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The week in real estate development - 4 August 2021

The week in real estate development  4 August 2021

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

New Zealand real estate development news

  • Chris Farhi Vlog checks out Ponsonby RoadThe vlog checked out the latest real estate action in Ponsonby. Despite being one of the hottest housing markets in the country, the area has limited development largely due to strict planning controls. Projects visited during the vlog include 56 Pollen Street, the Ponsonby Central expansion, and the Pompallier on Ponsonby.
  • Government and RBNZ agree on further mortgage tightening rules:  The government and Reserve Bank have agreed changes to the Memorandum of Understanding on macro-prudential policy which will enable further tightening of mortgage rules. The Reserve Bank has in response proposed to further restrict the amount of low Loan-to-Value Ratio lending (effective 1 October 2021) and shortly after start consultation on implementation of Debt-to-Income Ratio restrictions or interest rate floors.
  • Kāinga Ora wants to develop high rise social housing in Whangārei: Kāinga Ora has asked Whangārei District Council for two sites in the CBD to develop high rise social housing apartments. The two council owned sites include a carpark and a vacant site.
  • Bay of Islands Hospital phase two redevelopment to commence: The redevelopment of the Bay of Islands Hospital in Kawakawa is beginning after a site blessing ceremony. The $14M redevelopment will include a new building which will house outpatients, primary care facilities, renal care and oncology and haematology services. The redevelopment is expected to be completed in late 2023.
  • Fletcher Construction provides update on International Convention Centre repairs: Fletcher Construction has announced that 80% of the repair jobs at the NZICC have been completed. The repair jobs include reinstating 300 window panels and 100 glass art fins from the building’s façade. SkyCity has reached an agreement with the Government to extend the completion date from January 2025 to December 2027.
  • Puhinui Station opens in Auckland: The $69M Puhinui Station development has finished and the station is now operational. The former station has been transformed into a future-fit rapid transit interchange that connects trains and buses.
  • South Taranaki Church to be used for community hub: St Cuthbert’s Anglican Church in Manaia has been bought by Ngāruahine Iwi Authority as a hub for the programmes and services it runs in the community. The building will be earthquake strengthened before it’s new use commences.
  • 240-berth marina proposed for Nelson Harbour: MarineWorx has announced plans to develop a 220-240 berth marina in Nelson. The development will also include a hardstand and dry stack facility, and an apartment block. The proposed plans are motivated by a shortage of berths.
  • Victoria University announces marae precinct redevelopment: Victoria University of Wellington has announced the redevelopment of its marae precinct. The precinct will be called the Living Pā and aim to create a sustainable space for Māori students to feel connected. The building will aim to provide habitat for wildlife, recycle the water used, and meet 105% of its own energy requirements. The $35M project will be completed by the start of 2024.
  • Christchurch City Council proceeds to design of 25,000 seat stadium: Christchurch City Council has decided to undertake preliminary design for a 25,000-seat stadium. The decision to develop the stadium with a lower seat capacity relates to cost over-runs.

Global real estate development news

  • Deicorp to develop mixed-use scheme next to Sydney Metro station: Deicorp is about to start work on its largest project after gaining state approval for a 17-building scheme next to the Sydney Metro Tallawong Station. The $332M proposal includes 987 apartments, 9,259 sqm of retail and commercial space, and 3,400 sqm of open space.
  • Sydney’s Minerva Theatre to be revamped: Sydney’s heritage-listed Minerva Theatre will be redeveloped in a $50M scheme. The scheme will transform it from theatre and cinemas into performance spaces and a hotel.
  • Mirvac gains approval for $900M Waterloo Quarter scheme in Sydney: Mirvac has gained approval to commence construction of a major over-station development project at Sydney’s Waterloo Metro Quarter. The precinct includes an office building, apartment building and student accommodation building. The three towers total 69,000 sqm.

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


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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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