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The week in New Zealand real estate - 3 December 2020

The week in New Zealand real estate  3 December 2020

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

Chris Farhi Vlog

Industrial

  • Scania New Zealand has relocated its national parts warehouse from Wellington to Auckland. Logistics will be managed in-house to add efficiencies in servicing their network. More info here.

Office

  • The Government has declared a climate change emergency and announced that Government buildings over 2,000 sqm must meet a new energy-efficiency standard by 2021, while new builds and leases need to meet green building standards. More info here.
  • A large area of former office land on Wellington’s waterfront will be opened up to new building developments and public spaces under a wide-ranging regeneration plan unveiled by CentrePort. More info here.
  • A new $3M office complex has opened in Ashburton, with no delays in construction despite five weeks of lockdown. The first tenant in the new building is Aon, with one commercial space left for lease. More info here.

Working trends

  • Unilever New Zealand will trial a four-day work-week for a year, becoming the first global company to do so in New Zealand. All 81 employees will be eligible to take part in the trial. They will be paid 100% of their salaries while working 80% of the week. More info here.
  • The Government has introduced a bill to double the legal minimum of paid sick leave to 10 days a year by late-2021. More info here.

Retail

  • Bunnings has temporarily closed its $49.2M Mount Roskill store after receiving engineers’ advice that raised concerns around the seismic resilience of the car park. More info here.
  • Supermarket operator Countdown is building the first Green Star-rated supermarket in New Zealand. The $12.5M building will aim to carry a 4-star Green Star rating and is expected to be completed mid-next year. More info here.
  • A ‘smart-banking hub’ is being trialled in Martinborough, to replace bank branches closed over recent years. The new facility jointly serves six major banks and handles cash deposits and withdrawals. More info here.

Hotels

  • Safari Hotel’s newest development, LQ Queenstown, is set to open on the 11 December 2020. LQ Queenstown features a combination of hotel rooms and serviced apartments, with views of the Remarkables mountain range. More info here.
  • Naumi Hotels has recently opened the 116 room Naumi Studio Hotel Wellington in the heart of Cuba Street. The heritage-listed building has been carefully renovated and provides six different room types. More info here.

Residential

  • New research has found that within the next 15 years, thousands of homes in Auckland, Wellington, Christchurch and Dunedin that are at risk of coastal inundation will only be able to get partial insurance cover, before becoming completely uninsurable by 2050. More info here. 
  • A plan to build 200 homes on a Crown site in central Christchurch to encourage community-led development has collapsed, citing the inability to raise development finance. COVID19 was cited as a contributing factor. 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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