The week in global real estate - 2 March 2021

Office

• The final design for Brisbane’s $3.6B Queens Wharf development is being amended to include more commercial floor space. The commercial space will replace residential and hotel floors in two of the towers. More info here.
• Hewlett-Packard and developer Billbergia have lodged plans for a nine-level $80M commercial and retail headquarters for the company. The development is part of the $1B master-planned Rhodes Precinct in inner-west Sydney. More info here.
• Rezoning of Liverpool, Sydney’s city centre is driving over $1B of development. As part of the redevelopment the City Council has partnered with developer Built to deliver a 22-level commercial tower and a 7-level co-living development. The co-living development is targeted at executive-level temporary accommodation. More info here.
• The British Property Federation said pandemic related commercial rent arrears could reach £7B by the end of June 2021. More info here.
• Standard Chartered is reducing its office space by a third in the next three to four years. HSBC and Lloyds have announced similar plans this week with a shift to home working driven by the pandemic. More info here.

Retail

• Gucci has extended its lease in Trump Tower, New York City until 2026. Rent on the space was $24M annually in 2012. Tiffany’s is not renewing its lease in a different Trump building in New York. More info here.
• Retail landlords in the UK are calling for a halt on business rates for empty retail sites, with many closed during the pandemic. An estimated £1B has been spent on rates so far during the pandemic. More info here.
• South African Mall operator Liberty Two Degrees has seen profits fall by over 50% in its 2020 full-year results. More info here.

Hotels and tourism

• Brisbane is the top choice for the 2032 Olympic Games. Queensland officials are finalising plans for the $4.5B games and will continue to look for stadiums, venues, and infrastructure. More info here.
• Crown Sydney has a new day spa in its Barangaroo hotel. The spa has eleven treatment rooms, pools, showers, and a yoga and meditation area. More info here.
• TFE Hotels has opened its first A by Adina hotel in Canberra. The new brand blends luxury hotel living and the footprint of a residential apartment. The hotel has 130 rooms in studio, one and two-bedroom layouts. More info here.

Housing

• Victoria has begun a 10-year program to deliver $5.3B of new social housing in the state. The program will add more than 14,000 new dwellings, replacing 1,100 old public houses. Developments will also offer wrap-around services to help vulnerable people back into private rented accommodation. More info here.
• UK architects Assel have launched an Australian design studio to bring its build-to-rent and co-living experience to the country. Assel has worked on schemes for major international companies, as well as the public sector in London. More info here.  
• GRAHAM has begun construction on a 348-unit build-to-rent development in Nottingham, England. The project is a joint venture between rail operator Network Rail and private developer Bloc Group. More info here.
• The Castings build-to-rent scheme in Manchester, England has been approved. The development will include 352 units in a mix of one, two- and three-bedroom layouts, rooftop gardens, resident lounges, and entertaining suites. More info here.