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The week in corporate real estate - 10 August 2021

The week in corporate real estate  10 August 2021

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

New Zealand corporate real estate news  

  • Deloitte announce new lease with Precinct Properties:  Deloitte has signed a 20-year lease at Precinct Properties' One Queen Street redevelopment in Auckland. Deloitte will occupy 7,500 sqm of office space across levels 15 to 20. Only two low rise floor plates are remaining to be leased, but they may be set up as small office suites.  
  • No access clauses back in spotlight after case: Law firm Bell Gully has outlined the outcome of a recent court case involving no access clauses (clause 27.5 of the ADLS Deed of Lease). The case relates to a situation where a tenant stopped paying rent during the lockdowns, did not reach an agreement with their landlord around the fair proportion of abatement, and the landlord subsequently issued a Property Law Act notice.
  • Investore Property Limited purchases large format retail: Investore Property Limited has announced the purchase of a large format retail property in Mt Roskill, Auckland for $36M. The 1.1 ha site is anchored by Rebel Sport and Briscoes.  
  • Inland Revenue seeks office space as Asteron Centre closes for three months: Inland Revenue is sourcing temporary office space around Wellington city as its headquarters, Asteron Centre has closed for three months due to remediation work. The remediation works include addressing seismic and structural issues.  
  • Countdown to open metro supermarket in Wanaka: Countdown has announced it will be opening a new Metro supermarket in Wanaka. Countdown plans to use a former BP service station. The store will be the first Metro supermarket in the South Island, and it will stock a curated grocery range as well as support online deliveries.  
  • Silverlight Studios plans film park: Silverlight Studios has announced plans to develop a $290M film park in Wanaka. The film park will include film sets, a screening theatre, film school, post-production facilities etc. Silverlight Studios plan to lease the film park to an international screen production company on a 10-year lease.  
  • Taco Bell opening Dunedin restaurant: Taco Bell has hinted at the opening of a new restaurant in central Dunedin. Taco Bell currently has 5 restaurants across New Zealand, with sites in Auckland (3x), Taupiri and Christchurch.  

Global corporate real estate news  

  • Target announces office employees can work from home for the rest of the year: Target has told its 8,500 employees at its Minneapolis headquarters that they do not need to return to the office until next year due to the Delta variant of COVID-19. Teams can have meetings in the office from September, but masks and social distancing are required. 
  • Microsoft announces employees need vaccine to return to office: Microsoft has announced that if employees want to return to the office, they need to be fully vaccinated against COVID-19 and provide proof before entering the office. There will be exceptions put in place for individuals with medical conditions or religious reasons that prevent them from getting the vaccination.  
  • Amazon delays return to office date: Amazon has delayed its return to the office date from September to January 2022 and upon return will be implementing a hybrid work plan allowing employees to work from home at least 2 days a week. The delay impacts 60,000 employees. 
  • Amazon opens three new delivery stations: Amazon has announced the opening of three new delivery stations in New Jersey. The three stations are 43,107 sqm, 31,587 sqm and 26,012 sqm and help to process orders and speed up the delivery to customers.  
  • Google plans new Silicon Valley campus: Google has announced plans for a new Silicon Valley campus adjacent to its new hardware centre. The campus will accommodate 3,500 employees and have five office buildings. 
  • Speedo headquarter future uncertain: Speedo is considering lease options for its 3,279 sqm headquarters in Nottingham, UK as they implement a hybrid work model. The new hybrid work model means Speedo needs 50% less office space.  
  • Apple campus handoverApple’s new six floor campus at Battersea Power Station in London will be handed over for the company by the end of September. Fitout work will then begin. The 46,451 sqm campus is expected to open early 2022. 
  • DLA Piper announces new Dublin officeDLA Piper has leased a 2,787 sqm office building in Dublin until 2037 to further expand its presence in Ireland. The new office will accommodate 75 lawyers and other staff over six floors.

Contact property consultant Chris Farhi at Colliers Strategic Advisory to request an email notification for this weekly update.


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Renee Lintott

Strategic Analyst

Auckland

Renee was the recipient of the Blair Hargrave/Colliers  Scholarship in 2019 before joining the  Strategic Advisory team as an analyst in the same year. Renee worked part time in the team for 2 years whilst completing  her tertiary qualifications and joined full time in mid 2021. 

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