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The week in real estate development - 1 September 2021

The week in real estate development  1 September 2021

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

New Zealand real estate development news

  • Auckland International Airport announces retail precinct plans: Auckland International Airport has announced development plans for a 100-store retail precinct. The 23,000 sqm retail outlet precinct will offer premium fashion and lifestyle brands at discounted prices. The new precinct will create 500 jobs.
  • Lamont & Co announces new residential development: Lamont & Co has announced its new residential development Symphony303 in Epsom, Auckland. The development will comprise 43 apartments ranging from 43 sqm to 111 sqm excluding outdoor terraces. The pricing of the apartments will range from $650K to $2.275M. The existing building will be repurposed and extended to five-storeys with completion in 2023.
  • Royal Auckland and Grange Golf Club gains plan change approval: The Royal Auckland and Grange Golf Club in Papatoetoe has gained approval for a private plan change to rezone the 80 hectare course from housing to open space.
  • Ormiston housing development to go ahead under new owner: The Neighbourhood Ormiston has purchased land from Ormiston Rise Ltd and intends to deliver the residential development that Ormiston Rise Ltd had planned for prior to entering into receivership. The development comprises 727 freehold terraces, duplex, and standalone homes, with 295 under the KiwiBuild scheme.
  • Sleepyhead achieves fast-track resource consents: Sleepyhead has achieved fast-tracked resource consents for stage one of its $1.2B manufacturing and housing development. Stage one plans feature a foam factory development in Ohinewai. Earthworks of $12M for the foam factory are underway with the factory expected to be operational in Q1 2023.
  • The Dawson Apartments go on the market: The Dawson Apartments in New Plymouth has attracted high interest in its first week on the market. The apartment block has six apartments priced between $1.15M and $1.3M. Construction will start in November.
  • Winton Property Ltd announces construction commencementWinton Property Ltd has announced construction for its 100-unit residential care facility in Wanaka will begin construction next year. The development recently received a fast-tracked resource consent and has also entered the marketing stage.
  • Matangi Station seeks consent for commercial mountain bike park: Matangi Station in Alexandra has applied for a resource consent to establish a commercial mountain bike park on the farm property. Activities at the park will include mountain biking, hiking, walking, orienteering, quail shooting, filmmaking, and army training. Matangi Station is owned by the Saunders family.

Global real estate development news

  • Fortis plans mixed-use development: Developer Fortis has announced plans for a $90M mixed use development in Melbourne. The 13-storey development will have 70 apartments, 2,100 sqm of office space, 400 sqm ground floor retail space and four levels of basement car parking. Fortis purchased the 1,300 sqm site for $19M in 2020.
  • Plans for Edith Cowan University lodged: Plans for a 12-storey vertical university campus have been lodged for Edith Cowan University's city campus in Perth. The campus will be developed on an 8,078 sqm block in central Perth. The $695M campus will feature rooftop solar panels and sunshades as the building targets a 5-star Green Star energy rating. Construction will create 3,000 jobs and be completed in 2025.
  • Gallery Group announces residential tower plans: Gallery Group has announced plans for a 35-storey residential tower in Surfers Paradise on the Gold Coast. The development will include 17 two-bedroom apartments and 85 three-bedroom apartments. The tower will have a glass façade design to capture the ocean views.
  • Habitat lodges plans for residential development: Developer Habitat has lodged plans for a $150M residential development on the Sunshine Coast. The development will comprise two 8-storey apartment towers with 200 apartments, a 25 m lap pool, pool house, rooftop terrace and dining room. Construction is expected to commence in late 2022 with completion in 2024.
  • Data centre proposed for former Air Force Command centre: A data centre development has been proposed at a former Air Force Command centre in Michigan, USA. The existing three-storey building is 11,150 sqm. The plan is to retrofit the building into a renewables-powered mission critical Tier 3 data centre. The building has been out of use since 1995.
  • Bodmin Jail Hotel conversion: Bodmin Jail in Cornwall, UK has been converted into a 70-room hotel. The £71M renovations have taken five years. Renovations included preserving the Grade II-listed building, joining two wings, a glazed roof for the entrance, and creating hotel rooms using three cells each. Each hotel room has a plaque that describes an inmate of the former cell. The jail had been closed since 1929.
  • Colt Data Centre Services breaks ground on data centre: Colt Data Centre Services has commenced construction of a hyperscale data centre in Japan. The 42,000 sqm data centre will be purpose-designed to meet the scalable capacity demands of hyperscale customers. The development will be completed in 2023.
  • Residential-office development project: SM Development Corp is developing a residential-office project with a live-at-work concept in Pasay, Philippines. The 14-storey building will comprise 844 units which can be used as residential space or office space, and owners can combine units. The building will also include meeting rooms, boardrooms, and a function hall.

Contact property consultant Chris Farhi at Colliers Strategic Advisory to request an email notification for this weekly update.


Related Experts

Renee Lintott

Strategic Analyst

Auckland

Renee was the recipient of the Blair Hargrave/Colliers  Scholarship in 2019 before joining the  Strategic Advisory team as an analyst in the same year. Renee worked part time in the team for 2 years whilst completing  her tertiary qualifications and joined full time in mid 2021. 

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