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The week in New Zealand real estate - 5 February 2021

The week in New Zealand real estate  5 February 2021

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

Chris Farhi Vlog

Office

  • Tower has leased space at 136 Fanshawe Street in central ACuaklnd. The 6 Green Star office development is due to complete in August 2021. The move was driven by environmental, cultural and cost benefits. More info here.
  • Willis Bond has purchased the former AgResearch centre in Upper Hutt. The centre will be redeveloped into a 40,000 sqm commercial precinct. More info here.
  • Colliers Research reported that Christchurch's CBD office vacancy rate has returned to pre-earthquake levels. More info here.

Industrial

  • Colliers Research released its Wellington Industrial Report for the first half of 2021. The research found vacancy rates increased to 2.4% in 2020. 56,000 sqm of industrial floorspace was approved for development last year. More info here.
  • Gough Group has sold its last property asset, an industrial property in Hornby, Christchurch. The 5.1 ha property was sold for $14M to a local investor. More info here.

Retail

  • David Jones will be closing their Wellington branch in June 2022. The store was the first David Jones store in New Zealand. It opened in the former Kirkcaldie & Stains building in 2016. More info here.

Hotels and tourism

  • Huka Lodge, Taupo, has been purchased by Baillie Lodges, who own luxury lodges internationally. All staff and local suppliers are being retained. More info here.
  • Air New Zealand has reopened its Wellington regional lounge on weekdays. The lounge had been closed since the start of the pandemic. More info here.

Housing

  • A large development site is for sale in Wynyard Quarter, Auckland. The site has resource consent for a 434 unit apartment development. The 9,793 sqm site is the last freehold development site in the area. More info here.
  • Fletcher Building has been given OIO approval to purchase 20 ha of land in Riverhead, Auckland. They intend to rezone the farmland for urban use. More info here.

Government

  • The Marlborough Convention Centre has been handed back to Marlborough District Council after a long-term lease to Scenic Hotel Group. Management of the centre will be consolidated with the neighbouring ASB Theatre. More info here.
  • Dunedin City Council has proposed investing $20M into new community housing over the next 10 years. The council currently has 936 units in the city. 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