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Colliers Capital Markets team enjoys busy year

NZ_AucklandCBD_Communications_Colliers Capital Markets team enjoys busy year_Photo 1

The Colliers Capital Markets team have transacted over $1 billion of property this year, firmly establishing themselves as the leader in this sector of the New Zealand property market.

Key asset classes that have drawn interest in 2023 have been land, which has accounted for sales of around $200 million, and premium retail properties with an add-value offering.

Data released earlier in the year by MSCI Real Capital Analytics, the go-to universal data and analytics solution for global commercial real estate investing and transactions, noted Colliers had a 43 per cent market share on major investment transactions during the first half of 2023 with the nearest competitor at 22 per cent. Colliers transacted more than $619 million of property during that period with the Capital Markets team contributing a range of notable deals.

The team’s 2023 success followed on from a strong finish to 2022, which included the $240 million sale of 40 and 44 Bowen Street in Wellington that was led by Richard Kirke, International Sales Director of Capital Markets at Colliers.

Land deals in 2023 included the $68 million dollar sale of Spedding Road, which was the original sale of the large-scale site that was successfully rezoned to Business – Light Industry earlier this year. The sale took approximately five years to negotiate.

Since that transaction, Colliers have taken the Spedding Road development to market and Property For Industry Limited announced in October that they had entered a conditional contract to acquire approximately 5.8ha of land at Spedding Road for $40.565 million.

NZ_AucklandCBD_Communications_Colliers Capital Markets team enjoys busy year_Photo 222 Stoddard Road is a thriving retail centre that was sold by Blair Peterken and Peter Herdson.

Josh Coburn, Director of Site Sales and Capital Markets at Colliers, says industrial land remains in short supply across Auckland, driving continued demand.

“Land has reset itself from a price perspective to a level where buyers see value. The site at Spedding Road is the only bare industrial land available in the north and west of Auckland at such a scale,” Coburn says.

“From a residential development perspective, land that has potential for high-end apartments continues to receive strong interest, but these sites are generally located in affluent suburbs or offer prime waterfront views.”

Some of the retail properties transacted by the team have included a sale and leaseback to The Warehouse Group for The Warehouse at 100 Pah Road in Royal Oak, Auckland, which was keenly bid, a neighbourhood shopping centre in Stoddard Road in Mount Roskill for $36.76 million, and the Countdown in Māngere for $33 million.

There was also the Westgate Lifestyle shopping centre in West Auckland that sold for $85.7 million in April.

NZ_AucklandCBD_Communications_Colliers Capital Markets team enjoys busy year_Photo 3The Apollo Health & Wellness Centre was another successful sale for the team.

Blair Peterken, Director of Capital Markets at Colliers, says there were clear requirements for buyers when pursuing these assets.

“The opportunity to add value and either intensify the usage of the site or optimise the value from the property was a common theme,” Peterken says.

“The Countdown in Māngere was an excellent example given there was ancillary retail on the landholding.”

The medical sector has also proven popular and the sale of the Apollo Health & Wellness Centre on Auckland’s North Shore for $27.5 million drew strong interest in the market given it was a split-risk investment and medical facilities are expensive to develop from scratch.

Peter Herdson, National Director of Capital Markets at Colliers, who celebrated 30 years with the firm this month, says the team have signed a number of agency agreements to bring a broad range of properties to the market in early 2024 that will catch the eye of investors.

“With the alignment of expectations and the levelling of interest rates, we expect New Zealand will remain an attractive destination for local and international capital and foresee a rise in transaction volumes in the early stages of the new year,” Herdson says.

“Private buyers have emerged following a period of inactivity and purchasers can work out their pricing structures with better clarity as yields have stabilised.”


Related Experts

Peter Herdson

National Director | Capital Markets

Auckland CBD

In 1993 Peter returned to New Zealand from the United Kingdom with several years’ experience in property management and development. During this time, he worked for Vanson Developments (Richard Branson´s property development company) for two years, and in investment and management for Fuller Peiser (Rolls Royce and Vickers Pension Funds). Upon his return to New Zealand, Peter joined Colliers International (NZ) Limited, where he has been ever since.

Peter now leads the Colliers International Capital Markets division, based in the Auckland CBD. The team is proud to have established a new approach to collaborative working within their division, a first the New Zealand marketplace. 

The “Power of Five” approach with the Capital Markets team has driven exceptional outcomes for client service since 2007. The team has adapted a charter unique in the market, with over 100 years of combined experience. The personal and professional networks of 5 directors operating as a cohesive team across all projects, provides maximum leverage and market coverage for our vendors. It ensures an acceleration of all our clients success.

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Richard Kirke

International Sales Director | Capital Markets

Auckland CBD

Richard is responsible for the promotion of New Zealand property to international investors, leveraging of his relationships developed in executive positions during his near 8 years in Hong Kong, as well as assisting to grow the company’s nationwide Rural and Agribusiness agency capability.

Richard began his real estate career in 2004 with CBRE, in the five years he spent with them (before leaving to run Colliers Hong Kong business in 2008) he was involved in many notable transactions including the sale of the Lion Nathan site in Newmarket for $162m, the sale of the GE & BNZ Britomart properties on behalf of Manson’s to the German fund HIH and portfolio sales, including the successful auctioning of 16 National Bank Branches across New Zealand.

During his time as MD of Colliers Hong Kong he was involved in the sale of 50 Connaught Road on behalf Apollo Group (a New York based Hedge Fund) to the Agricultural Bank of China for $US632m.

Richard was the Managing Director of Colliers Hong Kong office for six years from 2009-2014. During this time he was an active participant in several high value transactions and developed broad relationships with both Asian investors and colleagues across the region.

In late 2014, Richard agreed to run CBRE’s Asia Pacific Capital Market business, including their Capital Advisory (Real Estate Investment Banking) business, this further added to his knowledge of real estate investors, particularly in greater Asia.

As a senior executive of Colliers for 6 years in Hong Kong, Richard has strong personal relationships with Colliers personnel across the globe.

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Josh Coburn

Director | Capital Markets

Auckland CBD

Josh joined the Capital Markets team in 2023 after working for six years as the General Manager of the Colliers West Auckland office where they established themselves as prominent marketers of substantial West Auckland assets and delivered a number of market-leading transactions. He also established and grew a specialised Site Sales business segment dedicated to delivering well-considered residential developments, supported by comprehensive research.

Josh began with Colliers in 2003 and rapidly developed his skills to emerge as one of Colliers’ leading Brokers, facilitating hundreds of millions of dollars of property transactions. He later went on to work for a prominent construction firm where he specialised in design-built industrial developments, forging close partnerships with esteemed developers before returning to Colliers in 2015.

Since 2015, Josh has solidified his reputation as Auckland's foremost Broker for development site sales, orchestrating over $2 billion in sales across more than 150 distinctive development sites. With nine years of experience on the North Shore and six years in the Colliers West Auckland office, he has a broad geographical understanding of the Auckland property market.

In addition to his extensive involvement in Auckland's property markets, Josh's professional strengths encompass analytical, strategic, and creative thinking abilities.

In 2023, Josh was a finalist in the REINZ Individual Commercial & Industrial Salesperson of the Year award.

 

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Blair Peterken

Director | Capital Markets

Auckland CBD

After more than a decade in Australia’s highly competitive commercial property sector, Blair joined Colliers International NZ as Director in the Capital Markets team in April 2017.

Specialising in the sale of larger commercial assets and mixed-use sites around New Zealand, Blair brings a high level of energy and diligence to the industry. His extensive knowledge and educational background ensures he is well-equipped in progressing and developing the Capital Markets team.

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Previous Experience

From 2014 – 2017, Blair was Director and Head of JLL’s South Sydney office where under his leadership, the company  grew from third to first in the South Sydney market in both leasing and sales. In 2015 he was the company’s highest fee earner across the Australian industrial business. Blair specialised in the sale and leasing of larger industrial and commercial assets including mixed-use development sites within the South Sydney market.

Prior to this he was Head of Industrial, South Sydney at CBRE. While at CBRE, Blair won the prestigious Circle of Excellence Award twice for his performances and was highest fee writer in the South Sydney office in 2012 and 2013.

Peterken’s top transaction while in Sydney  was the 2014 sale of a 4.9ha business park in Rosebery, South Sydney to Meriton Group  for A$190,000,000

His two biggest leases were the single largest leasing transactions in South Sydney in their respective years. In 2011, he leased a Goodman-developed, 12,400sq m warehouse and office in Mascot to logistics company Toll, and last year, he leased a Meriton-owned 22,000sq m site in Pagewood to WSI Logistics.

 

A selection of notable sale transactions:

  • Sale of St Kentigern Girls School, Remuera - $40,000,000 +
  • The General  Buildings, 29-33 Shortland Street, Auckland - $42,000,000
  • 110 Symonds Street, Auckland - $38,500,000
  • 1-55 Rothschild Ave, Rosebery - $190,000,000
  • Central Park Business Park,  Greenlane - $209,000,000
  • Bunnings Hamilton South - $25,100,000
  • The Warehouse, Blenheim - $16,380,000
  • NZI Centre, Auckland - $63,000,000
  • Royal Heights Shopping Centre, Auckland - $17,000,000
  • 75 Karangahape Road, Auckland - $23,300,000
  • 5 Nelson Street, Auckland - $9,000,000
  • 66-80 Broadway, Newmarket - $65,000,000

 

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