The week in New Zealand real estate - 9 October 2020

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Investors

• Colliers' New Zealand Research Report for October shows $7.5B in commercial property was transacted in the year to June 2020. More info here.
• Vital Healthcare has announced a $150M capital raising to assist with expansion. They have plans for $100M of brownfield development in Australia. More info here.
• The majority of Metlifecare shareholders voted in favour of the takeover bid at $6 per share. Final orders for the scheme are being sought from a High Court hearing on 15 October. An existing shareholder has lodged a notice of opposition. More info here.

Office

• A study of Australasian employees has shown 61% now want flexible working options and 85% are open to working fully remotely for a company in a different location. More info here.
• The New Zealand Green Building Council has awarded 7 new Green Star certifications in the last 2 months. Tūranga Christchurch Central Library and the refurbishment of an office building in Wellington are 2 of the newly certified projects. More info here. 
• Precinct Properties are planning to start construction of 2 office buildings at Bowen Campus, Wellington. Precinct are looking to secure a tenant for the second building before commencing construction. More info here.

Industrial

• BMW Group is selling their Mt Wellington headquarters in Auckland. They have occupied the location for more than 20 years. More info here.
• The Ports of Auckland has unveiled the artistic lighting system on its new car parking building at the port. The massive 13m by 100m display has 8,500 individually programmable LED lights. More info here.
• Property For Industry has paid $65.5M for a 50,000 sqm industrial estate on Rosebank Road, Avondale, Auckland. The property has 27,000 sqm of lettable area. More info here.
• A German investor has purchased the 2,008 ha Te Rata Forest in Gisborne for $20M. Most of the planting is mature radiata pine. The deal is subject to OIO approval. More info here.
• Fonterra has sold two farming hubs in China for $513M and a stake in a local farm for $42M. The proceeds will be used to pay down debt. More info here.

Retail

• Kiwi Property’s $277M The Galleria expansion to Sylvia Park will open on 15 October. This adds 2 hectares of space to the shopping centre. More info here.

Residential

• Ngāti Whātua Ōrākei will shortly launch the second stage of its residential development at Oneoneroa on Auckland's North Shore. Stage 2 offers 15 terraced houses. More info here.
• Land earmarked for development in Wellington has been described as too sacred for development by some iwi. The ex-prison site on Mount Crawford has plans for 300 homes. More info here.
• Kāinga Ora is planning to build more than 100 new state homes in Blenheim over the next four years. Development will be in partnership with private developers. More info here.

Hotels

• Colliers research has shown an increase in guest nights in the three months to September. This was underwritten by demand for mandatory isolation facilities. More info here.

Government

• The government has purchased land for a new primary school in the fast growing area of Richmond West near Nelson. More info here.
• Invercargill City Council is reviewing whether to spend $400,000 on weathertightness works for the heritage listed Anderson House. Seismic strengthening would require further investment. More info here.

Vlog

• This week we focused on interesting real estate on Princes Street, Auckland Central. Videos here: The International apartment development, sale of 2 Princes Street and The University of Auckland's developments.

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