The week in New Zealand real estate - 15 October 2020

The week in New Zealand real estate  15 October 2020  hero

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

Institutional investors

  • The High Court hearing to approve EQT’s purchase of Metlifecare has been delayed until next week. More info here.
  • Analysis by Forsyth Barr indicates that listed property companies have outperformed the wider market. September was the third consecutive month property outperformed the NZX50G (top 50 largest listed companies). More info here.
  • Argosy have launched their third green bond offer to raise $150M. It will be used to finance green assets. The bonds have a minimum reutrn of 2.2% pa and mature in October 2027. More info here.

Office

  • Asset Plus has broken ground on their $142M office development in Albany. The building will be anchored by Auckland Council. Construction is planned for completion in September 2023. More info here. Our team is proud to have represented Auckland Council on this transaction - exciting to see the project tick off another milestone.
  • Kiwibank have opened their new offices in the 6 Green Star rated 155 Fanshawe Street. The building was developed by Mansons. It promotes sustainable commuting with electric vehicle charging points, cycle parks and end of trip facilities. More info here.

Industrial

  • Ports of Auckland have launched The Lightship, a light wall wrapping the façade of their new car handing facility. There are almost 8,500 individually programmable LED lights on the 110m long by 13m high wall. More info here.
  • Argosy has purchased two contiguous industrial sites in Mt Wellington, Auckland for $76M. The sites total 10.64 hectares with 23,000 sqm of buildings. More info here.
  • Mainfreight have opened their new $40M freight facility in Mount Maunganui. The 18,200 sqm facility is the company's largest transport branch in its local network. More info here.

Retail

  • Kiwi Property has opened their 20,000 sqm expansion of Sylvia Park called the Galleria, increasing retail space at the centre to more than 106,000 sqm. Farmers anchors the new space with an 8,100 sqm store. More info here.
  • McDonalds is closing their restaurant at 260 Queen Street after 43 years of operation. They have a new location opening nearby. The building is owned by McDonalds but they have not disclosed any plans for its future after they vacate. More info here.

Residential

  • First home buyers made up 25% of the purchasers of property in the third quarter of 2020. This the highest level on record after it previously peak at 24% in 2007. More info here.
  • A 2,364 sqm development site has been put up for sale in St Mary’s Bay, Auckland. The site has resource consent for 49 apartments and townhouses, and dual access from College Hill and Dublin Street. More info here.

Tourism

  • The 100-metre high timber Sky Garden tower has been proposed for Hamilton’s CBD. The tower would provide a viewing platform, slide, bungy and swing over the river. It previously proposed for Hangitiki, near Waitomo, but was rejected. More info here.

Government

  • Christchurch City Council has invested $12M in the construction company looking after the Town Hall repair project. The council bought the shares in Vbase to ensure the project is successfully delivered. More info here.
  • Kawakawa’s new Te Hononga community hub has been opened. It features a new library, council service centre and art gallery. The building is inspired by Friedensreich Hundertwasser who designed the town’s iconic public toilets. More info here.

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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