The week in New Zealand real estate - 7 August 2020

The week in New Zealand real estate 7 August 2020  hero

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

Office

  • A recent editorial looked at the merits of Hamilton for corporate headquarters. Rabobank, the New Zealand Institute of Skills and Technology, and the Criminal Cases Review Commission have established headquarters in the region. More info here.

Retail

  • Kiwi Property has delayed the opening of their new Galleria space at Sylvia Park to late 2020 due to delays caused by lockdown. The 19,000 sqm space will be anchored by Farmers and adds another 60 tenants to the shopping centre. More info here.
  • Precinct Properties has reportedly offered rent concessions to some tenants to help them ramp up within the new Commercial Bay shopping centre. More info here.
  • Nido in Henderson is opening a 340 seat, 1,200 sqm cafe alongside its new homewares store this month. It will be the biggest café in Auckland. More info here.

Housing

  • The Residential Tenancies Amendment Bill has passed its third reading this week so will become law. This is generally favourable to tenants. It ends no cause evictions, limits rent rises to once per year, and bans rental bidding. More info here.
  • Kāinga Ora has extended its retrofit programme and will spend $500M refitting 1,500 state houses over the next two and a half years. The work will bring the homes above Homestar 6 standards and extend the life of the homes by 50 years. More info here.
  • Developers of a former meat works site in Hastings are in discussions with the Ministry of Housing and Urban Development to transform the site into transitional housing with a resource consent for 15 townhouses. More info here.
  • Lower residential rents in Auckland and Queenstown are being linked to landlords seeking long-term tenants for now vacant AirBnB properties. Rents dropped 0.5% and 9.5% respectively in May than the year prior. More info here.
  • 3,477 new homes were consented in June 2020. This is 20% more than in June 2019. The increase is attributed to a record number of 1,071 townhouses consented in one month. More info here.

Government

  • The government has announced $30M of funding for the New Zealand Campus of Innovation and Sport to be built in Upper Hutt. More info here.
  • Land Information New Zealand plans to demolish the landmark former Napier Hospital’s nurses’ home. The building was assessed as earthquake prone last year. More info here.
  • Wairapa Hospital's remedial works have cost $1M so far. Its original construction in 2006 was not built to plans. A large portion of the works relate to seismic strengthening. More info here.
  • The redevelopment of the Gore Public Library will begin soon after receiving $3M in government funding. It will need a temporary home for 30,000 books. 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