March 30, 2020

NZ Urban Development news from the media | 25 Feb | Precinct Properties' profit boosted by Fletcher Construction damages payments

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Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 25 February 2020.

Provided by Rockhopper Development Advisory

Precinct Properties' profit boosted by Fletcher Construction damages payments

Precinct Properties, one of the country's largest property owners, has doubled its profit to $54.3 million for the half year, driven in large part by liquidated damages from Fletcher Construction for delays in the completion of the $700m Commercial Bay development in Auckland.

Precinct said in releasing its result for the six months to December 31, 2019 that it had received $52m in liquidated damages and had recognised $26.7m of that in the half year period with $23.3m credited against the Commercial Bay development cost. Another $2m was recognised in the previous financial year to June 2019.

https://www.stuff.co.nz/business/119646899/precinct-properties-profit-boosted-by-fletcher-construction-damages-payments

Rental reforms a step closer with the introduction of the Residential Tenancies Amendment Bill

Today the Government is making progress on a fairer and more secure rental market for renters and landlords with the introduction of the Residential Tenancies Amendment Bill in Parliament.

“This Bill includes a series of reforms to improve the wellbeing of the 609,700 households that live in rented homes, and they provide a balance between the rights and responsibilities of both tenants and landlords,” Associate Minister of Housing (Public Housing) Kris Faafoi said.

The Bill, first announced in November 2019, implements the changes to modernise New Zealand’s rental laws and align them with the present-day realities of renting in New Zealand.

https://www.beehive.govt.nz/release/rental-reforms-step-closer-introduction-residential-tenancies-amendment-bill

Aucklanders urged to have their say on regional and local priorities

Aucklanders are being urged to have their say on the city’s proposed 2020/2021 annual budget.

This will be the third year of the 10-year budget 2018-2028, a budget which committed the largest ever investment—$26.2 billion—into Auckland’s infrastructure. This year’s budget continues to focus on delivering our ambitious program of work while supporting a growing Auckland.

https://ourauckland.aucklandcouncil.govt.nz/articles/news/2020/02/aucklanders-urged-to-have-their-say-on-regional-and-local-priorities/

Event Cinemas to open Newmarket multiplex, aiming to bring 'red carpet'- style experience

Daybeds or full recliner seats alongside individual coffee tables in bespoke theatres carpeted in red with walls lined with books - these are just some of the features New Zealand cinema-goers could be soon offered.

Sydney-headquartered Event Hospitality and Entertainment has just revealed what it plans to open at its new-style theatres when it invites customers to 'The Library' and 'The Gallery' at its Newmarket multiplex.

https://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=12311017