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NZ Occupier Update | 16 April 2020

Auckland CBD in sunset  hero

Local updates

  • The Government is changing the Property Law Act to extend the cancellation period for commercial property leases with unpaid rent. The current 10 working day timeframe will be extended to 30 working days. Legislation will be introduced on April 27 and apply retrospectively when the bill is passed. The changes will be temporary - they will expire 6 months after the end of the current epidemic notice. More info here. 
  • Asia Pacific Village Group's $1.49B takeover of Metlifecare is likely to be terminated due to the impact of COVID19. More info here.
  • Countdown has opened a new 8,800sqm online-only store this week in Penrose, Auckland. The store looks like a typical supermarket with aisles, a butchery and bakery but will have no customers, only personal shoppers picking online orders. The site can process 7,500 orders each week. More info here.
  • Auckland Transport has welcomed the central government's funding of temporary cycleways and footpaths. The funding is part of NZTA's Innovating Streets for People pilot.
  • Auckland Council has submitted 73 priority infrastructure projects to the Government task force that is seeking shovel-ready projects. 30 of the projects are ready to go and fully meet the criteria. More info here.
  • Hamilton City Council has entered the final procurement phase for its $150M new bridge over the Waikato River. The bridge will connect the growing suburb of Peacocke to the city centre. The project is already 6-months ahead of schedule and will be ready for construction to commence this summer. More info here. 

Overseas updates

  • WeWork has taken SoftBank to court after it abandoned a $3B funding offer. More info here.
  • Blackstone Group has raised $10.7B to launch a new European Property Fund, the largest private equity capital raising to complete since the outbreak of COVID19. More info here.
  • The UK's NHS Property Service has announced two new energy contracts to deliver 100% renewable energy to 10% of its portfolio of properties. The deal will offset over 40,000 tonnes of CO2 annually. More info here.
  • Big Ben in London has been under wraps since 2017 while a full restoration is completed. The restoration will cost $160M. Work has included recasting cast iron ornamentation and roof tiles, replacing stone-work and installing an elevator into a ventilation shaft. More info here.
  • Digital Reality has powered on its third data centre in Singapore. The 34,000 sqm building is designed to be one of the most energy efficient centres in the country and has been awarded a Platinum certification under the BCA Green Mark building assessment system. More info here.
  • The new Wuhan International Commerce Center in China has obtained a Gold LEED certification for core and shell.