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The week in New Zealand real estate – 12 February 2021

The week in New Zealand real estate  12 February 2021

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

Chris Farhi Vlog

Office

  • Colliers has moved to its new offices at HSBC Tower, 188 Quay Street, Auckland CBD. Colliers has also updated its branding. More info here.
  • Property For Industry has sold its Carlaw Park property in Parnell for $110M. The mixed-use property sale will settle in Q4 2021. More info here.
  • Property Funds Management Limited has purchased Anderson Lloyd House in Christchurch for $27M. The 3,300 sqm office building was sold at a 5.45% yield. More info here.

Industrial

  • BNZ is the first customer to join Microsoft’s planned data centre in New Zealand. The New Zealand data centre will allow for localised security. More info here.

Retail

  • Countdown is selling two of their supermarkets with 10-year leasebacks. The Mosgiel and Stratford supermarkets both have 10 rights of renewal for five years, taking occupation to 2081. More info here.
  • Wellington’s Band Rotunda in Oriental Bay will be refurbished and seismically strengthened. It will reopen by the end of 2021. A new hospitality tenant will anchor the building. More info here.

Housing

  • The Reserve Bank has set new LVR restrictions for housing investors. LVRs will generally be restricted to 30% from 1 March 2021 and 40% from 1 May 2021. LVRs for owner-occupiers will generally be restricted to 20%. More info here.
  • A former orchard in Swanson, Auckland is for sale. The 4-hectare development site is zoned Residential Mixed Housing Urban. It has a heritage overlay on the original 1914 homestead. More info here.
  • Ockham-Marutūāhu’s 177-unit development in Avondale will start construction after the surrender of protestors who were up in a Macrocarpa tree. More info here.
  • The Grange Golf Club is lodging a private plan change to rezone its land from residential to open space. The proposed change will protect the land from development and also reduce its rates bill. More info here.

Government

  • The government will replace the Resource Management Act with three new pieces of legislation. The three new Acts are the Natural and Built Environment Act, Strategic Planning Act and Climate Change Adaption Act. More info here.
  • The Te Ture Whenua Māori Act has been amended to help make it easier to develop freehold Māori land. 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