The week in New Zealand real estate - 10 July 2020

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

Institutional investors

  • Asia Pacific Village Group has announced a new takeover offer for Metlifecare at $6 per share. The new offer is $1 per share less than the previous offer. More info here.
  • Arvida Group incurred $3M in extra costs due to COVID-19 measures, and has also experienced reduced sales activity, delayed settlements and increased operating costs. More info here.
  • Property for Industry has sold one of its Christchurch properties as part of refocusing its investment into Auckland. PFI is also planning to sell non-industrial properties to become a pure industrial investor. More info here.

Office

  • If New Zealanders work from home for one day per week it could prevent up to 84,000 tonnes of carbon dioxide pollution every year according to the Energy Efficiency and Conservation Authority (EECA). More info here.

Hotels

  • Interior images have been released of QT’s new Auckland hotel. The hotel will open 1 November 2020 and is the third QT hotel in New Zealand. More info here. 

Industrial

  • Construction is starting on a new 12,000 sqm kitchen in Napier for pet food manufacturer Ziwi. The new facility will cost $70M and will open in late 2021. More info here.

Housing

  • Wellington apartment owners in high seismic risk areas are facing large bills for earthquake strengthening. More info here.

Government

  • Rotorua Museum, Te Whare Taonga o Te Arawa, has received $2M from the Provincial Growth Fund to replace the building’s roof. The category one heritage building is expected to re-open in 2022 after a $55M seismic upgrade and refurbishment. More info here.
  • Auckland Council is seeking permission to defer the rating revaluations from 2020 to 2021 due to uncertainty in the market. 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.

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