The week in New Zealand real estate - 17 July 2020

July 2020 NZ real estate  hero

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

Institutional investors

  • Centuria’s takeover of Augusta Capital is now unconditional. The acceptance rate has now reached 65% of shares. More info here.
  • Metlifecare’s Board has agreed to the takeover agreement by Asia Pacific Village Group at $6 per share. The deal is worth $1.28B. More info here.

Office

  • Colliers' Research team released their July 2020 report. This includes a deep dive into the Auckland CBD and metropolitan office markets. More info here.

Housing

  • Ockham has completed construction of their build-to-rent development in Mt Albert. Modal has 32 apartments and will be rented to long-term tenants. More info here.
  • The former Westpac Bank building in Upper Hutt, Wellington is being converted to transitional housing. The building will accommodate up to 10 people and offer wrap-around social services. More info here.
  • Infrastructure works are commencing in Cambridge to accommodate 2,500 new homes and a new 1,000 student primary school. The $50M of infrastructure works will enable 330 hectares of development. More info here.

Hotels

  • The Park Hyatt Hotel in Wynyard Quarter, Auckland will open during September. The 195 room, 5 star hotel was originally planned to open in 2018. More info here.
  • Hilton will operate a new DoubleTree hotel at 51 Albert Street, Auckland Central. The new hotel will have 231 rooms. More info here.
  • The Sofitel in Auckland's Viaduct has been placed in liquidation due to the impact of COVID19 on tourism. More info here.

Government

  • Auckland Council plans to sell 48 properties totalling $34.5M as part of its emergency budget, plus a series of car park concessions. More info here.
  • Construction of Rotorua’s new lakefront playground has begun as part of a wider $40M lakefront redevelopment. The wider works are set to be completed late 2021. More info here.
  • Gisborne’s Olympic Pool Complex is receiving $40M from the COVID Response and Recovery Fund for a refurbishment project. The local Midway Surf Lifesaving Club is also receiving $5M from the fund for a new purpose-built facility. 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