NZ Occupier Update | 7 April 2020

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Local updates

  • The Government is seeking infrastructure projects that could be ‘shovel-ready’ within 6-months to stimulate the economy and help the construction sector recover from the effects of COVID-19. They are looking for larger projects above $10M in value. More info here.
  • Some hotels in cities across the country have been keeping vacancy rates down by housing rough sleepers and others needing emergency housing during the lockdown period. Bookings have come from various government agencies including Ministry for Social Development, Oranga Tamariki, and Ministry of Housing and Urban Development. More info here.
  • Costco has received OIO permission to complete its $23.3M land purchase in Westgate for its first store in NZ. Costco will spend $100M developing their full format three-level mega store, due to open in 2021. The store will include a fuel station, food court, optometrist with groceries and hardware. More info here.
  • Residential developer, NZ Living, has plans for $160M of new housing projects in the pipeline and is using the lockdown period to get ‘shovel ready’. They have had success under the KiwiBuild scheme in Onehunga and have a project underway in Northcote. More info here.
  • Two student accommodation developments have been approved in Tauranga’s inner city. A $14M four-storey building and a $40M 392 room complex will be developed to support the growth in student numbers at University of Waikato's new Tauranga Campus. More info here.

Overseas updates

  • Softbank has pulled out of the $3B share buyout of WeWork. More info here.
  • Fonterra Australia has sold their milk powder plant Dennington, Victoria to animal nutrition company ProviCo Australia. Fonterra announced the closure of the plant early last year with plans to mothball it, but a buyer was subsequently found. More info here.
  • Melbourne construction sites have so far been exempt from shutdown with many major development projects underway. The Victorian Government has committed more than $10B in infrastructure spending over each of the next four years to support growth. More info here.
  • Every roof-top in the city district of Utrecht in the Netherlands is to be ‘greened’ with plants, moss or solar panels after a successful scheme on their bus stops. A new ‘vertical forest’ tower will have 10,000 plants on its façade, with 360 trees and 9,640 flowers and shrubs equivalent to 1 hectare of woodland. It is set to be completed in 2022. 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.

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