Auckland

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International buyer enquires have more than doubled over recent weeks for apartments in The Pacifica residential tower, in Auckland’s CBD.
With much of the world in lockdown due to COVID-19, buyers are looking into New Zealand as a safe investment choice.
According to CBRE, who are marketing the building, international enquiries have risen by over 200% in recent weeks, with two types of overseas buyers looking at The Pacifica now: buyers looking at New Zealand as a safe haven to invest, and buyers wishing to seek residency.
“We are receiving enquires from expat Kiwis living in London, New York, Australia, Hong Kong and Singapore. Many of these buyers are looking back into New Zealand with a potential view to returning home. We have also seen a significant uplift in enquiry from across Asia and USA, with buyers seeking a safe ‘bolt-hole’ investment,” said CBRE’s National Director of Residential Projects in New Zealand, Gavin Lloyd.
The Pacifica was the first project among a handful of properties to gain an exemption certificate from the Overseas Investment Office to allow overseas buyers to buy apartments.
Lloyd added that since the lockdown $8 million in contracts have been issued for apartments in the building.
Last month the sale of one of the 235 square metre penthouse apartments was concluded, and an Australian buyer amalgamated two adjoining apartments for his New Zealand residence.
The 57-level tower will ultimately have 279 apartments, and will feature a heated lap pool, sauna, steam room, spa, gym, media room, residents’ lounge, library and barbeque terrace.
Construction on the building began in November 2017, and completion is scheduled for the fourth quarter of 2020.
 
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Pacifica tower in New Zealand sees 200% uptick in inquiries 

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A new InterContinental is set to anchor the 1 Queen Street development at Auckland’s Commercial Bay.
The $1 billion mixed-use development project also includes retail facilities and a 39-storey tower with 39,000 square metres of office space.
The hotel will reportedly have water views in 90% of the hotel’s 244 guest rooms.
InterContinental are partnering with IHG and Precinct Properties for the project which is set to open in 2022.
Scott Pritchard, Chief Executive Office at Precinct Properties said InterContinental Auckland will offer the "best views in Auckland".
“The addition of the InterContinental Life further solidifies Commercial Bay as a truly mixed-use precinct, and we’re very proud to partner with IHG to bring this flagship property to life,” he said.
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InterContinental Auckland to anchor Commercial Bay development

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Net rental yields were mostly under 5% at Bayleys' recent auction of Auckland commercial properties.
The net yields achieved ranged from 6.11% on a medical clinic in Penrose that fetched $1,065,000, to just 2.66% on a $3.61 million house in Takapuna that had been converted to <a href="https://www.propertyobserver.com.au/https://www.bayleys.co.nz/1501322" target="_blank">legal offices</a> (pictured above).
The Bob Dey Property Report suggested it had more intensive development potential.
Most of the properties sold on yields between 4% and 5%, with prices ranging from $1,065,000 to $4.04 million.
The yields suggest commercial properties in Auckland can still be purchased for about the same price or less than the average price of a house in the region, but the commercial properties are likely to be providing investors with significantly better returns.
Other recent commercial property sales around New Zealand include a hair dressing salon in Hawkes Bay which sold for $815,000 providing a net yield of 5.61%.
A large industrial building in New Plymouth sold for $2.6 million providing its new owners with a net yield of 7.65%.
Another recent sale was 303-305 Great South Road, Papakura, an Asian supermarket a mixed use zoned site for $3,440,000 at a 4.73% yield. It was declared on the market at $2,800,000. 
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Auckland commercial property yields sitting under 5%

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The latest research shows that property sales have decreased over the past three months, according to CoreLogic’s Auckland Cityscope report.
In the three months to November 2016, there were 54 sales for a total of $200.5 million compared with 35 sales for a total of $239.8 million recorded for the three months to August 2016.
There is an increase from the 28 sales at a total of $107.6 million recorded for the three months to May 2016. 
The latest data brings the total sales for the 12 months to $906.4 million, a decrease from the $1.321 billion in sales recorded to the same time last year.
The table below shows sales recorded for the past eight updates of Auckland Cityscope:
<a href="/images/2016/11/30/Auckland-1.jpeg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/30/Auckland-1.jpeg" alt="">
Notable sales in November 2016 update of Auckland Cityscope include:
<ul>
<li>450 Queen Street, comprising of a D-grade office building of five levels including a basement to Queen and Waverley Streets, built in 1974-75 and a four-level (plus two basement levels) extension with the entrance from Waverley Street; built in 1988; which was sold for $39 million;</li>
<li>Media Design Centre, a 20-storey building at 92 Albert Street, comprising 15 office levels and a two-level retail plaza, completed in 1988, which was sold for $36 million; and</li>
<li>43 High Street, an 11-level building including ground and basement retail space, completed in 1973, which was sold for $15.825 million.</li>
</ul>
<a href="/images/2016/11/30/Auckland-2.jpeg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/30/Auckland-2.jpeg" alt="">
Properties listed as for sale in the November 2016 of Auckland Cityscope include:
<ul>
<li>VR Queen Street, at 401 Queen Street, a nine-storey octagonal building plus two basement levels for 27 cars and outside parking for seven cars, completed in 1986, which is available through Barfoot &amp; Thompson;</li>
<li>Newman Hall, two storeys to Waterloo Quadrant, four storeys down the slope to the rear, was built in 1863 as the Nathan family home, and originally known as Bella Vista, which is for sale by tender closing December 1, 2016 through Whillans Realty Group;</li>
<li>350 Queen Street, a nine-storey office building, built in 1982-83 by Mainzeal Construction to a design by the Walker Co-Partnership, which is for sale through a private treaty campaign closing December 6, 2016 through CBRE and Barfoot &amp; Thompson Commercial; and</li>
<li>Quantum Education Tower, a 13-storey building, built 1976-77 by Fletcher Construction Ltd and refurbished in 1989, which is for sale by private treaty closing December 1, 2016 through Bayleys Auckland Central.</li>
</ul>
Leasing opportunities in the November 2016 update of Auckland Cityscope include:
<ul>
<li>IBM Centre at 82 Wyndham Street, a five-storey commercial building, completed in April 1999, which has office space of 2,579 square metres and 4,228 square metres available for lease through Colliers International and Bayleys Auckland Central;</li>
<li>ANZ Centre at 23-29 Albert Street, a 42-level reinforced concrete tower block originally built in May 1991 and extensively refurbished in 2013, has newly refurbished office space available for lease on levels 14 and 15 (available in February 2017) and levels 34 to 39 (available mid 2019) through Bayleys Auckland Central; and</li>
<li>SAP Centre at 67 Symonds Street, a nine-level office tower over a four-level basement car park (233 spaces), which has office space of 1,203 square metres on level 6 and  957 square metres on level seven available for lease through Colliers International.</li>
</ul>
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