NZ Urban Development News - 5 March

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Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 5 March 2019. Provided by Rockhopper Construction firm Arrow International put into voluntary administration Construction business Arrow International has gone into voluntary administration after a contractual dispute left it with insufficient cashflow to meet operating costs. Administrators from accountancy BDO were appointed at 2.30pm today. "This is not the outcome we wanted or expected, but in light of a recent adjudicator's decision, we had no choice but to take this course of action," the company's board said in a statement. https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12208271 Precinct Properties withholds $15.4m of payments to Fletcher Construction Precinct Properties has withheld $15.4 million of payments to Fletcher Construction and is likely to withhold more for delays to the construction of its Commercial Bay office and retail development on Auckland's waterfront. Precinct revealed the payment delay in its half-year result for the six months to December 31, 2018. Precinct chief executive Scott Pritchard said the $15.4m of liquidated damages was related to delays in the construction programme from July to the end of December 2018.  https://www.stuff.co.nz/business/110674633/inner-city-landlord-and-developer-precinct-properties-tapping-shareholders-for-150-million-to-cut-debt $25 million housing development near retirement village in Masterton Masterton is expanding as a retirement village plans to build a $25 million development on the northern end of town. Arvida Group, which owns nearby Lansdowne Park,  Wairarapa's largest lifestyle village, is behind the plan. Lansdowne Park spokesman Tristan Saunders said the project was going through the resource consent process and they were hoping to start earthworks by the end of the year. https://www.stuff.co.nz/business/property/110889362/25-million-housing-development-near-retirement-village-in-masterton Auckland Council property swap plan An Auckland Council plan to transfer up to $800 million worth of assets back to itself as part of a property title swap with a Council Controlled Organisation (CCO) is a recipe for disaster according to councillor Mike Lee. The former Auckland Regional Council (ARC) chairman says the council can’t be trusted with the city’s assets in the face of a self-imposed debt limit and burgeoning costs. Panuku Development Auckland (Panuku) is a Council Controlled Organisation (CCO) and is responsible for urban redevelopment projects and managing property on behalf of the council. It owns and manages large sections of the city’s waterfront real estate, including land, buildings, development sites and marinas. These properties are currently valued at around $800 million. https://www.interest.co.nz/news/98223/auckland-council-property-swap-plan-puts-waterfront-assets-risk-according-councillor%C2%A0 Home consents hit 44-year high A total of 33,576 new homes were consented in the year ended January 2019, the highest number of new homes consented in a year since early 1975, Stats NZ said today. “The number of new homes consented this year is at its highest level since the mid-1970s,” construction statistics manager Melissa McKenzie said. “However, the population was only around 3 million in the 1970s, compared with nearly 5 million today.” https://www.stats.govt.nz/news/home-consents-hit-44-year-high Hotel nights drive accommodation growth in 2018 Guests spent over half a million more nights in hotels in 2018 than the year before, driving overall growth for short-term commercial accommodation, Stats NZ said today. In the year ended December 2018, guests spent 40.4 million nights in hotels, motels, backpackers, and holiday parks, up 2.3 percent from 39.5 million in 2017. Over half of that growth was from nights spent in hotels, which numbered 14.5 million. The growth in hotel guest nights was supported by increased capacity. Nearly 1,600 more hotel rooms were available by December 2018 than in December 2017. Even with more rooms available, the occupancy rate for hotels remained relatively high (falling slightly from 69.8 percent in 2017, to 69.2 percent in 2018), reflecting more nights spent in hotels. https://www.stats.govt.nz/news/hotel-nights-drive-accommodation-growth-in-2018 Copyright © *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved. Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

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