Commercial property awards: confidence in development sector

Commercial property awards highlight growing confidence in development sector

Finalists in this year’s Property Council New Zealand Rider Levett Bucknall Property Industry Awards highlight that despite coming out of a recession, the commercial sector is highly motivated to keep raising the bar on the standard of commercial properties, according to the Property Council.

Developments such as a wildlife sanctuary, art gallery, ski field cafe and performing arts theatre, through to more functional buildings including a police station and airport have been selected as finalists, demonstrating the varied nature of development taking place in New Zealand.

Ingenuity, resourcefulness and good urban design principles are a common thread reflected in the cross-section of entries, said Property Council chief executive Connal Townsend. “It’s going to be very tough for our judges to select the winning properties because the standard is just so high,” he said.

A further sign of market buoyancy is the return of the ‘Multi-Unit Residential’ property award, previously removed during the downturn in the property market, with Wellington’s development being the main driver behind the need for this category to be reinstated.

Another interesting trend in this year’s Awards is the number of finalists coming out of the regions, particularly Christchurch, said Mr Townsend. “It’s quite astounding that despite everything Christchurch has been through, the city still managed to secure eight finalist positions in the Awards.”

Hamilton’s steady development was also evident, with seven finalist placings coming from the Waikato. “Similarly, the Bay of Plenty has secured five finalist positions, while Rotorua’s museum has earned it a finalist placing, and educational facilities in Dunedin have also made it through to the final stages of the competition.”

In line with the pick-up throughout the country, development in New Zealand’s largest city is strong, with 40 finalists up for an award. “Almost half of all properties announced as finalists are from Auckland, and I expect these have been developed to cope with its growing population, which is expected to reach 2.5 million within the next 30 years,” Mr Townsend said.

A total of 82 properties are currently being evaluated and are finalists in this year’s awards – a record number worth celebrating. The awards are an annual celebration of excellence in property development judged on efficient use of capital, maximum investor return and for public buildings, - the greatest community benefit.

The winning properties will be announced at the already sold-out black tie awards evening in front of more than 950 people, which will be held at the Viaduct Events Centre in Auckland on Friday 8 June.

A full list of finalists is available at www.propertynz.co.nz.

ENDS

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