The week in global real estate - 24 August 2020

The week in global real estate  24 August 2020  hero

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

Industrial

  • Goodman and Altis Property Partners have submitted plans for a double-storied warehouse and distribution complex in inner Sydney. The 16,000 sqm facility where both levels are accessible by vehicles will be a first for the city. More info here.

Office

  • Charter Hall have lodged plans for a $480M 33-storey office building in Brisbane’s CBD. The tower will have 24,500 sqm of office space and 2,100 sqm of retail space. It is targeting a 6 star Green Star rating and 5.5 star NABERS energy rating. More info here.
  • Amazon are expanding their physical office space in six US cities. This includes Manhattan office space that it has acquired from WeWork for $1.15B. Amazon staff will continue to work remotely until at least the start of 2021. More info here.

Retail

  • Singaporean wealth fund GIC and Australian Charter Hall are set to buy a 49% stake in a property trust that owns convenience stores in Australia. The $680M deal will secure a nearly half share in 203 properties. More info here.
  • Westfield has begun locking non-paying tenants out of their stores in Australia. 129 of Mosaic Group’s stores have been temporarily closed and notices have been given to other retailers including Strandbags. More info here.
  • G-Star Raw will close 57 stores in Australia after being unable to find a buyer for the business. The brand went into voluntary administration in May 2020. More info here.
  • US mall owner CBL properties is planning to file for bankruptcy as its rental income is no longer enough to service its debts of over $3B. Rents have due to stores being closed and low foot traffic resulting from the pandemic. More info here.
  • Bed Bath and Beyond have extended a Manhattan lease for ten years, while also planning to shutting 200 stores across the US in the next two years. They are giving up some of their Manhattan street front space and moving it into below ground basement space. More info here.
  • New York’s Landmark at 57 West theatre is closing after being unable to negotiate new lease terms with its landlord. The theatre opened in 2017 but has struggled. Distance to public transport has contributed to poor foot traffic. More info here.

Hotels

  • Shares in Accor Hotels rose last week after a potential merger with InterContinental Hotels was investigated by a French newspaper. This would create the world’s largest hotel group. More info here.
  • Construction of the 32-storey Sofitel Adelaide has topped out. The hotel will have 250 rooms and 69 residential apartments when completed. More info here.
  • Minor Hotel Group has announced the introduction of the NH Collection brand which will debut in the Australian market. Its Sydney CBD hotel is expected to open in 2023. More info here.
  • Accor Hotels’ entertainment and accommodation brand Mondrian has opened its fifth property in Seoul. The brand plans to have 15 properties globally by 2022. More info here.

Housing

  • Melbourne's ban on residential and commercial landlords evicting tenants has been extended to the end of the year due to the extended pandemic lockdown. Rental increases have also been banned over the same time period. More info here.
  • Blackstone's build to rent development in New Jersey has been fully leased over a 4-month period. The 180-unit property caters to the luxury market. More info here. 
  • Singapore’s Building and Construction Authority has awarded the BCA Green Mark on 376 projects this year. 22 projects received the top Green Mark. More info here.
  • Transparent solar panel windows have reached a new efficiency level at 8% efficiency and 43% transparency at the University of Michigan. The panels are made of an organic carbon-based material, rather than traditional silicon, making them ideal as windows. 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