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The week in New Zealand real estate - 26 February 2021

The week in New Zealand real estate  26 February 2021

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

Chris Farhi Vlog

Institutional Investors

  • Summerset Group has reported a $231M profit for 2020. The underlying profit before revaluations was $98M; down 7% on the previous year. More info here.
  • Property for Industry has reported a $113M profit for 2020. Profit was 35% down on the previous year. More info here.
  • Precinct Properties has reported a half-year profit to 31 December 2020 of $168M. The profit is up 213% on the result for the first half 2020. More info here.
  • Vital Healthcare has reported a half-year profit to 31 December 2020 of $92M. This is an increase of 60% on the same period in 2019. More info here.

Office

  • The Former Midland Club building at 176 Oxford Terrace in Christchurch is for sale. The heritage building was restored by Box 112 as a character office building with ground-floor retail. More info here.

Industrial

  • Whakatāne Mill is likely to be closed as the plant is no longer economically viable. The plant would be decommissioned and the site remediated on closure. More info here.
  • Methanex NZ is planning to shut and abandon its Taranaki methanol manufacturing plant. Inability to secure gas supply is cited as the reason for the closure. More info here.
  • Meridian announced plans for a new $395M windfarm in Hawkes Bay. The plant will have 41 turbines and generate power for 70,000 homes. More info here.
  • Hilton Haulage will operate a $10M logistics facility in Dunedin. The 7,700 sqm facility will be developed and owned by an investment syndicate. More info here.

Retail

  • Receivers of Nido will close the store in the coming weeks after being unable to secure a buyer for the business. More info here.
  • Asset Plus has sold its Eastgate Shopping Centre in Christchurch for $43M. The buyer is a private NZ investor. More info here.

Housing

  • The University of Auckland's vice-chancellor's house is for sale. The house was purchased by the University in November 2019 for just over $5M. More info here.
  • The Auckland Hebrew Congregation is selling its Greys Avenue site in Auckland CBD. The site was used for the operation of Kadimah School. More info here.

Government

  • The Minister of Finance has directed the Reserve Bank to consider its contribution to the Government's housing policy objectives when implementing monetary policy. The direction means that when implementing inflation targeting, the Reserve Bank will need to assess the impact on improving affordability for first home buyers. More info here.
  • The Government has indicated it will support the opposition's Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill. The private member's bill aims to strengthen the management of unit titled properties. More info here.
  • Plans for a national fale malae in Wellington’s parliamentary precinct have to be shifted due to site and consent issues. A new site has been identified in downtown Wellington. 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

William Silk

Analyst | Stategic Advisory

Auckland CBD

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

View expert