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Government proposes new commercial lease rent abatement clause
What has been proposed?  The government proposed to amend the Property Law Act 2007 by inserting a clause into commercial leases, when introducing the Covid-19 Response (Management Measures) Legislation Bill. The proposal notes that when there is an epidemic and the tenant is unable to access all, or part, of their leased premises due to health and safety reasons, that...
Pro Commercial property
Record making start to 2021 in commercial property activity – Danny Blair – Colliers HB
Colliers Hawke’s Bay has kicked off 2021 with the largest January and February since inception in 2004. The economic rebound experienced in the third and fourth quarters of 2020 post the lockdowns led to a rise in a number of local economic indicators, as a broad range of sectors reignited in an attempt to make up for the lost periods...
Pro Commercial property
Investor competition set to drive values higher
Despite some uncertainty and short-term disruption to market conditions from COVID-19, low interest rates are fueling investment activity, especially for prime properties with strong covenants. The flight to quality and limited stock available to purchase is likely to elevate the level of competition amongst experienced investors driving values higher. Overall Investor Market Conditions The economic downturn created by the COVID-19...
Pro Commercial property
Record sale takes place during lockdown
We are now in the recovery mode of COVID-19, having been in full lockdown and then varying levels. At Level 1 we are much closer back to the normal than many other countries across the globe. There is certainly an air of the unknown going forward from an economic recovery, but Hawke’s Bay is well poised to recover at a...
Pro Commercial property
2020 shapes up as a stellar year
This year is shaping up to be another stellar 12 months for commercial and industrial property in the Hawke’s Bay. Investor confidence remains high and market activity is strong on the back of an outstanding 2019. Yields are likely to compress further on the back of record lows in 2019. The sale of the 19-unit Harvest Lodge Motel in Havelock...
Pro Commercial property
Property investors predict positive investment conditions
Commercial and industrial property investors see positive investment conditions over the next 12 months in Napier and Hastings, according to the latest Colliers International commercial property investor confidence survey. A net positive (optimists minus pessimists) 25 percent of respondents expect investment conditions to improve over the next 12 months, which was up slightly from the previous 2Q 2019 survey. The...
Pro Commercial property
CGT debate over, a flying start to 2019 set to continue
Now that the debate about the introduction of a comprehensive capital gains tax is out of the way, we expect confidence to build further in the commercial property sector over 2019. Starting with such a strong base to grow from, with over $138 million in commercial property sold in 2018, up from $116m the previous year, we knew 2019 would...
Pro Commercial property
Momentum in commercial sector set to continue
All indicators are pointing towards the market building on the momentum created over the last two years. After a strong finish to 2018 with over $138M commercial property sold by Colliers Hawke’s Bay, a substantial pick up from $116M the previous year, and over 88 leases concluded, generating over $4.4M of revenue for Hawke’s Bay Landlords. Already 2019 has started...