Sara Hughes' glass forest art works on SkyCity Entertainment Group's NZ International Convention Centre. Photo / Michael Craig
Big plans were announced for new build-to-rent schemes from two businesses last year, so what happened since? Art on new Auckland convention centre at dawn; the new Mormon temple in Auckland opens soon; another step in Metlifecare’s Remuera plans – all in today’s Property Insider column.
Kiwi Property Group and Simplicity Living are leading the build-to-rent market with hundreds of newly finished and under-construction Auckland apartments.
But what of other plans announced last year?
Local business McConnell Property last year unveiled its plans for a $300 million North Shore build-to-rent tower locally dubbed the Burj Takapuna.
Also, global real estate giant Hines said last year it could be a “category killer” in that sector.
But so far, plans don’t appear to have progressed into physical reality for either of the companies.
Tony McKee, of McConnell, gave an update on plans for the 39-level Takapuna tower by Gasometer Developments and designed by Warren & Mahoney.
He couldn’t be specific about numbers, but says plans are for the project to go ahead: “We’re just going through a capital-raising process to fund construction and that’s still being worked through where it comes from.”
A tower of this size on the ex-gasometer site near the 30-level Sentinel would be a big ask for the Aussie-owned banks trading here.
Well over $100 million may be needed for such a scheme, although McKee said he couldn’t talk specific numbers.
It may well be that a syndicate of investors could be the key to success.
Certainly, securing overseas funds could have things move ahead.
McKee hopes for some physical progress on the site between Huron St and Northcroft St in next year’s final quarter.
Plans drew criticism on the Takapuna and Milford social media community page, with people saying it was too dominant and too tall, would cause shade and wind and monster the suburb.
At the time of last year’s announcement, three parties were involved in the tower:
These parties comprise the consortium that bought the site from Auckland Council’s Eke Panuku.
McConnell isn’t the only one with BTR aspirations.
Hines indicated last year it was set to be a global force in the BTR space in this country.
Hines, founded in Texas in the late 50s, is a big global presence, so its moves here brought considerable interest.
Hines said it had opened its central Auckland office on level 17 of the tower at 41 Shortland St last year, “focused on acquisitions, investment and development opportunities across New Zealand. Hines New Zealand is the eleventh office location and seventh country since establishing its presence in Asia Pacific in 1996”.
James Molloy, a Hines director, said it had successfully established its brand, “educated the market on who we are and what we do, and identified key areas of focus. I am proud of our achievements in the last 12 months. Now, looking ahead to the next 12 months, the keyword is patient execution. There is a wealth of opportunity ahead, but it requires us to be patient, diligent, and deliberate in our actions”.
Hines had been here for about 18 months, focusing on establishing a strong local presence and looking for the right opportunities for development and acquisitions.
“We’re asset-class agnostic and we invest across the risk spectrum. We aim to invest in and develop various asset classes, including living, office, and industrial and logistics,” Molloy said.
We look forward to hearing more from Hines.
Herald photographer Michael Craig caught Auckland’s new convention centre at dawn last month, with artwork illuminated.
After being hit by lockdowns, the fire and then firefighter water that flooded basement levels, the NZ International Convention Centre is due to open next year.
Built by Fletcher Construction and owned by SkyCity Entertainment Group, the centre’s artwork is particularly prominent in the early morning.
Sara Hughes’ glass panels depict the forest.
“The artwork reflects the experience of walking through the New Zealand bush and looking up through a canopy of trees to see the unique light and colour of the forest. It’s really exciting and moving for me personally, to see this work lifted into place and on public display,” she has said previously.
The fin-shaped panels are in 60 colour tones and 9m or three levels high.
Hughes had to remake every one due to heat and fire damage.
The 550 panels have a total area of 2400sq m and were on the exterior of the almost-finished building when in late 2019, fire broke out.
The panels were initially thought to have survived the blaze, but Hughes later said they did not and all had to be remade, but were the same as the originals.
SkyCity’s Callum Mallett has remarked on how the art changes the centre.
“To see the glass fins once more bring their veil of colour to the building is a significant milestone for the project,” he said last May when the panels were being replaced.
The NZICC was designed by Warren and Mahoney in association with Moller Architects and Woods Bagot.
Public tours of the new Mormon temple in Manukau are due to run from February 27 to March 22, a spokesman for the Church of Jesus Christ of Latter-day Saints announced.
Tours will not run on Sundays during that time.
Media have been invited to see inside on February 24.
Invited guests will then visit on February 25 and 26.
The temple will be dedicated on April 13 by Elder Patrick Kearon of the Quorum of the Twelve Apostles, a New Zealand spokesman said.
The temple was initially planned to be opened before the end of this year.
The Environment Court issued a decision last month on an appeal to grant consent to Metlifecare Retirement Villages.
That business plans to demolish the existing Raukura Building at its Remuera Village. A five-storey integrated hospital with other services is planned to replace that.
Auckland Council confirmed it supported the plan, but sought to be excused from taking part in the hearing on it. It cited the need to reduce costs to ratepayers while fulfilling its role as a statutory authority.
Some residents living in the existing block at the village oppose the demolition plans and have voiced their opposition.
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
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