The week in New Zealand real estate - 30 July 2020

The week in New Zealand real estate 30 July 2020  hero

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

Office

  • Precinct Properties' new Commercial Bay office tower in central Auckland opened on Monday after five years of construction. More info here.

Industrial

  • Stride Property’s joint venture Industre has purchased a 2.1 hectare property on Patiki Road for $21.7M and another 0.4 hectare property on Rosebank Road for $4.4M. More info here.
  • Asset Plus has purchased 3.8 hectares of bare land in Kamo, Whangarei for commercial development. More info here.
  • Microsoft has announced that Fonterra is the first major company to sign up to the new data centre it plans to build in the North Island. More info here.

Retail

  • Countdown is planning to open its third ‘dark store’ in Wellington. Local demand for online shopping and delivery is growing greater than in other places around New Zealand. The 3,500 sqm store will operate 24/7 and fulfil 7,000 orders each week. More info here.

Housing

  • The government has launched a $400M progressive home ownership scheme to assist low-income households into home ownership. More info here.

Hotels

  • CPG Hotels has launched a new hotel brand, Fable Hotels and Resorts, for 13 hotels that it currently owns. The properties are not already leased to Accor Hotels and include the refurbished Fat Camel backpackers in Auckland Central. More info here.
  • The Millennium and Copthorne hotel chain have posted a half yearly profit of $38.9M, up from last year's $29.7M due to a tax gain from depreciation. Revenue in the same period fell 25% to $84.7M. More info here.
  • A 1.1ha block of land including the site of the former Stonehurst Hotel in central Christchurch is on the market for sale. Much of the site has been vacant since the earthquakes with a backpacker lodge, a block of motels and apartments remaining. More info here.

Education

  • Victoria University plans to demolish the heritage listed Gordon Wilson Flats on The Terrace in Wellington. It plans to create a gateway with elevator access from the city centre to its Kelburn Campus. The former social housing flats were deemed an earthquake risk and decommissioned in 2012. More info here.
  • Otago Polytechnic has received a government grant towards a new $37M trades training centre. The new centre will allow more students to train in fit-for-purpose facilities. More info here.

Government

  • Whang─ürei District Council's new $48M civic centre building will begin in September with the demolition of the former RSA bowling club. Construction is expected to be completed mid-2022. More info here.
  • Auckland Hospital has been granted $262M towards a new six-storey plant building. More info here.
  • Construction delays due to the COVID19 lockdown mean some Auckland infrastructure projects will not be complete for the America’s Cup. Projects include harbourside works on Quay Street, new ferry berths and the Karangahape Road cycleway. More info here.
  • Consent has been granted for a new library, arts and cultural centre in South Taranaki. $3M in funding for the $11.5M project has come from the ‘shovel ready’ project fund. 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