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The week in corporate real estate - 29 July 2021

The week in corporate real estate  29 July 2021

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

New Zealand corporate real estate news

  • Google moves into new Auckland office:Google’s existing Auckland staff are moving into their new headquarters in Wynyard Quarter. The new office includes a reception desk made from kayaks and a chili bin modelled cafeteria. Google has plans to develop its first software engineering team in New Zealand, which will also be based at the new headquarters.
  • Waikato Regional Council headquarters open:Waikato Regional Council has moved into its new headquarters in central Hamilton. The new headquarters accommodates 460 staff from eight separate buildings. The office space includes collaboration spaces, wash-down facilities for field workers, a lab for scientific workers and electric vehicle chargers. The Council paid $8.875M for the office fitout which was funded by the sale of two previous offices.
  • Tauranga Donor Centre moving to a purpose-built centre:Tauranga Donor Centre has announced it will be moving to a new purpose-built centre after its current lease expires in late 2022. Wallace Development Company Limited purchased the site and are developing a $15M three-storey office building. Tauranga Donor Centre will occupy 850 sqm.
  • Kāinga Ora purchases Rotorua motel: Kāinga Ora has purchased the Boulevard Motel in Rotorua for $8.1M. The former motel will be used for transitional housing for 80 people managed by Wera Aotearoa Charitable Trust. Residents will begin to move in from September. Kāinga Ora is working under the Public Housing Plan to provide 190 extra public housing places in Rotorua by 2024.
  • Christchurch RSA sells headquarters:Christchurch RSA has sold its headquarters in central Christchurch for $3.4M to pay off debts. The Trenches Bar closed four years ago after failure to attract customers and last year the holding company went into liquidation with debts of more than $1M. The RSA headquarters opened in 2015, replacing its previous building which was damaged in the 2011 earthquakes.
  • Former Chief Post Office relaunched as The Grand:The former Chief Post Office in Christchurch has been relaunched as The Grand and will operate as a leased venue owned by The Grand Cathedral Square Ltd. The Grand Cathedral Square Ltd will own and operate the businesses occupying the leased building but not the building itself. The space will include an artisan French bakery, food court, visitor information, restaurants and bars and outdoor plazas.

Global corporate real estate news

  • The International WELL Building Institute developing WELL Performance Rating:The International WELL Building Institute (IWBI) is developing the WELL Performance Rating tool to reward building operators for monitoring the health and well-being of their tenants. The rating tool will focus on the monitoring of health metrics including lighting levels, noise, and indoor air quality.
  • Sentinel Group purchases Covid-19 response headquarters:Sentinel Group has agreed to purchase Scarborough House in Brisbane for $83M. The 16,755 sqm office building is fully occupied by the Department of Health and used as the control centre for Australia’s Covid-19 response.
  • Apple changes return to office date:Apple has pushed back its return to the office date from September to October due to a rise in Covid-19 cases across the USA. Apple previously announced that staff will be required to work at least three days a week in the office upon return.
  • Versace opens new store in Soho:Versace has opened a new boutique store in Soho, New York. The 285 sqm shop is inspired by its Paris flagship store and includes Greca-marble floors. The store takes a modern sustainable approach by applying environmental standards to the materials used in the store.
  • Adidas announces return to office date:Adidas has announced from 2 August 2021 staff can return to the office on a voluntary basis. Adidas are aiming to get their operating capacity from 25% to 50%. Staff that have been vaccinated are not required to wear a face mask whilst at work.
  • Disney closes all Canada stores:Disney has announced it will be closing all of its stores in Canada within the next month. Disney will be focusing on online retail sales.
  • Ted Baker announces headquarters moveTed Baker has announced it will be moving its London headquarters from Kings Cross to Fitzrovia. The 10-year lease with Westminster City Council includes rent at £900,000 per annum compared to the £3.25M rent at their Kings Cross headquarters. They will move to the new headquarters in 2022.
  • Chemist Warehouse to open stores in Ireland:Chemist Warehouse has announced the opening of 10 stores in Ireland over the next 18 months. The stores will range from 1,114 to 1,393 sqm and will create 250 retail jobs.

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

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Renee Lintott

Senior Analyst

Auckland CBD

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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