The week in global real estate - 13 July 2020

The week in global real estate  13 July 2020  Hong Kong  hero

A weekly update of the biggest real estate news from around the globe.

Office

  • Lendlease has received approval for its over-station development at the new Victoria Cross metro station in North Sydney. The 42-storey office tower and integrated community hub will sit above the largest railway cavern in Australia. More info here.

Industrial

  • Amazon has leased another 14,500 sqm distribution centre in Santa Clarita Valley. During May 2020 they announced their first 9,200 sqm distribution centre in the area. More info here.
  • The Hershey Co are expanding their Virginia plant again. The new 8,360 sqm expansion will cost $135M and comes after a recent expansion of similar size. More info here.
  • Tesla are planning to start construction of a new factory in the South West of the United States. They are considering Texas and Oklahoma in response to tax incentives that are being offered. More info here.

Retail

  • Dunkin' will close 450 of its donut kiosks. The kiosks are located inside of convenience stores in the United States. The closures are expected by the end of the year. More info here.
  • Bed Bath and Beyond are closing 200 stores over the next 2 years in the United States. Sales have fallen almost 50% in the last year. More info here.
  • Target will be open a new 2-storey 8,340 sqm store in the open-air shopping centre of Gateway Port Chester in New York state. More info here.

Housing / accommodation

  • A master plan has been released for the 7 hectare former Beverly Hilton garage site in Beverly Hills. The $2B mixed use development, One Beverly Hills, will feature a hotel and two plant covered apartment buildings. This will be built on a platform over a motorway that cuts through the site. More info here.
  • Spain will lease public land to private companies for free to allow them to build and manage social housing. The lease terms will be up to 75 years. More info here.

Specialist

  • Digital Reality have begun construction of their second Hong Kong data centre. The 21,000 sqm centre will have 24-megawatt capacity over 12 floors. More info here.
  • Alpin Sun have proposed a 254 hectare solar farm to be built next to Edmonton International Airport in Canada. The farm will produce 120-megawatts. 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.

View expert

William Silk

Analyst | Stategic Advisory

Auckland CBD

William joined the Strategic Advisory team as an Analyst  in the Auckland CBD office in 2019, after completing studies at The University of Auckland. 

Specialising in reseasrch, reporting and analysis to support strategic commercial proprety decision making. 

View expert