The week in New Zealand real estate - 5 November 2020

The week in New Zealand real estate  5 November 2020  hero

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

Chris Farhi Vlog

Institutional investors

  • Swedish EQT has taken over the ownership of Metlifecare this week. It has appointed a new board of directors including former Health Minister Dr Johnathan Colman. More info here.

Office

  • Government agency offices will require publicly disclosed NABERSNZ ratings for all new leases and renewals from 1 January 2021. A minimum of 4 stars will be required for all existing buildings and new build projects will require a minimum 5-star rating. More info here.

Retail

  • Plans have been proposed for a hospitality operation within the Chief Post Office building in Christchurch. The building on Christchurch's Cathedral Square is currently being refurbished. The complex is expected to open in September 2021. More info here.
  • Smiths City Group plans to open five more stores this week. This follows the opening of its new flagship store on Colombo Street in Christchurch earlier this year. The company has rebranded under new ownership. More info here.

Hotels

  • Travelodge Wynyard Quarter has officially opened. The 154 rooms are priced at mid-level. It is the second Travelodge in New Zealand. More info here.
  • The Hotel Britomart, which opened last month, is the first hotel in the country to be awarded a Green Star rating. This adds to the growing sustainability credentials of the Britomart precinct. More info here.

Residential

  • My colleague Alan McMahon posted his latest round-up of global Build-To-Rent news. More info here.
  • The Orange is for sale. The Orange is an iconic build-to-rent and integrated mixed-use development in Auckland's Eden Terrace. The architecturally designed property returns a net rental of almost $1.8M. 65% of the rental is from residential tenants. More info here.
  • The site of the iconic West Auckland home featured in Outrageous Fortune and Westside is being redeveloped into townhouses. More info here.
  • Wellington’s Piermark Apartments have become freehold after six years of negotiations. The transaction required agreement by more than 150 people. Freehold was preferred due to the risk of increasing ground rent payments under the leasehold tenure. More info here.

Government

  • The monthly value of building consents issued in Auckland has topped $1B for the first time. Auckland consents accounted for 44% of national consents. Residential consents made up more than $700M of the Auckland total. More info here.
  • Land in Cathedral Square could be leased to the organisation reinstating Christ Cathedral to assist with the construction process. The 1,500sqm of space would be leased for 10 years on a peppercorn lease by the Christchurch City Council. More info here.
  • The concept design for Christ Cathedral and the surrounding buildings with auxiliary spaces has also been released by Warren and Mahoney. The cost is estimated at $154M. More info here.
  • The Ōtākaro Regeneration Company has approached Christchurch City Council to lease 135 ha of red zone land in partnership with businesses, iwi and operators. The lease will enable $480M of development. The plans include 28 projects such as water sports, eco-tourism, cultural events and a campground. 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