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NZ Occupier Update | 26 March 2020

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Local updates

  • Commercial property tenants may be able to stop paying rent during the Level 4 lockdown by using no access clauses under their lease. The clauses are included in some common leases, but not all. Landlords and tenants should seek professional advice if they have concerns. More info here.
  • KiwiBuild projects are selling at nearly seven times the rate of other new apartment projects, according to Colliers' latest research. More info here.
  • Kiwi Property has increased the planned height of their newest mixed-use tower to be built at Sylvia Park. The tower will now be 17 levels: 9 levels of office (lower), 5 levels of hotel (upper) and the remainder being reception, shops and plant space. More info here.
  • Foundations at the Seascape apartment development in Auckland are expected to be signed-off mid-year. Construction was previously delayed after concerns were raised about the concrete in the basement. More info here.
  • Renovations to a damaged Christchurch office building are being put on hold due to the marketability being impacted by neighbouring derelict buildings. More info here.

Overseas updates

  • Architects Henning Larsen have been chosen for AMP Capital’s new $650M Cockle Bay Wharf development in Sydney. The development will feature a 40-storey office building above a retail and hospitality podium on the edge of Darling Harbour. Completion is expected in 2025. More info here.
  • Krispy Kreme have opened their new office space designed by OKW Architects in North Carolina. The design reflects the joy of its iconic doughnut brand. More info here.
  • With many older skyscrapers needing to be replaced with taller buildings to meet demand, the process of disposing of these buildings in confined spaces is complex. Buildings need to be carefully deconstructed. The B1M have released a video showing the process. Watch the video here.