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The week in New Zealand real estate - 2 July 2020

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

Institutional investors

  • Stride Property has begun its new investment business: Industre Property Joint Venture. The initial portfolio has $398M of industrial properties, $32M of committed developments, and $154M in further funding available. More info here.
  • Augusta Capital confirmed a net loss of $27M for the year ended March 2020, compared to the prior year's profit of $7M. More info here.
  • Centuria Capital has received OIO approval for its potential $169M takeover of Augusta Capital. Approval was required due to asset values exceeding $100M and inclusion of sensitive land. More info here.
  • Kiwi Property has announced plans to diversity their assets into more build-to-rent apartments. Other initiatives include cost discipline to stabilise the business and targeted developments to grow the business. More info here.

Office

  • Precinct Properties has announced that office tenants in the new Commercial Bay office tower will begin moving in 27 July 2020. The tower is currently 92% leased. More info here.

Retail

  • ASB is closing 9 branches and will be reducing the opening hours for 25 others. The bank is shifting focus to helping customers online and over the phone. More info here.
  • The Parnell Business Association launched a guerrilla style leasing campaign for a retail store they claimed has been empty for 10 years. More info here.

Housing

  • Southpark Corp has applied for a plan change for a mixed-use development in Newmarket. The scheme includes 4 apartment buildings, including a 65m tall building. Public consultation is now underway. More info here.

Specialist

  • Auckland Zoo has opened a new primate habitat. It is the first part of a $60M redevelopment of its South East Asian enclosures, which is the biggest development in the zoo's 97 year history. More info here.

Government

  • Heritage building foundations from Invercargill’s first brick building have been unearthed during demolition for the mixed-use Invercargill Central development. The foundations belonged to the former ASB building on Esk Street which was built in 1863. More info here.
  • KiwiRail has purchased some of the land required to secure the 20km rail corridor from the North Auckland Line to Northport at Marsden Point. More info here.

Related Experts

William Silk

Analyst | Stategic Advisory

Auckland

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 research, reporting and analysis to support strategic commercial proprety decision making. 

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