New Zealand occupier update | 3 February 2020

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Local updates

  • The government has allocated $30M to assist Māori land owners to develop under-utilised land. More info here.
  • Law firm Russell McVeagh is taking registrations for building owners to join a class action suit relating to the combustible insulation products. More info here.
  • Renters have been awarded more than $124,000 from landlords fined for failing to meet insulation requirements. There have been more than 120 Tenancy Tribunal cases since the law changed in July 2019. More info here.
  • Countdown has gained Overseas Investment Office approval to purchase 1.2ha of residential land in Lincoln, Christchurch. They plan to develop a new supermarket with 160 car parks and a café. More info here.

Overseas updates

  • Mirvac has announced plans to redevelop the Harbourside Shopping Centre in Darling Harbour, Sydney. The $1B plan includes revamping the shopping centre and adding office and luxury apartments. More info here.
  • Bunnings are planning to build a hotel above a new Bunnings store in Doncaster, Melbourne. The $70M, 183-room hotel will be operated by Mercure. More info here.
  • Brookfield Asset Management has sold half of its stake in the $800M Chevron headquarters in Perth to Invesco. The building is due for completion in 2023. Chevron holds a 15 year lease over 42,000 sqm of office space. More info here.
  • Lululemon’s new headquarters has gained planning approval from the Vancouver City Council. Construction will begin in September. More info here.
  • Timelapse video has been released of the construction of a new hospital in Wuhan, China. The hospital is being developed over a 10 day period to help with containing the spread of the Coronavirus. More info here.

 

Need help with your next big property decision? Talk to Colliers Strategic Advisory.


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