The week in New Zealand real estate - 4 September 2020

The week in New Zealand real estate  4 September 2020  hero

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

Office

  • 2degrees are aiming to be the first company in New Zealand to receive a WELL Certification as part of their move to 136 Fanshawe Street. The certification assesses elements of a building that have a positive impact on the health and wellbeing of people. More info here.

Industrial

  • Carpet manufacturer Cavalier Corporation has announced the conditional sale and leaseback of its Auckland manufacturing property. The net sale proceeds of $24M will enable the company to shift capital into a new business model. More info here.

Retail

  • Taco Bell has announced new stores at Stoneridge on Lunn Ave, Auckland and the Taupiri Service Centre near Hamilton. The Taupiri store will be the first drive-through branch in the country. Both are expected to be open in the summer. More info here.
  • A new trade centre called The Crossing is being developed in Napier. It will feature 16 retail tenancies. The 1.9 ha development site is expected to be completed by the end of 2021. More info here.

Hotels

  • Refurbishment of the Sofitel Auckland is nearing completion with the hotel planning to reopen in spring. All public areas of the hotel have been refurbished, with a new look lobby and lounge for premium guests overlooking the harbour. More info here.

Housing

  • CoreLogic's House Price Index indicates that national house prices have remained largely stable in the three months since May. Auckland prices decreased 1.2%. Queenstown prices dropped substantially - down 7.2% due to the pandemic's impact on tourism combined with prior affordability issues. More info here.
  • Statistics NZ data shows 10,430 new dwelling consents were issued nationally in the 3 months to July. This is the largest number in any 3 month period since the 1970’s. More info here.
  • ACC are partnering with CORT Community Housing to fund, build and manage 100 new homes for people on the public housing waiting list in Auckland. ACC are investing an initial $50M in the joint venture. More info here.
  • Kāinga Ora’s public housing development in Flagstaff, Hamilton has been scaled back after community push back. The height of the blocks has been reduced from three to two storeys, and the number of dwellings reduced to 60. More info here.
  • The conditional purchaser of Christchurch’s derelict Malvern House has plans to convert the former office building into apartments with ground floor commercial space. 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