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The week in New Zealand real estate - 13 August 2020
A weekly update of the biggest real estate news from around New Zealand.
Our colleagues in the Research team released their August 2020 report. The report examines the impact of Elections on property market activity and finds reasonably subtle effects. Public transport patronage levels in Auckland are also reviewed, with the July 2020 figures showing increased use as people returned to work. More info here.
Vital Healthcare Property Trust’s net profit after tax fell 37% to $58M due to lower revaluation gains on its properties. Total revenue increased by 2.5% for the year ending 30 June 2020. More info here.
Fletcher building has indicated it will make a $196M loss due to the impact of the pandemic. Factors for the loss included reduced productivity and a risk provision across legacy projects. More info here.
Just Cuts, the hairdressing chain, has claimed that New Zealand commercial landlords have been frustrating to deal with. The chain has been unable to agree rent relief arrangements for more than half of its stores. It claims that Australian landlords have been more accommodating. More info here.
Kāinga Ora have announced Icon as the main contractor for their 276-apartment social housing complex on Greys Ave in Central Auckland. Construction will begin in December 2020 and will take two years. More info here.
Tauranga City Council have spent $21M settling a lawsuit with homeowners of Mount Maunganui’s Cayman Apartments. The apartments had alleged defects from construction and weather tightness issues which led the council to confirm that the Code of Compliance Certificate was issued in error. More info here.
Tokoroa is getting a new $14M trades training centre by 2022 thanks to a Government grant of $10.8M. The centre will cater for up to 500 students per year. More info here.
A New Zealand Wine Centre will be built in Marlborough with the help of Government funding. Stage one of Te Pokapū Wāina o Aotearoa will include shared space for wine research linked with the Nelson Marlborough Institute of Technology. More info here.
Quest has opened a new apartment hotel in Palmerston North. The building has 40 serviced apartments. Studio, one and two-bedroom configurations are available. All have individual kitchenettes and laundry facilities. More info here.
NZ Police are standing up a new Police Station in Cambridge. The station will be built by Tainui Group Holdings and will be leased by the Police for an initial term of 20 years. More info here.
Nelson City Council is being divided by plans to move infrastructure to a vulnerable area along the Maitai River. Concerns are due to the vulnerability to sea-level rise and storm surges. More info here.
The New Zealand Green Building Council has released a report on sustainable industrial buildings. The report warns that key assets could become undesirable if they are not built with sustainable designs and practices. More info here.
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