The week in New Zealand real estate - 9 October 2020

The week in New Zealand real estate  9 October 2020  hero

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

Investors

  • Colliers' New Zealand Research Report for October shows $7.5B in commercial property was transacted in the year to June 2020. More info here.
  • Vital Healthcare has announced a $150M capital raising to assist with expansion. They have plans for $100M of brownfield development in Australia. More info here.
  • The majority of Metlifecare shareholders voted in favour of the takeover bid at $6 per share. Final orders for the scheme are being sought from a High Court hearing on 15 October. An existing shareholder has lodged a notice of opposition. More info here.

Office

  • A study of Australasian employees has shown 61% now want flexible working options and 85% are open to working fully remotely for a company in a different location. More info here.
  • The New Zealand Green Building Council has awarded 7 new Green Star certifications in the last 2 months. Tūranga Christchurch Central Library and the refurbishment of an office building in Wellington are 2 of the newly certified projects. More info here. 
  • Precinct Properties are planning to start construction of 2 office buildings at Bowen Campus, Wellington. Precinct are looking to secure a tenant for the second building before commencing construction. More info here.

Industrial

  • BMW Group is selling their Mt Wellington headquarters in Auckland. They have occupied the location for more than 20 years. More info here.
  • The Ports of Auckland has unveiled the artistic lighting system on its new car parking building at the port. The massive 13m by 100m display has 8,500 individually programmable LED lights. More info here.
  • Property For Industry has paid $65.5M for a 50,000 sqm industrial estate on Rosebank Road, Avondale, Auckland. The property has 27,000 sqm of lettable area. More info here.
  • A German investor has purchased the 2,008 ha Te Rata Forest in Gisborne for $20M. Most of the planting is mature radiata pine. The deal is subject to OIO approval. More info here.
  • Fonterra has sold two farming hubs in China for $513M and a stake in a local farm for $42M. The proceeds will be used to pay down debt. More info here.

Retail

  • Kiwi Property’s $277M The Galleria expansion to Sylvia Park will open on 15 October. This adds 2 hectares of space to the shopping centre. More info here.

Residential

  • Ngāti Whātua Ōrākei will shortly launch the second stage of its residential development at Oneoneroa on Auckland's North Shore. Stage two offers 15 terraced houses. More info here.
  • Land earmarked for development in Wellington has been described as too sacred for development by some iwi. The ex-prison site on Mount Crawford has plans for 300 homes. More info here.
  • Kāinga Ora is planning to build more than 100 new state homes in Blenheim over the next four years. Development will be in partnership with private developers. More info here.

Hotels

  • Colliers research has shown an increase in guest nights in the three months to September. This was underwritten by demand for mandatory isolation facilities. More info here.

Government

  • The government has purchased land for a new primary school in the fast growing area of Richmond West near Nelson. More info here.
  • Invercargill City Council is reviewing whether to spend $400,000 on the weathertightness works for the heritage listed Anderson House. Seismic strengthening would require further investment. More info here.

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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