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The week in New Zealand real estate - 28 January 2021

The week in New Zealand real estate  28 January 2021

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

Chris Farhi Vlog

  • This week the vlog looked at The Pacifica in central Auckland. The Pacifica is a super tall luxury apartment development that is completing right now. The vlog looked at the development timeline, typical options for sites like this, and how a strategic acquisition added value to the project. More info here.

Institutional Investors

  • Arvida Group's sales in the third quarter of 2020 were up 29% on the same quarter in 2019. They have also launched a retail bond offering up to $75M of 7-year fixed-rate bond maturing in 2028. More info here.
  • The Reserve Bank reported that Māori businesses and non-profit organisations had $69B in assets in 2018. Property accounted for $17B. More info here.

Retail

  • Countdown has opened a new Metro format supermarket in Wynyard Quarter. The 650 sqm store occupies ground floor space in Infratil’s newly developed Travelodge Hotel building. More info here.
  • The property leased to Tay Street Beach Café on Mount Maunganui’s Marine Parade has been listed for sale. The café has leased the premises for 10 years since the building was developed. More info here.
  • Homebase retail centre in Christchurch is facing opposition from neighbours about expansion plans. Developers are requesting 4.8 ha of residential land be rezoned to commercial for the development. More info here.
  • Four national retailers have leased space in Dunedin’s George Street. The retailers include Swandri and Bargain Chemist. More info here.

Hotels

  • Plan change 59 (Albany 10 Precinct) was notified with submissions due 1 March 2021. The private plan change seeks to rezone 13.72 ha of land from Residential Mixed Housing Suburban to Terraced Housing and Apartment Building. The land was formerly part of the Massey University Albany Campus. More info here.
  • The Hotel Grand Chancellor has lodged plans for a 12-storey, 191-room hotel opposite the NZICC development. The Wellesley Street building will join three other new hotels surrounding the convention centre. More info here.
  • The Marlborough Vintners Hotel is for sale. The hotel complex has 16 guest suites and a conference centre with capacity for 250 people and a restaurant. More info here.
  • Base Backpackers in Wanaka has closed and has arranged to exit its lease at the end of the month. The business has been impacted by travel restrictions. More info here.

Government

  • The government is consulting on proposed revisions to NZS3910:2013 (conditions of contract for building and civil engineering projects). They are running a survey to gather thoughts from industry participants (eg project managers, contractors, lawyers, etc). The survey takes about 10 minutes. More info here.
  • Dunedin City Council has identified the Athenaeum building in the Octagon as a preferred site for a new theatre. The theatre will seat 350 to 450 people and cost $21.5M to develop. More info here.
  • Dunedin City Council has also revealed plans for a new $11M library to be built in South Dunedin. The facility is expected to open by 2024. More info here.

Image by Best in Auckland


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