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The week in global real estate - 2 March 2021

The week in global real estate  2 March 2021

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

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.

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