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The week in New Zealand real estate – 30 October 2020

The week in New Zealand real estate  30 October 2020  hero

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

Chris Farhi Vlog

Institutional investors

  • Kiwi Property’s $3.2B portfolio held its value over the six months to September. The portfolio's value had a net gain of $9.2M, with an increase in office values offsetting a reduction in retail centre values. More info here.

Retail

  • Construction has begun on the $100M Costco in Westgate, Auckland. The store was set to open next year but has been delayed to 2022 due to the pandemic. More info here.
  • BNZ has opened its newest branch in Commercial Bay. The store features smart ATM's with a 24/7 lobby, alongside a team of bankers to assist with complex matters. BNZ said their branch is digital first and human where it matters. More info here.

Industrial

  • Centuria Capital owned Augusta has announced a deal to purchase Visy Glass’ manufacturing and distribution plant in Penrose. The deal is worth $178.3M and Visy will be leasing back the 67,000 sqm premises on a 20-year term. More info here.

Hotels and tourism

  • Sky City's new air bridge over Hobson Street has been installed by Fletcher Construction. The 30 m long air bridge connects Sky City’s casino and the new Horizon Hotel, also enabling a connection to the NZICC. It sits 11m above the street. More info here.

Residential

  • CoreLogic is partnering with Trade Me to provide superior analytics and insight into consumer behaviour by aggregating the companies' datasets. This aims to improve the home buying process. More info here.

Government

  • Auckland Council has said it will oppose private plan changes by Kiwi Property, Fulton Hogan and Oyster Capital to redevelop Drury if it cannot agree on funding for $1B of infrastructure to support the development. More info here.
  • Auckland Unlimited has been named as the new organisation resulting from the merger of two Auckland Council controlled organisations: Regional Facilities Auckland (RFA) and Auckland Tourism, Events and Economic Development (ATEED). They will be responsible for tourism promotion, major events, economic development, and the city’s major facilities such as Aotea Centre, Mt Smart Stadium and the Zoo. More info here.
  • Wellington City Council has unanimously voted to refurbish the earthquake prone Central Library at a cost of $179M. This was contrary to the public's preference for a new building at a cost of $180M. More info here.
  • Invercargill City Council officers were this week seeking approval to borrow $15.5M to invest into Invercargill Central Ltd to fund the mixed-use city centre development. The Council would hold a 45% stake in the development. More info here.

Related Experts

William Silk

Analyst | Stategic Advisory

Auckland

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

View expert