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The week in New Zealand real estate - 19 February 2021

The week in New Zealand real estate  19 February 2021

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

Chris Farhi Vlog

  • This week the vlog focused Kāinga Ora's redevelopment of 139 Greys Avenue in central Auckland. The project involves the development of 276 homes on a site that previously had 87 units. The vlog discusses the social procurement model that is being used on the project to help achieve some of Kāinga Ora's wider goals alongside construction of the buildings. More info here.

Office 

  • Asset Plus has recommenced their $350M redevelopment of 35 Graham Street in central Auckland. Resource consent has been granted to add three levels onto the existing office building and increase the floor area from 12,900 sqm to 25,800 sqm. More info here. 
  • Vodafone NZ is seeking to sublease half of its Auckland and Christchurch office space. More info here.
  • Bell Gully has been confirmed as the anchor tenant for Willis Bond's Site 9 commercial development on Wellington's waterfront. The 4-level, 3,900 sqm office building will be completed mid-2022. More info here. 

Industrial 

  • The first of three Microsoft data centres will be developed in Westgate, Auckland. The $100M+ data centre will be located near the new Costco. More info here. 
  • A $150M fresh produce distribution centre is being developed for Countdown within a new $600M industrial precinct in Wiri, South Auckland. The Countdown facility will be 20,000 sqm on a 4-hectare site. More info here. 

Housing 

  • A 4.35 hectare residential development site is for sale in Glen Innes, Auckland. The site is one of the largest residential development sites for sale on the Auckland isthmus. The site is zoned Terraced Housing and Apartment Buildings with permitted heights up to 16 metres. More info here. 
  • Iwi are working to stop the Whakatāne District Council from granting resource consent for a residential development next to the ancient burial site Opihi Whanaungakore. The developer MMS GP Limited has plans for a 240-lot residential development plus 250-unit retirement home. The land was sold by the Whakatāne District Council for $8M in 2017. More info here. 
  • Victoria University in Wellington has closed a wing of their student hall, Weir House, after discovering the building is below 70% NBS. This has stopped more than 100 students from moving into their accommodation. More info here. 

Government  

  • LINZ is planning to demolish the former Masterton hospital. 26 buildings are no longer fit for purpose as medical facilities. Archaeological, cultural and environmental assessments have been undertaken in preparation for demolition. More info here. 

Sustainability  

  • Contact Energy has plans to develop a geothermal power station near Taupo. The $580M station will be completed in 2023. Contact Energy has announced a $400M equity raise to provide funding for the development. 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

Renee Lintott

Analyst

Auckland CBD

Renee joined Colliers in August 2019 as a Project Assistant for the Project Management team. Renee is now an Analyst for the Strategic Advisory team.  Renee is currently in her final semester studying towards a Bachelor of Property and Bachelor of Commerce conjoint at the University of Auckland.

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