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The week in New Zealand real estate - 19 March 2021

The week in New Zealand real estate  19 March 2021

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

Chris Farhi Vlog 

  • This week the vlog checked out the new Westlight Apartments in Glen Eden. Westlight apartments is a 165 unit apartment development in Glen Eden, West Auckland. The project was developed by The Ted Manson Foundation. The dual-tower design has a dominant presence on Glen Eden’s skyline. The project is also notable for its mixture of both private apartments and community housing.

Industrial 

  • The Whakatane Mill has decided to shut down its operation. The company will stop production and begin decommissioning the plant in June 2021. The mill's 210 staff will be made redundant. More info here. 

Retail 

  • Honey business Comvita has opened an experiential store called the Wellness Lab in Auckland's Viaduct. The shop has been designed to provide an immersive sensory experience including a 180-degree theatre. Comvita plans to take their concept international, opening two Wellness Labs in China and one in America in the next year. More info here. 
  • Wellington City Mission has opened a social supermarket where customers can pick their own items instead of receiving a pre-made food parcel. The supermarket will move into the Mission’s new community building Whakamaru in Mt Cook when completed in 2022. More info here. 
  • Cooper Developments is developing a shopping centre in Rolleston named Rolleston Fields. The $85M development will include 10,000 sqm of retail space and 1,200 sqm of hospitality space. The centre will be built in four stages over five years. More info here. 

Hotel and tourism 

  • The Scenic Hotel Group will close another two hotels for an extended period due to lack of tourism. The hotels are the Te Waonui Forest Retreat in Franz Josef and the Heartland Hotel Fox Glacier. They expect to close the hotels for 12 to 18 months. They had previously tested cut-price packages to boost domestic tourism but found the volume and appetite lacking. More info here. 

Housing 

  • Lamont and Co have announced plans for an $80M apartment development in Onehunga. The 102 apartments will range from 50 sqm to 94 sqm with pricing between $0.5M and $1.2M. More info here. 
  • KBS Capital has achieved resource consent for the first stages of a massive apartment development in Takapuna, Auckland. The first two buildings within the $350M development will include 268 apartments, plus ancillary commercial and retail space, healthcare, childcare and a ground floor cafe/restaurant. More info here. 
  • Two new affordable housing developments in Queenstown are releasing their first offerings. Longview subdivision will be releasing their first 55 sections, with sections starting from $239,000 and home and land packages from $499,000.  Te Pā Tāhuna will be releasing the first off-plan apartments ranging in size from 44 sqm to 110 sqm. More info here. 

Government  

  • The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill has passed its first reading in Parliament. The Bill aims to improve the administration of apartments. More info here. 
  • Auckland Transport has released details of its $31B budget for the next 10 years. The budget includes $400M for transport projects alongside the Governments Auckland Housing Programme to build 17,000 homes, $1.5B to be spent on walking and cycling and $1.8B for light rail development. More info here. 
  • Auckland Iwi Ngāi Tai ki Tāmaki has agreed to purchase land earmarked in a Treaty of Waitangi Settlement in 2015. The land under Macleans College in Howick, Auckland will be purchased for $97M. This will be the most valuable school site that has been transferred to Iwi. 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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