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The week in real estate development - 8 July 2021

The week in real estate development  8 July 2021

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

New Zealand real estate development news

  • Construction begins on Northland solar farm: Construction has begun on a new solar farm in Northland. The 12-hectare farm in Pukenui will have 32,000 solar panels which can power 3,000 homes. The solar farm will be operational early 2022. It will be named after Jacinda Ardern.
  • Auckland light rail consultation opens: The proposed Auckland light rail scheme has begun initial public consultation.
  • Auckland waterfront works now completeThe $350M revamp of Auckland's waterfront was completed in early July. The works include a $42M ferry terminal, cycleways, wider footpaths, and seating areas. The original space has been extended by 30m and has maintained heritage components including the blue steel fence first erected in 1923 and a 1915 memorial to harbour board staff who served in WWI.  The revamp was expected to be completed for the America's Cup earlier this year but experienced delays.
  • New development planned for Ponsonby Road: Urban Collective has announced a new mixed-use development for Ponsonby Road called The Pompallier. The $120M development will include 1,664 sqm of office space, up to seven retail shops, and 14 apartments. 
  • New apartment development Kōkihi opens: Ockham and Marutūāhu have opened their second apartment development called Kōkihi in Waterview, Auckland. The apartment development includes 95 apartments. The development is part of the partnership's plan to develop 541 apartments within four new developments. A portion of the apartments are Kiwibuild properties.
  • Adam Blackwell presents new plans for Pahikara accommodation and tourism hub: Adam Blackwell has presented new plans for the Pahikara accommodation and tourism hub he proposed last year in Greytown. He is aiming to gain local support to be able to purchase a 2,000 sqm site behind his current site to facilitate his $15M development plans. 
  • Hawke’s Bay Museum secures funding boost: Hawke’s Bay Museum has secured $5.47M in funding from the New Zealand Lotteries Commission for the renovation of a storage facility. The renovation of the former Briscoes site will create a site fit for the storage of Hawke’s Bay’s taonga and artefact collection of more than 90,000 items. The total project cost is estimated at $12.5M including the purchase of the site.
  • Christchurch youth hub gains approval:  Christchurch Youth Hub Trust has reached an agreement with the local community for its purpose-built youth hub. This will enable resource consent to be granted. The youth hub will accommodate up to 40 young people between the age of 16 and 24. The individuals will likely stay for a period between 3 and 18 months.
  • The Crown reaches an agreement for Christchurch stadium development: The Crown has reached an agreement to purchase the NG building in Christchurch. The site is the last parcel required for the development of the new $473M stadium. The owners of the 100-year-old NG building have agreed with the Crown to move the building to another site.

Global real estate development news

  • Tim Gurner announces plans for boutique hotel: Developer Tim Gurner has announced plans to develop a boutique hotel in the historic former bluestone church and Sunday school site in Melbourne, called Club Maison. The gothic design of the church has influenced the design of the hotel which aims to create a contemporary feel with scalloped balconies and arched windows. Once the hotel is approved, construction will begin later this year.
  • Vicinity Centres plans Chadstone shopping centre expansionVicinity Centres has announced plans to expand the size of Chadstone shopping centre in Melbourne. The $685M expansion will include 1,400 car parks, an expansion of the dining and leisure precinct, and a nine-storey office building. The office building will comprise 20,000 sqm of office space with 2,250 sqm floor plates and 560 car parks.
  • Media magnate plans Gold Coast luxury apartment building: Ryan Stokes has lodged plans for a nine-storey luxury apartment building on the Gold Coast. The development will have 9 three-bedroom units, 4 four-bedroom units and 33 car parks.
  • CentrePoint Properties begins construction of two warehouses in Chicago: CentrePoint Properties has begun construction on two warehouses in Chicago. The two warehouses will total 185,806 sqm with the larger warehouse configured in a cross-dock and the other will comprise of 17 sqm truck courts and accommodate 361 trailers and 225 cars.
  • Plans to convert Ohio's historic Renkert building to a hotel: The Renkert Building in Ohio, USA will receive $5M in tax credits from the Ohio Development Services Agency to preserve and transform the building into a hotel. The Downtown Canton Land Bank purchased the ten-storey building in 2017 for $924,000 and plans to build a 92-room hotel with event space, restaurant and bar and commercial spaces. The total cost of the project is $35.5M. The building is one of 31 in Ohio to receive tax credits.
  • Halcyon starts the second phase of construction: The 54-hectare mixed-use development Halcyon in Forsyth County, USA has entered the second phase of construction. The owners RocaPoint Partners have announced the second phase will include the construction of a 5,574 sqm office building, Embassy Suites by Hilton Halcyon Hotel and The Forum Athletic Club comprising 2,136 sqm. Pharmaceutical company Alimera Sciences will occupy 1,393 of the office space.
  • John Lewis plans 10,000 homes: British retailer John Lewis has announced plans to build 10,000 homes within 10 years in the UK. The plans include 7,000 rental homes consisting of studio flats to four-bedroom homes which will be built in department store car parks, above supermarkets or next to distribution centres.
  • Industrial site conversion into mixed-use developmentA historic industrial site in London that was formerly occupied by Watford Launders and Cleaners is being converted into a mixed-use development called The Laundry Works. The £85M development will include 8 apartment buildings totalling 248 one, two and three-bedroom apartments. The development will also include communal space and gardens.
  • Battersea Power Station making progress: The conversion of the Battersea Power Station in London is making progress on its £9B luxury development. The 15-storey development includes 6 floors of Apple’s European headquarters, a shopping mall below and 1,600 flats are complete. Only 150 flats are still available on the market with an average asking price of £1M. It is expected to complete in 2025.

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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