The week in New Zealand real estate - 5 February 2021

Contact Chris Farhi at Colliers International Strategic Advisory to subscribe to this weekly update of the biggest real estate news from around New Zealand.

Chris Farhi Vlog

• This week the vlog looked at the Auckland City Mission's new Homeground development followed by a discussion of the most interesting real estate news in New Zealand over the past month.

Office

• Tower has leased space at 136 Fanshawe Street in central ACuaklnd. The 6 Green Star office development is due to complete in August 2021. The move was driven by environmental, cultural and cost benefits. More info here.
• Willis Bond has purchased the former AgResearch centre in Upper Hutt. The centre will be redeveloped into a 40,000 sqm commercial precinct. More info here.
• Colliers Research reported that Christchurch's CBD office vacancy rate has returned to pre-earthquake levels. More info here.

Industrial

• Colliers Research released its Wellington Industrial Report for the first half of 2021. The research found vacancy rates increased to 2.4% in 2020. 56,000 sqm of industrial floorspace was approved for development last year. More info here.
• Gough Group has sold its last property asset, an industrial property in Hornby, Christchurch. The 5.1 ha property was sold for $14M to a local investor. More info here.

Retail

• David Jones will be closing their Wellington branch in June 2022. The store was the first David Jones store in New Zealand. It opened in the former Kirkcaldie & Stains building in 2016. More info here.

Hotels and tourism

• Huka Lodge, Taupo, has been purchased by Baillie Lodges, who own luxury lodges internationally. All staff and local suppliers are being retained. More info here.
• Air New Zealand has reopened its Wellington regional lounge on weekdays. The lounge had been closed since the start of the pandemic. More info here.

Housing

• A large development site is for sale in Wynyard Quarter, Auckland. The site has resource consent for a 434 unit apartment development. The 9,793 sqm site is the last freehold development site in the area. More info here.
• Fletcher Building has been given OIO approval to purchase 20 ha of land in Riverhead, Auckland. They intend to rezone the farmland for urban use. More info here.

Government

• The Marlborough Convention Centre has been handed back to Marlborough District Council after a long-term lease to Scenic Hotel Group. Management of the centre will be consolidated with the neighbouring ASB Theatre. More info here.
• Dunedin City Council has proposed investing $20M into new community housing over the next 10 years. The council currently has 936 units in the city. More info here.

Copyright ? Chris Farhi 2021. All rights reserved.