supermarkets. More info here. 

Industrial

  • Tauranga investor Bob Clarkson has sold one of the Bay of Plenty's largest industrial and rural portfolios for $200M. Colliers brokered this sale, led by Rob Schoeser from our Tauranga office. More info here.
  • A new industrial land subdivision in Waiuku is offering 32 ready-to-build industrial lots to suit owner occupiers. The lots at Fernleigh Estate are typically around 1,000 sqm. More info here.

Hotels

  • The 41-room boutique hotel planned within The Pacifica has been put on hold due to the impact of the pandemic on tourism. The space across levels 1-6 may be converted to a different use. More info here.
  • Dunedin based CL Hotels will launch a new 27-room hotel in Dunedin early next year. Ebb Dunedin is described as a modernist boutique hotel spread over 4 floors with an atrium garden. More info here.

Housing

  • The 1 hectare former Stonehurst Hotel site in Christchurch has been sold in 4 blocks to 3 different parties. It is likely to be developed as housing. The land has been vacant since the quakes. More info here.
  • Resource consent is being sought to demolish a former industrial building in Napier’s Ahuriri. The site will be used for a mixed-use apartment development. The buildings will have retail, office, short-stay accommodation and apartments. More info here.

Government

  • The government has purchased almost 12,000 ha of land in the Mackenzie Basin to create a new conservation area. The land was purchased through a tenure review. More info here.

Related Experts

Chris Farhi

Director | Strategic Advisory

Auckland CBD

Chris is a Director within the Strategic Advisory team. The team helps you with your big property decisions and complex transactions.

Chris' advisory work focuses on:

  • Decision making processes (eg property strategy, business cases, feasibilities, etc)
  • Tenant representation for large lease transactions (office,  industrial and specialist-use)
  • Multi-site networks (eg consolidation strategies, optimisation, etc)

Chris’ background in brief:

  • Property strategy advisor for some of New Zealand’s most successful private sector, public sector and non-for-profit organisations.
  • Tenant representative (tenant-paid lease negotiator) for organisations ranging from small-to-medium enterprises through to major listed companies and government agencies.
  • Specialist skills in commercial leasing, financial analysis and market research.
  • Part-time lecturer at the University of Auckland Business School and commercial leasing trainer for the Royal Institution of Chartered Surveyors.

Chris’ qualifications include Honours degrees in both Civil Engineering and Property from the University of Auckland, and a Master of Philosophy from the University of Cambridge, UK. He is a Chartered Member of the Royal Institution of Chartered Surveyors.

Outside of work, Chris is a combat engineer in the NZ Army Reserve and a keen baker.

View expert

William Silk

Analyst | Stategic Advisory

Auckland CBD

William joined the Strategic Advisory team as an Analyst  in the Auckland CBD office in 2019, after completing studies at The University of Auckland. 

Specialising in reseasrch, reporting and analysis to support strategic commercial proprety decision making. 

View expert