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The week in New Zealand real estate - 11 December 2020

The week in New Zealand real estate  11 December 2020

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

Chris Farhi Vlog

Institutional investors

  • Aged care provider Radius Care listed on the NZX this week. No additional shares are currently being offered. The company has been listed to facilitate expansion. More info here.
  • Australia-based Auckland Real Estate Trust (formerly Quattro Plus) also listed on the NZX this week. The company has seven properties in Auckland, including 1 Albert Street. More info here.

Office

  • Wellington City Council is considering demolishing its Municipal Office Building to ensure the future of the National Music Centre. Works to refurbish the existing building had blown out to $84M. More info here.

Retail

  • The business that operates homeware retailer Nido has been placed into receivership. The 27,000 sqm store opened in June 2020 after a $59M development of the site. More info here.

Hotels

  • CPG Hotels have purchased the former Heritage Hotel in Hanmer Springs and will re-open the hotel before Christmas. The hotel will undergo a full refurbishment next year to turn it into a luxury 5-star Fable branded resort. More info here.
  • Accor Hotels open two new hotels in New Zealand in 2021. The 96-room Mercure Auckland Queen Street will open early 2021, and the 60-room Sebel Wellington Lower Hutt will open mid-2021. More info here.

Residential

  • Statistics NZ and BRANZ estimate 28,000 homes in New Zealand are damp and have visible mould. Just under half of these homes are in Auckland. More info here.
  • Home ownership is at its lowest rate in almost 70 years. The current rate of 64.5% is down from a peak of 73.8% in the 1990s. More info here.

 Government

  • Wellington City Council is considering loaning earthquake-prone building owners funds to complete seismic strengthening works before their deadlines. There are 563 buildings that require work. More info here.
  • Victoria University has leased 11 hectares of council land in Wellington to plant a native tree forest. The university will be able to receive carbon credits for the forest. More info here.
  • The Court Theatre development in Christchurch is progressing to the next stage of design work. The $39M project includes a 360-seat auditorium. 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