The week in New Zealand real estate - 18 September 2020

The week in New Zealand real estate  18 September 2020  hero

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

Institutional Investors

  • Australian investor Charter Hall has agreed to purchase a 49% stake in a portfolio of 70 BP service stations in New Zealand. Most of the petrol stations are in Auckland. The portfolio has a total value of $534M. More info here.
  • Asia Pacific Village Group has received OIO approval for its take-over offer for 100% of Metlifecare's shares. Shareholders are due to meet 2 October 2020. More info here.
  • Asset Plus is looking to raise $60M via a capital raising offer.  Funds will enable them to complete development of the $120M Auckland Council office hub in Albany. More info here.

Office

  • A 6-storey ‘green’ commercial and residential development has been proposed in the centre of New Plymouth. The building will be build from timber and include solar panels and rainwater collection. The design requires resource consent as it exceeds the height limit. More info here.
  • Developer Gaire Thompson is proposing a mixed use development in Nelson CBD. The proposal features retail, office and accommodation. As of last year, only 73 people lived with 500m of Nelson CBD More info here.

Industrial

  • Microsoft has achieved OIO approval to build a giant cloud computing data centre in Auckland. The decision says the investment will exceed $100M. More info here.
  • Unused land at Hawkes Bay airport could be transformed into the country’s largest commercial solar farm. The project would produce 10MW which could power 2,000 homes. More info here.

Retail

  • Half of the eateries in Auckland’s Elliott Stables dining village have been served notices to bring their rent up to date or lose their leases. More info here.

Retirement

  • Ryman Healthcare’s plans for their Kohimarama retirement village have been notified for public consultation. The village will have a 98 bed hospital, 75 assisted living suites and 123 apartments. It is being built on leasehold land with prepaid ground rent. More info here.

Hotels and tourism

  • CPG Hotels has opened its first Fable branded hotel in Ponsonby. The Hotel Fitzroy Curated By Fable has 10 suites. It comprises a 2-storey heritage villa with a modern extension. More info here.
  • The Park Hyatt Hotel has opened to guests in Auckland’s Wynyard Quarter. The hotel has 195 guest rooms and is designed in the style of a wharenui. More info here.
  • Preliminary decisions have been made on a $250M masterplan to reinstate Waiwera’s thermal resort by the current owners, Urban Partners. The plans also include a hotel complex, micro-brewery and apartments. More info here.

Government

  • The recently restored Christchurch Town Hall has been entered as a Category 1 Heritage Place on the New Zealand Heritage List. The brutalist building was designed by Warren and Mahoney. It originally opened in 1972. More info here.
  • Nine Auckland park and ride facilities could have apartments or commercial premises built above them if Auckland Council approves an Auckland Transport plan. More info here.
  • The Motukairangi Design Group has proposed a new development plan for Shelley Bay, which would turn it into a National Heritage Park. The land is currently proposed for housing development. More info here.
  • Wellington City Council is spending more than $3.6M in annual rent for its unoccupied Civic Square space. The council started vacating the earthquake damaged buildings in 2018. 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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