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The week in corporate real estate - 23 September 2021

NZ_AucklandCBD_StrategicAdvisory_The week in corporate real estate  23 September 2021

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

New Zealand corporate real estate news

  • Foodstuffs opens new Pak‘nSave supermarket: Foodstuffs has opened its new Pak‘nSave supermarket in Henderson after two years of works. The new supermarket is two and a half times the site of the original supermarket. The supermarket was the second-oldest Pak‘nSave in New Zealand.
  • Synlait enters sale and leaseback: Synlait has entered a sale and leaseback deal for its facility in Mangere to free up capital. The $30.05M deal includes an initial 10-year term with rights of renewal. Settlement is in October.
  • Westpac reveals new Hastings branch: Westpac has announced it will be relocating its Hastings branch to the former Hastings Health Centre. Westpac were at the Westpac building for 20 years before temporarily closing it in March following a building assessment. The new branch will be renovated and opened in April 2022.
  • The Ministry of Foreign Affairs and Trade seeking new office: The Ministry of Foreign Affairs and Trade is seeking new office space after not renewing its lease at HSBC Tower in Wellington which expires in 2025. The Ministry has leased the office space since 2002.
  • Eagle Technology House determined earthquake-prone: Office building Eagle House Technology in Wellington has been assessed to have a strength rating below 34% NBS, defining it as earthquake-prone. The 11-storey building underwent strengthening work in 2013 and 2017 to bring it up to a NBS rating of 80%. Tenants including the New Zealand School of Tourism have moved out of the building.

Global corporate real estate news

  • Deloitte signs new office lease: Deloitte has agreed to lease office space in the new Parramatta Square development from September 2022. The 10-year lease comprises 3,500 sqm of office space in the 55-storey office tower. The Parramatta Square development includes two commercial towers which will be the largest by gross floor area in Australia.
  • Parramatta Council purchases office headquarters: Parramatta Council has purchased an office building near Parramatta Square for $64M. The office building will be used as its headquarters with staff relocating from current office space, and the remainder will be leased. The 7-storey building is 7,500 sqm and has a 5-star NABERS rating.
  • Rental agreement for new restaurant during covid: Fortis Development Group has created a rental agreement for Neil Perry’s new restaurant in Sydney during COVID-19. Within the agreement, the restaurant will pay rent based on the number of diners the restaurant has. The restaurant has a 10-year lease for the restaurant and opened during the latest COVID-19 outbreak in June.
  • Google to purchase new building: Google has announced it’s purchasing a new office building in New York for $2.1B to support employee growth. Google has 12,000 employees in New York with plans to hire 2,000 more employees in the coming years. The purchase makes Google one of the largest occupiers in the city with 287,999 sqm.
  • Microsoft signs new office lease: Microsoft has signed a new office lease for 4,645 sqm in Miami within a new tower development. The 55-storey tower will be completed in 2022 comprising 59,457 sqm.  
  • Twitter signs new office leaseTwitter has signed a new office lease for 6,131 sqm in Oakland, California. The new office will be their first designed with a hybrid work model. The office will be open in 2022.
  • Netflix expands production presence: Netflix has announced it will be expanding its production presence in the UK by agreeing to a long-term lease at Longcross Studios in Surrey. The facility includes four main stages.
  • HongKong Land Holdings Ltd signs first crypto asset firm: Landlord HongKong Holdings Ltd has signed its first crypto asset firm in its building called Three Exchange Square. ANZ was the previous tenant of the space.

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


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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