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The week in real estate development - 7 May 2021

The week in real estate development  7 May 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 Madden Street, Wynyard Quarter: This week the vlog checked out the latest real estate action on Madden Street in Wynyard Quarter. The vlog focused on two new buildings: Precinct Properties' 10 Madden office campus and Willis Bond's 30 Madden apartments.
  • NZ breaks building consent record: Stats NZ has confirmed that 41,028 homes were consented in the year to March 2021. This was higher than the previous peak of 40,225 in February 1974.
  • The Electric apartments launched in Kingsland: The Cassidy family are developing a 33 apartment and retail building in Kingsland called The Electric. Apartments range from 50 sqm to 190 sqm. There is also a 667 sqm penthouse featuring a huge garden terrace. The development includes a Japanese inspired zen garden.
  • Nido building sold via mortgagee sale: Failed furniture retailer Nido's purpose-built building in West Auckland has sold via a mortgagee sale. The building sold for $46.3M, leaving investors $23.4M out of pocket.
  • Comvita opens Auckland retail store: Comvita opened their new Wellness Lab experiential space and virtual store in Auckland’s Viaduct. The retail store brings a multi-sensory experience to its retail space bringing augmented reality and virtual technologies together.
  • JD Sports to open in Sylvia Park: Kiwi Property has announced that UK-based retail giant JD Sports will be opening a store in Sylvia Park. The store will open mid-2021.
  • Conversion of offices to apartments in Lower Hutt: John Feast and Ian Cassels are converting three levels of office space in the CML building in Lower Hutt into 30 apartments. The project is estimated at $10M. The space was purchased last year after being unused for several years. Completion is expected in 2022.
  • Petition opposing the Maitahi-Bayview development near Nelson largely signed by people outside of Nelson: The landowners behind a proposal to build 750 homes near Nelson say that only one-quarter of signatures on a petition opposing the development actually came from Nelsonians. Three-quarters were from people outside of Nelson, including nearly a quarter from overseas people.
  • Mayfair Hotel planned for Christchurch: Centro Roydvale has revived plans for a new five-star hotel in Christchurch. The plan was put on hold due to the pandemic. The Mayfair Hotel is set to open in March 2022.
  • DGM Group building 65 homes on a former school site in Christchurch: DGM Group is redeveloping the former Central New Brighton School site into 65 homes. The development follows the school merging with North New Brighton and Freeville schools to form Rawhiti School in 2015.

Global real estate development news

  • Amazon’s Melbourne headquarters: Charter Hall has begun construction on Amazon's future headquarters in Melbourne. The $1.5B development on Collins Street will occur in two stages. The first stage is a 48,000 sqm tower, followed by the second stage 32,000 sqm tower.
  • Centuria Capital's new oncology facility tops out in Perth: Centuria Capital Group’s new oncology facility in Perth has topped out. The $17M facility will be capable of treating 1,000 patients annually and is integrated with the Murdoch Hospital.
  • Crystalbrook Collection to open a new hotel in Newcastle: Crystalbrook Collection will open its newest property in Newcastle in June. The Kingsley in Newcastle will be the first 5-star hotel in the city. It will offer 130 rooms inside the former Roundhouse Civic Administration Building.
  • City of London Corporation office conversion: The City of London Corporation is planning to convert empty offices into 1,500 new residential units by 2030. The aim is to revive the area after COVID19. The scheme will include at least 35% affordable housing units.
  • Amazon's robotic fulfilment centre in Virginia: Amazon has announced they are building a 60,300 sqm robotic fulfilment centre in central Virginia due to a continued increase in demand for online shopping. It will be the first of its kind in the area and will be open in 2022.
  • Continuum Partners plans mega-projectContinuum Partners plans to develop a $2B mixed-use development called Fourth & Central in the Arts District, Los Angeles. The development will include 10 buildings with a total of 1,500 residential units, 36,161 sqm of office space and a 68-room hotel.
  • Timber tower in the Netherlands: SAWA, a 50-metre tower yet to be constructed building in Rotterdam, has already won awards due to its green design. The building will be made nearly entirely of timber with 90% of it being cross-laminated timber. It will have 100 apartments with large green terraces.

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

 


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

Renee Lintott

Analyst

Auckland CBD

Renee joined Colliers in August 2019 as a Project Assistant for the Project Management team. Renee is now an Analyst for the Strategic Advisory team.  Renee is currently in her final semester studying towards a Bachelor of Property and Bachelor of Commerce conjoint at the University of Auckland.

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