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NZ Occupier Update | 12 May 2020

NZOccupier12May  City skyline at night HERO

Local updates

  • Microsoft has announced plans to build its first data centre in New Zealand. The data centre would add to the company's 59 other data centres around the globe. More info here.
  • Precinct Properties is deferring the $298M redevelopment of One Queen Street in central Auckland. The development was to contain an 11 storey InterContinental Hotel, 7 levels of office space and a rooftop bar. More info here.
  • Centuria Capital has taken a $45M stake in Augusta Capital. The agreement will see Centuria pick up a 19% stake with the opportunity to increase that to 25%. More info here.
  • Hamilton City Council is in the process of acquiring land through the Public Works Act for road widening to service the new Peacocke subdivision. One acquisition has had compensation assessed at $1 because the loss of land has been offset by betterment from the new development. More info here.
  • Burger King is closing five outlets as part of positioning its business for sale. More info here.
  • Bunnings is proposing to close seven of its stores in New Zealand. More info here.

Overseas updates

  • Google and Facebook are planning for their office staff to work from home for the rest of 2020. More info here.
  • Airbnb has announced it is laying off almost 1,900 staff members (approx 25% of its staff). Revenue is forecast to be half of what they earned in 2019 and they are halting projects related to hotels, transportation and luxury travel. More info here.