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The week in New Zealand real estate - 26 November 2020

The week in New Zealand real estate  26 November 2020

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

Chris Farhi Vlog

Institutional investors

  • Asset Plus half-year profit is up 450% to $11.5M due to revaluation gains. More info here.
  • Kiwi Property has spent almost $20M on rent relief for tenants and posted a 47% increase in half-year profits to $54.2M. The profit is boosted by revaluation gains on office properties. More info here.
  • Goodman's half-year profit reduced from $224.3M last year to $176.3M due to lower gains in asset values compared to the prior period. More info here.
  • Argosy Property has a half-year profit of $116.6M up 49% on the previous period. More info here.
  • Ryman Healthcare has reported a 14.2% decrease in their underlying half-year profit to $88.4M due to the pandemic resulting in increased costs. More info here.
  • Arvida Group’s half-year profit reduced 7% to $41.8M due to the pandemic resulting in increased costs. More info here.

Industrial

  • Goodman has announced it will be redeveloping the Roma Road property in Mount Roskill, Auckland. The redevelopment will initially be anchored by a 17,700 sqm logistics facility, pre-leased to an existing client for 20 years. More info here.
  • Constellation Brands has sold one of its three New Zealand wineries to Giesen. The Riverlands Winery in Marlborough has been owned by Constellation since 2006. More info here.

Office

  • Stride Property has purchased 20 Customhouse Quay in Wellington for $228M. The building is home to Deloitte's corporate offices in Wellington. More info here.
  • Precinct Properties have announced the development of another $100M corporate office building at Wellington's Bowen Campus. More info here.

Retail

  • Vodafone has opened its new flagship store in Auckland on the corner of Customs Street and Queen Street. More info here.
  • Stride Property is proposing to increase the height limits over its Johnsonville Shopping Centre to allow 18-storey towers to be built. This would allow for redevelopment of the aging centre. More info here.

Hotels

  • Marriot International will manage a new hotel on Auckland's Wakefield Street under the Moxy Hotels brand. The hotel is expected to open in 2023. More info here.
  • The 384-bed Discovery Lodge hostel in Queenstown has been sold through Colliers International to the Pandey Hotel Corporation. It is the first major accommodation transaction since the outbreak of the pandemic. More info here.

Residential

  • Part of the former Imperial Tobacco factory site in Petone could be converted into 95 two and three-bedroom affordable townhouses. The remainder of the site will become a business park. More info here.
  • Stonewood Group has launched a capital raising arm, Stonewood Capital. It will initially raise $25M for housing developments. 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