The week in New Zealand real estate - 12 November 2020

The week in New Zealand real estate  12 November 2020

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

Chris Farhi Vlog

  • This week the vlog focused on the area around Mt Eden train station. The station is being redeveloped as part of the massive City Rail Link project.
  • The first vlog provides an update on the progress of the Mt Eden train station redevelopment. A tower crane is being set up and the tunnel boring machine recently arrived. View the vlog here.
  • The second vlog looks at Enfield Street, Mt Eden. The street has been transformed over the past few years with a series of apartment developments driven by the Auckland Unitary Plan, City Rail Link, housing boom, and normalisation of apartments as homes. View the vlog here.

Office

  • Property For Industry (PFI) are selling their Carlaw Park mixed-use property in Grafton, Auckland. The property includes offices and a Quest Hotel. PFI is repositioning its portfolio to focus solely on industrial assets. More info here.
  • Kiwibank released video of their new offices at ONE55 Fanshawe Street, Auckland. More info here.

Retail

  • ASB is planning to close 23 branches. The closures are driven by customers moving online. More info here.

Iwi

  • Te Kawerau ā Maki iwi has acquired four schools in Auckland: Campbells Bay, Henderson Primary, Matipo and Waterview School. The Ministry of Education is leasing back the schools in perpetuity. The deal was funded by ACC. More info here.

Hotels

  • An ex-nunnery in Grey Lynn has been redeveloped into a boutique 22-room hotel. It was originally constructed in 1922 and had been operating as a boarding house since the 1990s. More info here.

Residential

  • Kāinga Ora are pushing ahead with their 60-unit state-housing development in Hamilton’s Flagstaff despite opposition from residents. More info here.

Recreation

  • A proposed merger between the Auckland Racing Club and Counties Racing Club would see the Ellerslie Racecourse redeveloped as a world-class racing venue. Avondale Jockey Club has also been invited to join the partnership. More info here.

Government

  • The Reserve Bank is looking at reinstating Loan-To-Value Ratio restrictions from March 2021. More info here.
  • Wellington City Council has voted in favour of the $500M Shelly Bay redevelopment project. The council will sell and lease land to the joint venture formed by Taranaki Whānui and The Wellington Company, who will then undertake the development. More info here.
  • Christchurch Girls High School will rebuild one of its earthquake-prone blocks. This follows the failure of a $7M strengthening process for the block. 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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