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The week in New Zealand real estate - 1 April 2021

The week in New Zealand real estate  1 April 2021

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

Chris Farhi Vlog 

Institutional Investors 

  • Property Funds Management Ltd have opened the opportunity to invest in Pacific Property Fund Ltd. The fund will acquire six properties totalling $108.1M. This will bring the portfolio's total value to $393M comprised of 20 commercial properties with 62 tenants. More info here. 
  • Precinct Properties is buying their external management contract for $215M and moving to internalised management. The internalisation of management and the sale of $90M assets will allow the developer to focus on the upcoming I Queen Street hotel and office development. More info here. 

Office 

  • Sky Television is selling two of its headquarters properties in Mt Wellington, Auckland. The sites total 9,300 sqm and 26,500 sqm of land. The sites have become under-utilised due to remote working patterns. More info here. 

Retail 

  • Ormiston Town Centre has opened. The retail development includes supermarkets, gyms, movie theatres, department stores, eateries and speciality services. The town centre is part of the wider 19-hectare development in eastern Auckland. More info here. 
  • Woolworths will update a Christchurch Countdown store with micro-fulfilment technology. This will increase the store's online capacity by 4,000 orders a week. More info here. 
  • DFS Group plans to open a T Galleria store in Queenstown next year. The 1,800 sqm store will be across two levels and will focus on luxury brands. This will be their third location in New Zealand. More info here. 

Housing 

  • Crowdfunding platform Opoly has opened its first investment property to investors and is aiming to raise $1.1M. The property is a two-bedroom apartment in Ponsonby, Auckland. More info here. 
  • A joint venture between Mike Greer Group and Pebbles Group is planning to develop 111 homes in central Christchurch. The mixed-use development will also include retail and communal garden areas. More info here. 

Specialist Property 

  • Developer David Hitchins plans to sue the Wellington Anglican Diocese for not disclosing that St Mathew’s Church was on the Wellington City Council’s draft heritage list prior to selling him the site. More info here. 

Government 

  • The Government has decided to delay a decision on the Auckland light rail project until the end of the year. Key decisions regarding the project will be put to the public for feedback. The decisions will include who should own the line, whether it should be a surface level or underground scheme, and the alignment of the route. More info here. 
  • Auckland Council's subsidiary Panuku is planning the potential sale of the Downtown Car Park in central Auckland. More info here. 
  • The Ministry of Education has released classroom designs and plans aimed at reducing the time and cost spent on school infrastructure. More info here.  
  • The East Stand of Yarrow Stadium will begin demolition in mid-April with completed in September. The East Stand will be replaced by a new stand. The project budget is $50M with $20M from the Government under the shovel ready COVID grant. 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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