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The week in global real estate - 26 January 2021

The week in global real estate  26 January 2021

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

Office

  • Linkcity Australia is planning an $80M 11-storey commercial building in Sydney, Australia. The 18,000 sqm development will have six levels of office space with floor plates of 2,800 sqm. More info here.
  • The Commercial Union Chambers office building in Melbourne, Australia has sold for $40M. The 3,267 sqm building has nine levels of office, retail space and basement car park. The building is anchored by Alibaba. More info here.
  • Icon Developments and Zagame Group are planning an $80M commercial office building in Yarra, Australia. The 10-storey building will include 6,868 sqm office space, ground floor retail, 66 car parks and 38 bicycle spaces. More info here.
  • Meal provider Freshly has leased 8,575 sqm in New York. They will occupy two levels in the 16-story building as their new headquarters. More info here.
  • The Council on Tall Buildings and Urban Habitat have announced the best tall buildings for 2021. More info here.

Industrial

  • Penta Properties has started construction on a $65M cold storage facility in Toronto. The 26,012 sqm facility is purpose-built for Sierra and includes 23,225 sqm of storage space and 2,787 sqm processing space. Construction will be completed in 2022. More info here.

Retail

  • Urbanspace is opening its sixth food hall in New York. The food hall will be on the ground floor of a 29-storey office building, occupying 1,367 sqm. The hall will include 16 vendors. More info here.

Hotel and tourism

  • Property Markets Group and E11even partners are planning a 65-storey hotel tower in Miami, Florida. The 400-unit development will include a wellness centre, gourmet food hall, sports lounge, and 1,858 sqm multi-level pool and club area. More info here.
  • The TWA hotel in New York has won the best design and best development in the Commercial Property Executive 2020 awards. The 512-unit hotel includes a 4,645 sqm event centre, 929 sqm fitness centre, and 18,580 sqm of open public space. More info here.
  • The Citizen Hotel in Tucson, USA is set to be renovated to a boutique hotel. The 10-bedroom hotel will be a wine-centric hotel with a 464 sqm tasting room. The renovation will cost $2.5M. More info here.

Housing

  • Rastegar Property Co launched a $200M REIT that will invest in multifamily properties in Texas. The fund will target old multifamily properties and renovate them to modern standards. More info here.
  • Star Entertainment Group will begin construction in February of a 63-storey residential and hotel tower in Broadbeach, Australia. The $400M tower will include 210 hotel rooms and 457 apartments. More info here.
  • Meriton is planning the second stage of their $3B Eastgardens residential development in Sydney. The $115M stage includes two high rise residential buildings with 383 units and ground-floor retail. Meriton also purchased a 2.7 ha site for $68.5M. More info here.
  • Brookfield Residential Properties has gained approval for a $141M residential tower in Brisbane. The 19-level tower will include 150 units and ground-floor retail space. The tower is the next stage in their $1.3B Portside Wharf Project. More info here.
  • Construction has started on a $10M senior living apartment building in Harrison, USA. The development is converting a former elementary school building to create 30 units. Rents will vary between $285 and $850. More info here.

Sustainability

  • Frasers Property has set a net-zero carbon commitment by 2050. They are also aiming for 80% of their owned and managed assets to be green certified by 2024, with new developments certified by 2021. More info here.

Related Experts

Renee Lintott

Strategic Analyst

Auckland

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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