The week in New Zealand real estate – 25 September 2020

The week in New Zealand real estate  25 September 2020  hero

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

Office

  • Colliers' Research has found that office and retail vacancies are beginning to rise from record lows in Auckland and Wellington CBD. More info here.

Industrial

  • NZ Post has agreed to lease a 3.3 ha industrial premise in a new industrial park in Wiri, Auckland. The property is expected to be worth more than $100M when completed in 2023. More info here.
  • Christchurch’s Gough family has placed the 5.1 ha Gough Group industrial site on the market for sale. The Hornby property has just over 1.4 ha of floor area across seven buildings. More info here.

Retail

  • Kmart is to open a new store in Ashburton in 2022. Kmart will be the anchor tenant in a new retail offering called River Crossing, currently under development. More info here.

Housing

  • KiwiBuild projects in suburban Auckland have sold at five times the rate of other developments. More info here.
  • Ockham Residential have launched their 14th apartment project in Auckland. The Aroha project in Avondale will feature 117 apartments. 47 apartments will be Kiwibuild homes. More info here.
  • The Supreme Court has found a director of Debut Homes breached three of his director's duties and must contribute to the company's liquidation. The decision related to the director delaying a decision to place the company into liquidation. More info here.

Government

  • Hamilton’s planned Pan Pasifika Hub in Hinemoa Park has been delayed due to $8M in expected Government funding not materialising due to COVID19. Alternative funding is expected for the fale-styled community facility with local council support. More info here.
  • Hamilton City Council has postponed a permanent decision on the future of the aging Founders Theatre. The earth-quake prone theatre was built in 1962 and would require $20M to repair. 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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