NZ Urban Development News - 10 July


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 10 July 2018.

Onehunga Wharf purchase key for neighbourhood revitalisation

Onehunga Wharf has been acquired by Auckland Council in a move that will be critical to the revitalisation of Onehunga over the next 30 years.
The vision for the wharf is that it will be transformed into a new community with homes, cafes, retail and public space, while retaining its seafaring history and spirit.
The transformation will be led by the city’s redevelopment agency, Panuku Development Auckland, which will work with the community to realise the vision.

The $3.8b splurge: Biggest commercial property sales of the year revealed

Commercial property sales of $3.8 billion have been recorded so far this year, driven mainly by syndicators and strong overseas interest, according to a new study out this month.
The report from Colliers International noted a "strong surge" in office sales this year which it said had been driven by syndicators and strong overseas bidding.
The overall figure only takes into account assets with a value of $5m or above, and showed a slight decline compared to the $4b recorded in 2017.
Colliers said this year's biggest commercial sales were:
• The planned sale of the ANZ Centre, 23 Albert St (a 50 per cent stake) to United States fund Invesco for $181m;
• The sale of the Central Park Corporate Centre to Oyster and joint venture partner, KKR for $209m; 
• Goodman selling its VXV portfolio to Blackstone Fund for $635 million

KiwiBuilds in Auckland unaffordable for many, govt analysis shows

Analysis from Housing Minister Phil Twyford's own ministry shows that two thirds of first home buyers wouldn't be able to comfortably afford the first lot of $579,000 KiwiBuild houses.
The MBIE analysis found - assuming a 10 per cent deposit - that a family would need income of at least $121,000 to buy a home at the much lower price point of $515,000, and that just 32 per cent of recent first home buyers had income in that range.
The first three-bedroom KiwiBuild homes in Papakura will be priced at $579,000, but the cap in Auckland and Queenstown is $650,000 for three bedrooms, $600,000 for two, and $500,000 for anything smaller.

Bill marks the start of work at Wynyard Pt for America's Cup base

A bill has been introduced to Parliament that will permanently close part of a road central to the America's Cup base plan for Auckland's waterfront.
The America's Cup Road Stopping Bill, introduced on Monday, removes the road status of part of Brigham St on Wynyard Pt so construction can start in November.
"The road stopping is also required to allow the America's Cup events to take place, as syndicate bases are intended to sit across the existing road to gain direct access to the water for launching racing yachts," a policy statement on the bill said.

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