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The week in New Zealand real estate - 28 May 2020

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

Institutional

  • Arvida Group has reported a $42M annual net profit after tax, down 28% on last year. More info here.
  • Goodman has reported a $261M profit for the year. Profit was slightly lower than last year due to slowing revaluation gains. More info here.
  • Kiwi Property has reported a $187M loss for the full year ending 30 March 2020. The loss was primarily due to $290M of asset write-downs. More info here

Office

  • Asset Plus has received resource consent for its development of 6-8 Munroe Lane, Albany, which is anchored by Auckland Council. More info here.
  • The new Wintec national mega polytechnic headquarters will be located in Hamilton. More info here.

Industrial

  • Xytech Group is opening their new 11,725 sqm X3 studios in South Auckland. The studios will offer flexible production space, including a ‘mega studio’ which will be the largest clear span stage in the Southern Hemisphere. More info here and a video here.

Retail

  • The Warehouse is closing its store in Birkenhead, Auckland. More info here.
  • H&J Smith is reviewing closure of stores in Dunedin, Mosgiel, Balclutha and Te Anau. More info here.
  • Meridian Mall in Dunedin may lose tenants as a result of difficult rent relief negotiations. More info here.
  • Michael Hill are closing 9 stores globally, with 3 closures in New Zealand. Further stores were likely to close based on store performance and landlord negotiations. More info here.

Development / construction

  • Fletcher Building is proposing to cut 1000 jobs in New Zealand and 500 in Australia. More info here.
  • The Shelly Bay development in Wellington is being challenged in court again. A Miramar interest group has filed for a judicial review. More info here.

Government

  • The Building Act will be amended to scrap building consent requirements for some low risk works. This will include sleep outs, car ports and sheds. More info here.
  • The government has put decisions about Auckland’s proposed light rail project on hold while it focuses on fighting the COVID-19 pandemic. More info here.
  • Waikato District Council has been granted $2.5M from the Regional Development Fund to upgrade the Raglan Wharf including adding capacity for commercial, chartered and recreational boats. More info here.
  • Waka Kotahi (NZTA) has begun negotiating with property owners to acquire land for Auckland’s $1.35B Mill Road project after taking over as lead agency from Auckland Transport. More info here.
  • The plan to turn the Te Aroha mineral spas into a boutique spa resort is at risk with Matamata-Piako District Council now requiring $16M of the $18.8M for the development to come from the Provincial Growth Fund, up from an original application for 50% funding. More info here.
  • Dunedin City Council has placed its waterfront transformation on hold due to the financial impacts of the COVID-19 pandemic. More info here.
  • Dunedin City Council has released plans for a proposed makeover of the central business district. The plans include creating a shared space on George Street, wider footpaths and more planting. More info here.