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The week in global real estate - 3 February 2021

The week in global real estate  3 February 2021

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

Office

  • ICD Property has received planning approval for a $400M mixed-use development in Adelaide, Australia. The development will include 15,000 sqm of office space, 11,200 sqm retail space, a 249-room hotel and 210 apartments. More info here.
  • Amazon has leased 58,500 sqm of office space in Boston, America. Amazon plans to add 5,000 more jobs within the new space for software development, AI and machine learning. Construction of the 17-storey mixed-use development is expected to be completed in 2024. More info here.
  • Related Group gained planning approval for an office development in Miami, USA. The 15,019 sqm development will include two office buildings. More info here.
  • IBT Group LLC is planning a loft office development in Chicago, USA. The Terminal will include 2.5 acres of outdoor space and innovative workshops. More info here.

Industrial

  • Construction of Australia’s largest marine observatory is set to begin this year in Busselton. The $30M development will be located two kilometres out at sea and partially submerged. The development is expected to be completed by March 2022. More info here.
  • Thor Equities has sold its UK logistics portfolio for £303M. The portfolio includes seven warehouses totalling 200,000 sqm. More info here.

Retail

  • L’Occitane US has filed for bankruptcy after falls in revenue and failing to reach agreements on store leases. More info here.
  • Ikea is changing from a one-size-fits-all strategy to a multi-tiered network of stores in the USA. This will include the traditional larger stores and smaller stores in urban areas. More info here.

Hotels and tourism

  • Tim Gurner has submitted plans for a $35M boutique hotel in St Kilda, Australia. The six-level hotel will include 25 rooms, plus pool and club facilities. More info here.
  • A $535M high-end hotel is planned for SoBro, Nashville, Tennessee. The development will include 240 hotel rooms, 150 condos, 185 build-to-rent units, plus meeting areas and retail space. The development is expected to achieve LEED Gold certification. More info here.
  • Plans for a $35.6M ‘skyscratcher’ have been revealed in Sydney, Australia. The 110 metre Pencil Hotel will include 173 rooms at 13 sqm each. More info here.

Housing

  • Super Star Holdings Group lodged plans for a $217M four precinct development in Sydney, Australia. The precincts include 676 apartments, 35 ground-floor retail spaces, a childcare centre and basement car parking. The development is planned on a 4.3-hectare site. More info here.
  • POD Projects Group has lodged plans for a $138M climate-sensitive mixed-use development. The 12,000 sqm site will include four buildings with six commercial and 570 residential units. The development features extensive use of rooftop gardens. More info here.

Sustainability

  • FORE Partnership’s new development in CadWorks, Glasgow, UK will be net-zero carbon and powered by renewable electricity. The 8,732 sqm office development will be completed in October 2021. More info here.

Government

  • The US government is selling 12 sites to developers later this year and expects to realise $500M to $750M. One of the sites is a former missile site from the Cold War that’s been unused for 46 years. 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

Renee Lintott

Analyst

Auckland CBD

Renee joined Colliers in August 2019 as a Project Assistant for the Project Management team. Renee is now an Analyst for the Strategic Advisory team.  Renee is currently in her final semester studying towards a Bachelor of Property and Bachelor of Commerce conjoint at the University of Auckland.

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