Skip to main content Skip to footer

The week in New Zealand real estate - 11 March 2021

The week in New Zealand real estate  11 March 2021

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

Chris Farhi Vlog 

  • This week the vlog looked at the Seascape development in central Auckland. Seascape is a 187m tall apartment building with 52 floors totalling 221 apartments. The design features a range of apartment typologies ranging from studios through to large penthouses. The property is being developed by Shundi Customs, which is part of the Shundi Group based out of Shanghai, China. Construction is progressing with the first few levels of structural steel now visible at street level.

Office 

  • Auckland Council has entered into a deal with the Malaysian Resources Corporation Board (MRCB) to develop a $452M mixed-use scheme above the Aotea train station in central Auckland. The 21-storey development will include two underground levels, 15,000 sqm of office space and 20,000 sqm of residential space. Auckland Council will enable the project by selling a long-term lease of the site to MRCB. More info here. 
  • Precinct Properties has announced renewed plans for 1 Queen Street in central Auckland. The revised scheme is expected to offer ground floor retail integrated into Commercial Bay, 3 levels of shared workspace, a reduced 139 room hotel (previously 244), 2 levels of private office suites, 7 levels of premium-grade office and a rooftop bar. More info here.
  • Google New Zealand is moving their offices to Wynyard Quarter in Auckland. Google has leased 1,300 sqm in the new building at 10 Madden Street. Developers Precinct Properties said the building is aiming for a 5-star Green Star rating. More info here.

Industrial 

  • Goodman reported that their industrial portfolio has grown in value by $500M+ in the past year. The portfolio of 11 industrial estates has increased to $3.8B. More info here. 

Retail 

  • Savor Group is purchasing three eateries in central Auckland from Hipgroup for $11M. The eateries are Amano, Ortolana and The Store. Savor Group is now focusing on restaurants and bars after selling the Moa Brewing Company. More info here. 
  • The first stage of the $23.8M Municipal Building Development in Hastings is up for lease. The Category 1 Historic building is undergoing extensive refurbishment and is expected to be completed in May 2022. More info here. 

Housing 

  • Community Finance is aiming to raise $100M to build new homes to help solve the housing crisis. $51M has already been pledged with support from ANZ Bank and Generate KiwiSaver Scheme. More info here. 
  • A builder has purchased the former Petone Magistrate’s Court building with plans to restore the exterior and convert it into a residential property. The Category 2 Heritage building was built in 1911. More info here. 
  • Habitat for Humanity has partnered with the government to supply 33 homes under the Progressive Home Ownership programme. The homes will be built in the next 18 months. More info here. 

Government  

  • The Court of Appeal has given Dilworth Trust Board the right to buy back land that was acquired to build a State Highway overpass in Central Auckland. NZTA argued that the land needed to be retained by the state agency but had delayed determining a use. More info here. 
  • Wellington City Council has removed the proposal to partially privatise the central library. The decision comes after calls to keep the whole building in public ownership. More info here. 
  • The chairman of the company managing the new Christchurch stadium suggested the NG building might be moved instead of being demolished. The owners of the building support this suggestion. LINZ has served a notice of intention to acquire the land and needs the land cleared urgently. More info here.  
  • The proposed Sir Richard Hadlee Sports Centre in Christchurch is awaiting the council’s approval this week. The development includes demolishing an old horticultural hall and building a training facility. The government is contributing $610,000 to help complete the development before the 2022 Women’s Cricket World Cup.  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. 

View expert