Find your new investment right in the heart of Auckland's CBD.
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AT CIVIC QUARTER
Find your new investment right
in the heart of Auckland's CBD.
CIVIC QUARTER
CONTENTS
The CAB at Civic Quarter is at the
centre of the cultural and economic
heart of Auckland.
12,040 new residents have moved into
the city centre over the last three years
with further substantial growth forecast. 04 06 08
The city centre population is growing Your opportunity The CAB: The CAB:
is now An overview Investor benefits
at 6 times that of the Auckland
region population.
Your opportunity is here and now.
09 10 12
The CAB: The CAB: Auckland city
Tax benefits Investor advantage highlights
Aotea Square art installation 2016
14 18 19
Why invest in The CAB The CAB: Case studies:
Auckland apartments Investment proposition Investors insight
20 22 24
High performing The developer Contact
floor plans and team
The contents of this document do not form part of any contract. This document has been compiled using information provided by third parties.
Love & Co. and Bayleys accept no responsibility for its accuracy or completeness. In all cases, interested parties should conduct their own verification
of the information in this document, as well as their own investigation and analysis of the property described in it. All parties are urged to take legal
advice before entering into any contract or agreement regarding the property described herein.
© Love & Co. 2017 The CAB and Civic Quarter are registered trademarks of Love & Co.
2 The CAB Investment pack 3
YOUR OPPORT UNIT Y IS NOW
The CAB will be the centrepiece of a visionary mixed-use
precinct in Auckland's CBD arts and culture hub.
There is an opportunity for investors who recognise
the value inherent in the building’s credentials and the
strategic location to invest in an iconic development.
Built for the government by the government, this With Auckland’s population growing exponentially,
prestigious building was designed in the mid-1950s a clearly identified shortage of housing, and ongoing
and opened in 1966. The 18-story classic modernist improvements to the CBD environment, quality
tower known as the Civic Administration Building apartment units within thoughtfully-designed and
was the long-time administrative hub of Auckland integrated city precincts will be sought-after by a
Council, and New Zealand’s first skyscraper. discerning rental market and owner occupiers alike.
This is where The CAB differs from other new Looking at historic trends globally, well-located
apartment developments – it has proven properties close to underground railway stations
fundamentals in that the building already exists and have outperformed other areas. Auckland will be
while it will be stripped back to its structure, which New Zealand's first city to have an underground
has an "A” Grade seismic rating, to facilitate the total system. Astute investors will perceive the inherent
refurbishment, the inherent risks of a new build are opportunity The CAB’s location presents as a result.
not present. It also has recognised significance to the
Increasing employment opportunities
city’s architectural history.
in the CBD, the presence of multiple
The building has heritage status and a sensitive tertiary education providers in the
refurbishment programme will ensure that the tower city centre and the advancement
remains a cornerstone of the city’s architectural of new transport initiatives –
fabric in the future. all reinforce the investment
value proposition of ACOMPLETE View from a 'B' apartment
The CAB.
RENOVATION
& GRAND
RESTORATION
CRL
Civic
e Theatre
Driv
ral
yo
Ma
Cinemas Central
City
Aotea Library
Centre
d St
Aotea Rutlan
Square
t
AUT
en S
Que
Wa
kefi
2 1
3
e
ld S
May
t
4
Air
ora
e Auckland
Av Town Hall
eda
lD
ys
re
riv
le S
G
e
t
1 The CAB
Designed in the mid-1950s by Tibor Doner and opened in 1966. 2 CQ Hotel The laneway outside The CAB, creating flow and connection into Aotea Square.
3 CQ Headquarters
4 One Greys Residences
4 The CAB Investment pack 5
THE C AB: AN OVERVIEW
View from a western apartment
The CAB is an established, proven The existing building provides a sturdy “A” Grade seismic Features include: Make it your own
structure and versatile framework for the experienced • A
partments ranging in size from 45m – to the
2
Timeless interior design and high specification
building – built by the government developers, Love & Co. to retrofit to today’s exacting 600m2 Penthouse finishes have been carefully considered with three
for the government – to high construction benchmarks.
• A range of configurations from one bedroom upwards contemporary colour palettes to select from. A
bespoke interior design service is available for
standards and with ground- The interior and exterior of the building will be • "A" Grade seismic rating to 100% of New Building
customised interiors.
completely refurbished with integrity to meet 21st Standard (NBS) or better
breaking technologies at the time. century luxury apartment expectations. • B
uilt to latest fire, safety and evacuation compliance
Where other developments face the issues of building standards with two separate egress stairwells
Standard to each apartment
foundations and structure, the hard work is already • All new double-glazed exterior windows for efficient
• Wool carpets
done at The CAB, all that needs to be done is replace heat and sound insulation
old with new. • Marble bench tops
• Floor to ceiling windows allowing for light-filled living
and wide city vistas • European appliances
including induction cooking
• New lifts, plumbing and electrical services throughout
• Large floor plates allow for spacious, well- • Timber floors
proportioned individual apartments with very liveable The interior is designed with quality, long lasting
layouts which will appeal to tenants and owner materials, which will perform well and appeal to all.
occupiers alike
6 The CAB Investment pack 7
THE C AB: INVES TOR BENEFITS With large infrastructure investment in the Auckland
CBD, Civic Quarter will be part of the transformation of
Aotea Square and adjoining areas. They will be served
by the new underground City Rail Link and its dedicated
Aotea Station.
•
Body Corporate structure will protect •
As the apartments are pet-friendly,
owners’ rights and property interests the potential tenant pool is broadened.
and have an ongoing maintenance
•
The new Aotea Station (as part of the
fund to future-proof the asset.
evolving underground City Rail Link) is
•
Apartments can be used for short to be located just moments from
term accommodation. The CAB and will be open by 2023.
•
Car parks can be leased out •
A 10% deposit for New Zealand
independently of an apartment residents (20% for others) secures your
for an additional income stream. place at The CAB, with the balance
The Civic Carpark (939 Parks) just next payable on completion.
door offers the ability to lease carparks
Flexible options exist for the deposit
should tenants require additional to either be in cash, bank guarantee
carparks or provide future flexibility or deposit bond. Your deposit is held
if purchasing a carpark is not an safely in law firm Chapman Tripp’s trust
immediate investment requirement. account and is not released to the
developer until settlement.
•
A tailored property management
service is available to minimise •
Experienced, market-leading
disruption to income when tenants developers with stringent quality
leave, and to undertake regular control and a proven and
inspections/reporting. respected team.
The tax benefits of investing at The CAB
Property investment is no different to other investments in that the expenses you
incur to derive your income are deductible.
However, New Zealand is unique in a number of ways in terms of the way property
is currently taxed*.
• NO Stamp Duty, transfer or transaction taxes or other duties on property
• NO GST (VAT) on residential property
• NO explicit capital gains tax**
• NO ring-fencing of tax losses generated from property investment operating expenses
e.g. excess interest deductions and repairs and maintenance costs, meaning you can
offset these against your other income sources such as salary and wages
• If you have other sources of income such as salary and wages you can apply to Inland
Residents Pool Gym Private
theatre Revenue for a special tax code, this means you would have less tax deducted from your
car parking
salary each week, and could use the additional income to service your mortgage
* This is information is not tax advice; please consult your own tax advisor prior to making any investment decision.
** A “Bright line” test was recently introduced where the sale of property within two years of purchase would be
taxed unless the property was your family home.
Pet-friendly Boutique Restaurants The heart of However, the benefit of purchasing at The CAB is that the two year period starts from the date of the contract,
supermarket & Cafés the CBD NOT the date of settlement meaning if you act now by the time The CAB is projected to be finished in late 2019,
if you have had a change of circumstance, you should be able to sell your investment and pay no tax.
8 The CAB Investment pack 9
THE C AB:
INVES TOR ADVANTAG E
LOC ATION IS E VERY THING The CAB
New CBD
Central Rail
Station Aotea
Victoria Park Wynyard Quarter Town Hall
MIN Aotea Square
1 Civic Theatre Harbour Bridge
WALK Q Theatre
Silo Park
SkyCity Casino and
Convention Centre
The Civic
Theatre
Queen Street
Aotea Centre Westhaven Federal Street Ferry
Marina Britomart
SkyCity Grand Hotel Terminal Auckland
Entertainment Centre Art Gallery Auckland
Queen Street University
Town Hall
New CRL Station
CBD Park Viaduct Harbour
Aotea
Square AUT Albert Park
MIN SkyCity Casino and
5 Convention Centre
WALK Federal Street
AUT University
MIN Auckland University
10 Auckland Art Gallery
WALK
Albert Park
Civic
Quarter
MIN Ferry Terminal
15 Britomart
WALK
Viaduct Harbour
Wynyard Quarter
Victoria Park
Central
Police
Station
Auckland Hospital
Amora Hotel Auckland
Council
Major Motorway On/Off Ramps Grand Millennium Hotel CBD Park Karangahape Rd Proposed Sheraton Langham Hotel
10 The CAB Investment pack 11
AUCKL AND CIT Y HIGHLIGHTS ignificant infrastructure investment has been
S
committed in Auckland city with the City Rail Link well
But why does this make investing at
The CAB the opportunity you need
underway, and improvements being made to the bus to seize now?
network. This will significantly improve connections
between the CBD and suburban Auckland. Increased development in the CBD leads to greater
demand for rental accommodation from those
uckland Council is committed to its Liveable City
A people working in these new buildings and wanting
vision, making the city easier to live in, navigate, to avoid extended commutes. It also drives demand
The $700 million New Zealand International Convention traverse and enjoy. for short-term accommodation.
Centre (NZICC) to be operated by SkyCity, is set to New cycle and walkway initiatives are improving the These new buildings have a multiplier effect, as the
open in Auckland in 2019. NZICC will feature 8,100m2 already strong recreational attributes of the city. occupants drive ancillary services such as food and
of exhibition space, 2,700m2 of meeting space and a Significant investment has been, and continues to beverage, further increasing the numbers working in
be, made by national and multi-national firms that the CBD and reducing rental accommodation close by.
plenary theatre for more than 2,800 delegates
are cementing a headquarter presence in Auckland The NZICC will be able to cater for far more
ew Zealand will defend the 36th America’s Cup on
N city, as evidenced by the emergence of a business- delegates than room nights available at the closest
forward precinct at the Wynyard Quarter.
Auckland harbour in 2021 with planning now underway hotels including Sky City. This should in turn increase
Auckland city’s retail sector continues to attract demand for short-term Airbnb style accommodation.
and significant investment ahead of the event.
international luxury brands with Tiffany, Chanel, The NZICC will also have a multiplier effect as those
Prada, Gucci, Dior, Louis Vuitton all having a delegates eat, drink and shop in the immediate vicinity
presence within walking distance of The CAB. driving the demand for ancillary workers and the
new, flagship $941 million retail and commercial
A associated rental accommodation they will require.
precinct, Commercial Bay is being built at the
harbour-end of Queen Street with stage one
expected to open mid-2018. It will provide a
39,000m2 office tower and 18,000m2 of retail.
Wynyard Quarter Commercial Bay City Rail Link Aotea Station
New Zealand International Convention Centre, to be opened in 2019 Lightpath & the Nelson Street cycleway
The CAB and Civic Quarter luxury hotel
12 The CAB Investment pack 13
WHY INVES T Auckland CBD
working population
IN THE C AB now exceeds
AUCKL AND 100,000
APARTMENTS
Luxury apartment
median value
increased to
$1,760,000
in June 2017
Auckland CBD
median apartment
value increased by
112%
between
2012–2017
View from an eastern apartment balcony showing the town hall and Aotea Square.
The broadly changing nature of Auckland and the city’s underground rail system will attract increasing numbers of $320,000 to $330,000 as at March 2012. This was largely Auckland Region apartment
accommodation pressures have seen a number of CBD residents to the central city over coming years. due to the oversupply prior to the GFC in 2007, and then
median sales value
AUCKLAND REGION APARTMENT
apartment developments progress in recent years. the hiatus in the construction of new developments
The short-term accommodation market is evolving in the MEDIAN SALES VALUE
until 2012.
Rezoning by Council to allow higher intensification but CBD, as a shortage of hotel beds and a desire by travellers
with a focus on quality, along with the conversion of some for more homely surroundings (“live like a local” and self- Subsequently, however, median values have lifted sharply,
$800,000
existing buildings to apartment stock have increased the cater), has created additional demand for accommodation reaching $700,000 at the end of the June 2017 quarter –
apartment offerings for investors. in the apartment sector – mirroring overseas trends. With an increase of 112% over the 2006-2017 period. $700,000
an ongoing shortage of hotels and increasing nightly rates,
Median Sales Price
As Auckland’s population continues to swell, the city’s While general market conditions have clearly been the $600,000
we would expect this to continue.
rental accommodation pool faces further increasing major driver of value increase, there is no doubt that
pressure. The Auckland apartment market has “grown up” further impetus has been added to the market as a result $500,000
and investors are encouraged by this. of new quality apartment development introduced over $400,000
The CBD rental market profile is changing. Where once it
recent years.
was largely geared towards a student population, today $300,000
young professionals, corporate executives, families and a Capital gains The importance of the coming of age of apartment living in
transient visitor demographics are all seeking rental and A rapidly expanding population, a strongly performing Auckland cannot be overlooked. As Auckland’s population $200,000
owner occupier options in the central city. economy – which has generated high levels of has become more diverse, apartment living has become a
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
employment growth – low interest rates, a regional significant option of choice.
According to Auckland Council figures, the CBD working
population now exceeds 100,000, an increase of 10,000 housing shortage with no sign of abating, and the addition Furthermore, apartments are becoming the preferred
Source: REINZ
or more than 10% since 2012. of higher quality stock has seen apartment values in option for downsizing baby boomers and those looking for
Auckland appreciate significantly over recent years. a comfortable step before moving to a retirement village.
Increasing employment opportunities and the convenience
of living close to an expanding range of leisure, retail Between 2006 and 2012, median value movement within
and hospitality amenities within the CBD and the new the apartment sector was negligible increasing from
14 The CAB Investment pack 15
Population gains The other constraint upon the owner-occupier market is
the issue of affordability. The rapid escalation in median
The city centre’s population growth has accelerated
values over the last five years has outpaced wage growth
exponentially over recent years and will exceed 45,000 in
meaning higher proportions of salaries have been required
2017 – approximately fifteen years earlier than Auckland
to meet mortgage costs hence renting is often the only
Council had anticipated.
viable option for those wishing to live in Auckland city.
Latest projections are for the population to grow by
an additional 30,000 over the next 10 years, this is Outlook
underpinned by quality apartments becoming the home of
choice for more and more discerning Auckland residents. According to Bayleys Research, any significant downturn
in median apartment values is unlikely given the influence
Migration is holding at near-record levels with net of the fundamental drivers of the Auckland market. In
migration to New Zealand over the 12 months to August particular where you compare the 2012-2017 period
2017 totalling 72,100. Auckland accommodates between vs the previous corresponding five years 2006-2011,
50 and 60 percent of the net migration gains. Therefore, the number of apartments built in the earlier period is
even if migration tapers back, Auckland will still receive substantially more but the size of the units are much
more than half of all immigrants. Importantly, the high smaller and the quality inferior. In the five years to 2017
historic levels of immigration has created a diverse we have seen far larger apartments fitted out to much
population, often with experience of apartment living higher standards.
offshore, who see apartment living as a premium option
which allows a quality lifestyle. A more likely scenario is that values will grow moderately
over the short term future before lifting again, as the
It is clear that if these population projections prove to availability of credit increases and the housing supply
be accurate, ongoing apartment development within constraints currently being experienced shift up the
the central city will be essential – with any development demand curve. However, we believe this may well be
With an increase in apartment interest from the owner- Over the three-year period 2012-2015, median rents for shortfall expected to lead to upward pressure on both offset by an increase in rental rates as yields catch up with
occupier market and astute investors, higher building two bedroom rentals have increased by approximately capital and rental values within the CBD. the capital growth seen recently.
standards have been adopted, floor plates have generally 32% and three bedroom rentals by approximately 42%.
been larger, the quality of fixture and fittings improved and This scenario is typical of the long-term trend for
The rate of rental increases over the last five years has
a wider range of amenity has been included. Auckland, which sees the market stabilising after periods
accelerated compared with the previous five-year period
of value growth, as illustrated in the graph below. As can
during which time two bedroom apartments saw rental
be seen, the end of price appreciation cycles is generally
Auckland Region apartment increases of approximately 22.5% while increases of just
caused by major offshore events while in this case the
median sales value top 15% under 39% were recorded for 3 bedroom apartments.
credit tightening has been initiated by the Reserve Bank.
AUCKLAND REGION APARTMENT
The acceleration over recent years is all the more To date, we have seen no major off-shore events which
MEDIAN SALES VALUE TOP 15% would indicate any coming correction, but rather a sense
notable given the fact that the increases are calculated
$2,000,000 from a higher base. of unfounded wariness from the credit teams at the
$1,800,000 major banks because they have not seen such a sustained
There has also been a discernible trend in the market
$1,600,000 period of relatively controlled growth previously, and
where commercial and residential yields are beginning
Median Sales Price
$1,400,000 therefore do not have the historic data to assess against.
to converge. Therefore, it is probable that we will see a
$1,200,000 The graph, however, also shows that falls in values within
swing of funds from the alternative asset classes back
$1,000,000 the Auckland market are rare.
into residential investment.
$800,000 Other factors
$600,000 We would expect that the current tighter lending criteria In November 2017 data from Auckland Councils
by banks will also create a rise in rental rates in the While some changes to investor lending regulations have revaluations have revealed Auckland central out-
$400,000
short to medium term as investors demand their assets been made in recent times making it harder for some performed the wider Auckland region average by an
$200,000
perform better, while they are unable to leverage the investors to participate in the market, apartment values extra 12%, with a 57% average revaluation increase.
2011
2012
2013
2015
2017
2016
2014
2010
2007
2009
2008
2006
equity to the extent previously possible. at current levels remain well-supported by other drivers
within the market.
Source: REINZ
The CAB offers a range of options from one to three
Household construction has increased with building
bedroom plus, allowing the discerning investor to select
consent issuance in Auckland now sitting at just over
Auckland Regionaverage residential
an option that suits their profile. house value 1980 to 2017
10,000 per annum. Even at this rate, however, Auckland’s AUCKLAND REGION
housing shortage is still growing given that the annual
The impact of better quality stock on value is well Avg residential House Value 1980 to 2017
illustrated by analysing the top 15% of apartment market requirement based on population gains, sits at between
sales. While lower sales volumes mean that movement in Rental Comparison Number of % Increase 14,000 and 16,000 per annum. One of the factors behind $1,200,000
median values is more volatile, the upward trend is clear. Period Bedrooms Over Period this is a building consent does not guarantee that a
$1,000,000
home will be constructed. The CAB has the significant
Once again, the major lift in values has occurred post- advantage that the building is already constructed, only the $800,000
2012, with the median increasing from $925,000 in March 2007-2012 1 18.5% refurbishment waits, prior to the home becoming available.
2012 to $1,760,000 as at the end of the June quarter 2017. $600,000
Although interest rates have edged up over the last
2007-2012 2 22.6% year, they continue to sit at historically low levels. It $400,000
Rental Gains seems likely that any further upward movement will be $200,000
Ministry of Business Innovation and Employment (MBIE) 2007-2012 3 38.9% incremental. The Reserve Bank of New Zealand has stated
data shows that apartment rental values have grown that monetary policy will remain accommodative for an $0
substantially over the last five years. The rate of growth extended period, with many commentators taking this to
Dec 80
Dec 82
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Dec 88
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Dec 92
Dec 94
Dec 96
Dec 98
Dec 00
Dec 02
Dec 04
Dec 06
Dec 08
Dec 10
Dec 12
Dec 14
Dec 16
varies depending on the number of bedrooms apartments
2012 -2015 1 25.0%
mean that the Official Cash Rate (OCR) will not be raised
have – with two and three bedroom typologies until late-2019. Banks may in turn face higher borrowing
showing the highest growth. However, we expect to 2012 -2015 2 31.6% costs from overseas, but again, such increases are likely
Source: QV, REINZ
see a resurgence in the growth trend for one bedroom to be modest in the short to medium term and potentially
apartments as a result of the influence that short-term 2012 -2015 3 42.0% offset by changes to relax the Reserve Bank rules.
rentals such as Airbnb are having on the market.
16 The CAB Investment pack 17
DRG No. CAB-SK-30 REV. A SCALE 1 : 50 @A3 DRAWING: Apartment D - 2 Bedrooms PREPARED FOR: LOVE & Co. 12.04.2017
THE C AB: INVES TMENT PROPOSITION C A SE S T UDIES: INVES TORS INSIGHT JOB No. 215321.20 THE CAB
N
1 : 50
Scale Bar
5 4 3 2 1 0
The CAB, with its range of apartment sizes, Here we have selected some of Bayleys top Mike, 57, Remuera, Auckland
from one bedroom and one bathroom performing apartments that The CAB has Purchased Apartment D2, level 6
configurations to apartments with multiple to offer. This selection is focused on the "The CAB fitted my investor
bedrooms and bathrooms plus balconies, highest performing one and two bedroom portfolio and the D2 apartment
offers investors a broad choice and a apartments available, there are of course in particular, I liked its strong
corresponding range of access points to other apartments configurations in the performance indicators – the high
this unique investment opportunity. building that will also suit the discerning forecast yield. Also great are the
investors needs. quality finishes and its central CBD
location. On top of that I felt very APARTMENT D
comfortable given the reputation
71 sqm
and previous projects Love & Co.
Gross annual revenue and yield case study on selected apartments have done in the local area. DRG No. CAB-SK-031 REV. A SCALE 1 : 50 @A3 DRAWING: Apartment F Dual Units PREPARED FOR: LOVE & Co. 12.04.2017
Furthermore it is great for both JOB No. 215321.20 THE CAB
N
people buying their own home 1 : 50
Scale Bar
Apartment Layout Investment Long term Yield Short term Yield and people who prefer to rent". 5 4 3 2 1 0
CB
Long term weekly Short term nightly rates (2020)*
rental assessment (2020)* (80% average occupancy)
1 bed - $750 2 bed - $1050 1 bed - $200 2 bed - $315
Huilang, 32, Auckland.
A2 2 bed, 1 bath $840,000 $54,600 6.50% $91,980 10.82%
Chinese National Currently living in the
D2 2 bed, 1 bath + study $795,000 $54,600 6.87% $91,980 10.95%
CBD. Purchased Apartment F1, level 6
A1 1 bed, 1 bath $540,000 $39,000 7.22% $58,400 11.57%
"I brought in The CAB because of its cash
F1 1 bed, 1 bath $480,000 $39,000 8.13% $58,400 12.16%
revenues – looking at the projected growth APARTMENT F.2
45 sqm
APARTMENT F.1
45 sqm
F2 1 bed, 1 bath $480,000 $39,000 8.13% $58,400 12.16% and CBD values. It is on the doorstep of New
Zealand's best universities and language
schools so I believe my apartment will attract
high demand. This type of development has
very good heritage and I like the history and
Long term rental Short term rental prestige as a previous government building".
$90,000 9.00% $140,000 14.00%
$80,000 8.00%
$120,000 12.00%
$70,000 7.00% November 2017
$100,000 10.00%
$60,000 6.00%
Auckland Councils revaluations have revealed Auckland Central
$50,000 5.00% $80,000 8.00% out-performed the wider Auckland Region average by an
$40,000 4.00%
$60,000 6.00% extra 12%, with a 57% average revaluation increase.
$30,000 3.00%
4.00%
Source: NZ Herald
$40,000
$20,000 2.00%
$20,000 2.00%
$10,000 1.00%
$0 0.00% $0 0.00%
A2 D2 A1 F1 F2 A1 A2 D2 F1 F2 Footnote: Rental appraisal prepared by Anita Harris, Residential Investment Manager, to obtain new appraisals every six months as there are, from time to time, changes in
Bayleys Real Estate the market and potential changes to the development itself.
This appraisal of ‘The CAB’ market rent is given in good faith based on market This appraisal, and the projected forecast appraisal is based on current available public
Long term revenue Short term revenue information at the date of appraisal (22 May, 2017). This appraised rent reflects what the information. We have also based these appraisal on the information provided by the
property should be marketed at to generate offers from suitable tenants. The ultimate developer and its current display suite. The physical characteristics of the property and
Long term yield Short term yield rent achieved may differ from the amount indicated in the appraisal. No warranty is its surround can have a significant bearing on the rent achieved.
given by Bayleys or its agents, Love & Co. or The Urban Butler on the achievement or The appraised market rent provided by Bayleys is not a Registered Valuer’s rental
otherwise of the appraised market rent, either short or long term or to any person who assessment. We recommend you seek advice from a registered Valuer when making
places reliance on the information contained in this report. It is highly recommended decisions on your rental property.
18 The CAB Investment pack * Source: The Urban Butler, Bayleys, AirDNA. Short term rental rates have been forecast in line with the Bayleys 2020 projections. 19HIGH PERFORMING FLOOR PL ANS Apartment A1
46 SQM
1 Bedroom
1 Bathroom
APARTMENT A.1
N
46 sqm Weekly *:
This selection is focused on the highest APT D2 APARTMENT A.2 Long term - $750
APT B APT C 69 sqm Short term - $1,120
DRG No. CAB-SK-30 REV. performing one and two bedroom
SCALE 1 : 50 @A3 DRAWING: Apartment D - 2 Bedrooms PREPARED FOR: LOVE & Co. 12.04.2017
apartments available, there are of course
JOB No. 215321.20 THE CAB
DRG No. CAB-SK-031 REV. A SCALE 1 : 50 @A3 DRAWING: Apartment F Dual Units PREPARED FOR: LOVE & Co. 12.04.2017
APT
N
1 : 50 other apartments configurations in the A2 A1 F2 F1 E JOB No. 215321.20 THE CAB
N
Scal
building that will also suit the discerning 1 : 50
investors needs.
4 3 2 1 0 Scale Bar
5 4 3 2 1 0
November 2017 CB
Apartment D2
71 SQM
2 Bedroom
New Zealand's largest
1 Bathroom Apartment F2 property website advised
1 Study 45 SQM that rental stock volumes
1 Bedroom have plummeted by 35%
Weekly : *
1 Bathroom since October 2016.
Long term - $1,050
Short term - $1,764 Weekly *: Rental prices are now rising
Long term - $750 with the median weekly
APARTMENT F.2 Short term - $1,120
APARTMENT F.1
rent in Auckland Region
45 sqm 45 sqm
increasing by 2.9% in the
past 12 months.
DRG No. CAB-SK-031 REV. A SCALE 1 : 50 @A3 DRAWING: Apartment F Dual Units PREPARED FOR: LOVE & Co. 12.04.2017
SK-87
REV. A DRG No. CAB SCALE 1 : 50 @A3 DRAWING: SINGLE APARTMENT A VARIATION JOB No. 215321.20
PREPARED FOR: LOVE & Co. 10.08.2017 THE CAB
APARTMENT D 2 In contrast, in the last
N
JOB No. 215321.20 71 sqm
THE CAB
N
1 : 50
Scale Bar 2 years rents have been
5 4 3 2 1 0
holding steady. However,
renters should expect to
see further rental price rises.
CB
Apartment A2
69 SQM Apartment F1
2 Bedroom 45 SQM Source: NZ Herald
1 Bathroom 1 Bedroom
1 Bathroom
APARTMENT A.1
Weekly*: 46 sqm
Long term - $1,050 Weekly*:
APARTMENT A.2
69 sqm Short term - $1,764 Long term - $750
APARTMENT F.2 APARTMENT F.1 Short term - $1,120
45 sqm 45 sqm
*Long term weekly
rental assessment (2020)
1 bed - $750 2 bed - $1050
*Short term nightly rates (2020)
(80% average occupancy)
1 bed - $200 2 bed - $315
20 The CAB Investment pack 21THE DE VELOPER & TE A M THE PROJEC T TE A M
Hereford Residences, Auckland Here’s what they had to say about working with Love & Co.
The Civic Quarter is an exciting development and
we are proud to be to be part of the Love & Co.
Very rarely do unrivalled commercial
team delivering this cornerstone project. This is
acumen and class-leading contemporary the fourth project we have undertaken with John
design converge to create a powerful Love. He takes a professional and straightforward
lifestyle statement. Civic Quarter and WINNER approach in all his business dealings which is why
The CAB, made with Love & Co. proves just we value our continued relationship.
how compelling this combination can be. Apartment of the Year
Trends International Brent Johnston
Design Awards 2017 Senior Project Director, Beca Ltd.
Involved with designing and implementing
some of New Zealand’s most successful
and impressive boutique apartment
developments, John held the role of Chief Hopetoun Residences, Auckland
Financial Officer as part of Tawera Group.
Love & Co. approached Jasmax to join them in a competition bid
Combining their talents to form Love & Co.
John leads the overall Civic Quarter Project
for the Civic Lane Development in late 2015 which we were
as Chief Executive Officer and Josephine delighted to be successful. While this is our first project working
brings her considerable creative flair to together I am familiar with the Directors of Love and Co. Our
steer the strong design aesthetic of this relationship has been focussed on achieving a great outcome for
exciting development.
all the stakeholders in this unique and interesting mixed-use
Together they have handpicked an award- development. Some of the concepts and ideas that Love and Co.
winning visionary group for this project Multi-Unit Residential
Property of the Year 2016 have brought to the development are exciting; it is enjoyable to
that includes: Architects - Jasmax. Interior THE
designers - Josephine Design. Engineering
New Zealand Property Council:
Rider Levett Bucknall Property
AWA R D S be partnered with such forward-thinking developers.
Industry Awards 2016.
and Project Managers BECA. Constructors -
Andy Anderson
Naylor Love. These teams work seamlessly Finalist: Adaptive and Reuse Award
Principal, Jasmax
New Zealand Property Council:
to bring the Love & Co. vision of Civic Rider Levett Bucknall Property
Quarter, to life. Industry Awards 2016.
Love & Co. are dedicated to creating
iconic homes and lifestyles that enhance
the surrounding landscape around them,
132 Vincent Street, Auckland
as much as the lives of the residents and
guests within them. We are currently about to complete the iconic John attended all the design and the weekly financial
20-level high-end apartment and office space, meetings ensuring that the project had a “running
8 Hereford Residences, which John and Josie Love final account” and that there were no surprises for
have expertly managed from inception to any parties when it came to the financial aspects of
completion. the project. This allowed us to agree the final
account prior to PC, again an exceptional outcome
We’ve found John and Josie professional in all for all concerned, giving a great deal of financial
dealings and this project is one of the best run that certainty to all parties.
we’ve ever been involved with.
We are both excited and pleased to have been
Leadership in Residential
THE As a construction company, it was very beneficial to chosen by Love & Co. to build the Civic Quarter
Design Award project and look forward to building our future
New Zealand Property
AWA R D S have a client like John Love who was “hands on”
Council 2013 ensuring all pragmatic decisions were made relationship.
Finalist: Adaptive and
promptly, allowing the project to keep momentum
Reuse Award which inevitably resulted in the completion of the Bruno Goedeke
New Zealand Property project a few weeks ahead of programme – a rarity Regional Manager, Naylor Love
Council 2013
in the current market.
22 The CAB Investment pack 23CIVIC QUARTER John Love: 021 353 598 john@loveandco.co.nz civicquarter.com
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