JANUARY 2011

NEW ZEALAND TRENDS IN PROPERTY AND CONSTRUCTION

FORECAST 59

0508 ASK RLB

OFFICES AROUND THE WORLD

CANADACalgary

CARIBBEANBarbados

Grand Cayman

St Lucia

USABoston

Cincinnati

Denver

Hilo

Honolulu

Kona

Las Vegas

Los Angeles

Nashville

New York

Orlando

Phoenix

Portland

San Francisco

Seattle

Washington DC

CHINABeijing

Chengdu

Chongqing

Dalian

Guangzhou

Guiyang

Hangzhou

Hong Kong

Macau

Sanya

Shanghai

Shenyang

Shenzhen

Tianjin

Wuhan

Wuxi

Xian

Zhuhai

INDONESIAJakarta

MALAYSIAKota Kinabalu

Kuala Lumpur

PHILIPPINESManila

SINGAPORESingapore

SOUTH KOREASeoul

THAILANDBangkok

VIETNAMHo Chi Minh City

MIDDLE EASTAbu Dhabi

Doha

Dubai

Muscat

Riyadh

UKBirmingham

Bristo

London

Manchester

Newcastle

Sheffield

Birchwood/Warrington

Warton

Welwyn City Garden

Wokingham

EUROPERLB|EuroAlliance

Austria

Belgium

Bulgaria

Czech Republic

Estonia

France

Germany

Greece

Hungary

Ireland

Italy

Kazakhstan

Latvia

Luxembourg

Malta

Netherlands

Norway

Poland

Portugal

Romania

Russia

Spain

Sweden

Slovakia

Slovenia

Switzerland

Turkey

Ukraine

AUSTRALIAAdelaide

Brisbane

Cairns

Canberra

Darwin

Gold Coast

Melbourne

Newcastle

Northern NSW

Perth

Sunshine Coast

Sydney

Townsville

Western Sydney

NEW ZEALANDAuckland

Christchurch

Otago

Palmerston North

Tauranga

Wellington

AMERICAS ASIA EMEAOCEANIA

Cover: Rider Levett Bucknall was part of the winning consortium involved in the construction of the New Zealand and Hong Kong

Pavilions for the World Expo 2010 in Shanghai, China. The New Zealand Pavilion 'Cities of Nature: Living between Land and Sky'

is a visual interpretation of the Maori creation myth. The first of its kind staged in a developing country, the expo attracted 246

participating countries and international organisations and 73 million visitors. Both figures are records in the history of expos.

Disclaimer: While the information in this publication is believed to be correct at the time of publishing, no responsibility is accepted

for its accuracy. Persons desiring to utilise any information appearing in the publication should verify its applicability to their specific

circumstances. Cost information in this publication is indicative and for general use only and is based on rates as January 2011.

INDEPENDENT CONSULTANTSLOCAL KNOWLEDGE AND EXPERTISEGLOBAL NETWORK

• Canterburyearthquake The disruption will weigh on building

activity in the short term, but

reconstruction will be positive

from early 2011. The full extent

of rehabilitation required is still

unknown, but will increase activity

over the following three years.

• Buildingactivity The non-residential building sector has

slowed, but values are starting to

stabilise. Building work put in place

fell by 10.5% over the September

2010 year.

• Buildingconsents Building consents have fallen by 19.3% over

the past year. This indicates that

activity will soften over the coming

year. High vacancy rates, lack of

demand and a slowing economic

recovery are the main constraints

for activity.

• Buildinginvestment Non-residential building investment

is forecast to decline 23% over

the March 2011 year, stabilise in

2012 and return to growth from

2013. Investment may increase

sooner if work for Canterbury

reconstruction is fast tracked.

• Buildingconfidence Building confidence has weakened further

as new orders and output declined

to well below long run averages.

Renewed weakness in economy

and building consents suggest

a cautious mood will persist for

some time.

• Buildingcosts Non-residential building costs have broadly

stabilised over the previous

three quarters and fell by 1.0%

over the September 2010 year.

Weak domestic demand was the

main driver. Costs are rising and

Canterbury reconstruction may

strain capacity in the building

sector and boost prices.

KEY POINTS IN THIS ISSUE

FORECAST59

Prepared by the New Zealand

Institute of Economic Research (Inc.)

exclusively for Rider Levett Bucknall,

Forecast is produced quarterly and

provides detailed local construction

market intelligence and knowledge.

CONSTRUCTIONMARKETINTELLIGENCE

Forecast is supplemented by

Rider Levett Bucknall's bi-annual

construction market intelligence

publications: the Oceania Report,

International Report and Gulf

Reports.

RIDERLEVETTBUCKNALL

Rider Levett Bucknall are

independent property market and

construction cost consultants with

offices located globally.

2

FORECAST59

FORECAST59

FIGURE 1

ANNUAL NON-RESIDENTIAL

BUILDING WORK PUT IN PLACE

FIGURE2

ANNUAL NON-RESIDENTIAL

BUILDING WORK PUT IN PLACE BY SECTOR

Source: Statistics New Zealand

Source: Statistics New Zealand

$ BILLION

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

YEAR

0

6

5

4

3

2

1

COMMERCIAL

MISCELLANEOUS

EDUCATION

FACTORIES AND INDUSTRIAL

HOTELS AND BOARDING HOUSES

HOSPITALS AND NURSING HOMES

$ BILLION

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20090.0

2.0

1.2

1.4

1.6

1.8

1.0

0.6

0.8

0.2

0.4

2010

YEAR

3

FORECAST59

BUILDING ACTIVITY TRENDS

Non-residential building construction

has flattened in the September

quarter after a sustained decline

since June 2009 (see Figure 1). The

value of non-residential building

work put in place fell only 1.1% in the

September 2010 quarter compared

to the September 2009 quarter.

Construction work worth $4.605

billion took place in the year to

September 2010, down 10.5% from

the previous year. Residential building

work is recovering after a steep

downturn. Residential values rose

14.1% in the September 2010 quarter

compared to September 2009, but

rose a smaller 6.2% over the year

ended September 2010.

Performance in non-residential

construction is varied across sectors.

Work on commercial buildings

declined 22% (year ended September

2010), hotels and boarding houses

9%, factories and industries buildings

32% and miscellaneous buildings1 10%

(weakness in farm buildings but solid

activity in RWC related projects).

Some sectors are showing signs of

life. Work on hospitals and nursing

homes rose 42% over the past year –

a substantial turnaround. Education

buildings continued trending higher,

growing 6% supported by additional

government spending.

1 A category encompassing social, cultural, religious, recreational and farm buildings.

4

FORECAST59

FORECAST59

FIGURE 3

CONSTRUCTION ACTIVITY &

CANTERBURY SCENARIO

Source: Statistics New Zealand

BASE LINE FORECASTS

CANTERBURY EARTHQUAKE IMPACT

$ BILLION

0

6

7

5

4

2

3

1

1987 1990 1993 1996 1999 2002 2005 20112008 2014

YEAR

FORECAST

5

FORECAST59

BUILDING ACTIVITY OUTLOOK

ECONOMIC GROWTH AND BUILDING INVESTMENTThe economic recovery has reversed.

Critical indicators like house sales

and trading activity point to a slow

finish to the year, even before the

destruction and disruption of the

Canterbury earthquake in early

September. Weak activity will persist

over the coming months, before a

more sustained recovery from mid-

2011. The recovery will be shallow and

volatile. NZIER expects economic

growth to recover from 1.7% in 2010

to 2.3% and 2.9% in 2011 and 2012

calendar years respectively.

The outlook for 2011 is mixed but

positive for the economy. Conditions

will remain tough in the first half

of 2011, but will strengthen later

in the year. The labour market has

been soft since the global financial

crisis and conditions will improve,

along with wages, later in the year.

Higher disposable incomes will boost

spending and increase activity in the

economy. Flow on effects, will likely

see most sectors prosper towards

the end of 2011, but high levels of

growth are unlikely to persist due to

the one-off impacts of Canterbury

earthquake reconstruction.

The non-residential construction

sector outlook is improving. Activity

will slump over the coming year,

as the fall in consents in 2009

feeds through. However, recent

stability and hint of a rebound in

consents suggest the outlook is less

bleak from mid-2011. Public sector

investment growth has peaked and

associated consents are trending

lower. Any recovery in non-residential

building will need to be from the

private sector. NZIER expects the

total value of non-residential building

investment to fall a further 23% over

the March 2011 year, followed by a

slow recovery of 0% and 5% growth

over the following March years.

The government signalled significant

belt tightening in the Half Year

Economic and Fiscal Update. With

the goal of returning to a fiscal

surplus in 2015/16 there is limited

fiscal headroom to increase spending

significantly. The recovery in non-

residential construction should come

largely from the private sector.

FORECAST59

Wellington International Airport

7

FORECAST59

BUILDING ACTIVITY OUTLOOK

Reconstruction from the Canterbury

earthquake will take time. Our

industry contacts and international

evidence suggests around three

years to complete a majority of the

work.

The Canterbury earthquake was a

setback for the region. The disruption

will weigh on economic activity in

the December quarter. From early

2011 the rehabilitation of the region

will add to construction and other

investment. However, it is possible

that in the aftermath there will be

business failures, job losses and

emigration from the region. In

addition, previously planned work

may not proceed due to earthquake

related delays. This will reduce the

amount of reconstruction required to

return Canterbury to full operation.

Already consented work in

Canterbury is expected to be

displaced until at least 2011.

Reconstruction is likely to extend

over three years starting from the

March 2011 quarter. It is still unclear

the full extent of the damage caused

by the earthquake and how much can

be repaired rather than demolished.

Additional demand may temporarily

increase construction costs.

Two other events have developed

more recently in New Zealand,

the Pike River Mine disaster and

Psa infecting kiwifruit vines.

Unfortunately 29 lives were lost in

the mine explosion, a blow to the

West Coast region. This will depress

activity locally, particularly exports

of coal. Impacts from the Psa virus

have been small to date. There is

scope for the situation to worsen if

the disease were to spread further.

The implications of both events are

likely to be minor for non-residential

construction.

INTEREST RATES AND EXCHANGE RATES Underlying inflationary pressures are

subdued, with annual consumer price

inflation at 1.5% in September 2010.

Inflation has been concentrated in

groceries, electricity and property

rates. Government policy changes,

particularly the GST increase on

1 October will temporarily boost

inflation to 4.8% in mid-2011.

Producer input prices increased 3.8%

while output prices rose 4.0% over

the September 2010 year.

The RBNZ held the Official Cash Rate

(OCR) at 3.00% in December 2010.

The RBNZ will hold the OCR steady

for an extended period of time. The

economy is slowing and inflationary

pressures are distant. Global tensions

have risen and exports have peaked.

We expect the RBNZ to gradually

raise interest rates from June 2011,

once there is evidence of a broad and

sustainable economic recovery.

The NZD remains high relative to

history. Foreign policies attempting

to reignite demand is cheapening the

major currencies. This has seen the

TWI rise despite a slowing domestic

economy. In the short term the

NZD will be highly volatile driven by

global factors. We expect the NZD

to remain elevated over the coming

years.

8

FORECAST59

FORECAST59

FIGURE 4

ANNUAL NON-RESIDENTIAL

BUILDING CONSENTS

FIGURE 5

ANNUAL TOTAL FLOOR AREA AND AVERAGE

VALUE OF CONSENTS

Source: Statistics New Zealand

Source: Statistics New Zealand

$ BILLION

0

5

4

3

2

1

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

YEAR

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

TOTAL FLOOR AREA(LEFT AXIS)

AVERAGE VALUE(RIGHT AXIS)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

YEAR

SQUARE METRES (MILLION) $ PER SQUARE METRE

0.0

3.0

3.5

4.0

2.5

2.0

1.0

1.5

600

0.5

0.0

1,400

1,600

1,800

2,000

1,200

1,000

800

400

200

9

FORECAST59

BUILDING CONSENTSNon-residential building consents

are stabilising (Figure 4). While

consents data are by nature very

volatile between months, the month

of October 2010 was 17.4% lower

than October 2009. In annual terms,

consents fell by 19.3% to $3.746 billion

over the year to October 2010. Over

the same year, residential consents

rose 19.5% with October 2010

consents 14.9% lower than October

2009. Residential consents have

slowed sharply in recent months.

The floor area of non-residential

building consents, which is a good

indicator of volume, fell by 18% over

the year to October 2010, as shown

in Figure 5. The value of consents

has stabilised as the average value

weakens due to increasing activity.

CONSENTS BY SECTORConsents by sector vary wildly.

Across the board, consent values

have plunged, but there are some

positives. Growth in consents for

hospitals and nursing homes were

near historical highs in October

2010. Shops, restaurants and tavern

consents are now tracking higher.

All other sectors are fading in

consent values. Social, cultural and

religious building consents have

slumped now that Rugby World Cup

related work is nearly completed.

Education consents have weakened

after strong growth. Consents for

offices and administration buildings,

miscellaneous buildings2, farm

buildings, hostels and boarding

houses and hotels and motels

have plunged from year-ago levels.

Storage buildings and factories and

industrial building consents have

declined since the recession, but are

starting to rebound from current

lows.

TOTAL FLOOR AREA(LEFT AXIS)

AVERAGE VALUE(RIGHT AXIS)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

YEAR

SQUARE METRES (MILLION) $ PER SQUARE METRE

0.0

3.0

3.5

4.0

2.5

2.0

1.0

1.5

600

0.5

0.0

1,400

1,600

1,800

2,000

1,200

1,000

800

400

200

2 This is smallest of the sectors reported and a residual category for buildings not

covered by other sectors (e.g. public toilets and car parks). Unfortunately, this

category is not comparable to the “miscellaneous buildings” category of building

work put in place.

10

FORECAST59

FORECAST59

SectorAnnuAl vAlue

($ million)ShAre of totAl

(%)AnnuAl growth

(%)

officeS And AdminiStrAtion buildingS

633 16.9 -45.0

educAtion buildingS 586 15.7 -2.8

ShopS, reStAurAntS And tAvernS

524 14.0 7.4

SociAl, culturAl And religiouS buildingS

499 13.3 -20.3

hoSpitAlS And nurSing homeS 447 11.9 112.8

fActorieS And induStriAl buildingS

383 10.2 -13.4

StorAge buildingS 271 7.2 -10.9

fArm buildingS 170 4.5 -26.1

hotelS And motelS 99 2.6 -28.7

hoStelS And boArding houSeS 78 2.1 -69.0

miScellAneouS buildingS 56 1.5 -20.1

ToTal 3,746 100 -19.3

FIGURE 6

ANNUAL GROWTH IN VALUE OF CONSENTS BY REGION IN THE YEAR TO

OCTOBER 2010

AVERAGEANNUALPERCENTAGECHANGE

Source: Statistics New Zealand

TABLE 1

VALUE OF CONSENTS BY SECTOR IN THE YEAR TO

OCTOBER 2010

Source: Statistics New Zealand

-60% -30% 30% 60% 90%0%

-60% -30% 30% 60% 90%0%

GISBORNE

BAY OF PLENTY

CANTERBURY

TASMAN

OTAGO

MARLBOROUGH

MANAWATU-WANGANUI

AUCKLAND

WELLINGTON

WAIKATO

SOUTHLAND

NELSON

HAWKE'S BAY

TARANAKI

NORTHLAND

WEST COAST

11

FORECAST59

CONSENTS BY REGIONGisborne continues to outstrip other

regions in consent values, with a 79%

increase in the total annual value of

consents issued. A one-off $18 million

factory consent in November 2009

continues to drive annual growth, but

will result in highly negative growth

rates from November 2010.

As shown in Figure 6, the Bay of

Plenty, West Coast and Northland

regions also saw annual growth

rates in double figures. Downward

trends continued in the Southland,

Marlborough, Canterbury, Wellington,

Manawatu-Wanganui, Auckland

and Hawke’s Bay. Consents have

improved in Taranaki and the West

Coast after previous declines.

All three main centres recorded

substantial falls in consent values,

but Wellington bucked the trend in

floor area over the year to October

2010 compared to the previous

year. The value of consents issued

in Auckland fell 20% in the year to

October 2010, but the total floor

area fell considerably by 38%.

Wellington consent values are also

easing and were also down 20% over

the October 2010 year. However,

the floor area in Wellington has

increased 9% over the same period.

The total value of consents issued

in Canterbury declined 38%, with

a marked 18% decline in total floor

area. The outlook remains negative

due to softening domestic conditions

and elevated vacancy rates.

Firm profitability and investment

intentions have also indicated tough

conditions in the near term. As the

economy recovers from mid-2011,

non-residential consents will flourish

due to constrained capacity and

increased profitability of firms.

FORECAST59

Wellington Hospital

13

FORECAST59

BUILDING INDUSTRY CONFIDENCEIn NZIER’s October 2010 Quarterly

Survey of Business Opinion (QSBO),

the building sector – residential and

non-residential building combined

– showed severe weakening since

the June quarter. The general

business confidence of the building

sector plummeted with a net3

10% of firms believing conditions

would deteriorate on a seasonally

adjusted basis (from a net 24% of

firms believing conditions would

improve in June). Output and new

orders plunged to new lows in

the September 2010 quarter. The

QSBO survey is dominated by the

residential building sector, which has

weakened considerably. The non-

residential sector also has a negative

near term outlook.

A net 29% of firms in the building

sector reported a decline in their

own output in the third quarter of

2010, a substantial decline since

the beginning of the year when a

net 1% of firms reported increasing

output. Similarly, a net 30% reported

declining new orders, compared

with only a net 13% expecting

deteriorating orders in the June 2010

quarter. Firms remain optimistic, but

have pegged back expectations. A

net 4% expect increased output in

the December 2010 quarter, but a net

6% expected new orders to decrease.

Job shedding continued in the

building sector, consistent with

falling output and new orders. A net

24% of firms reduced staff numbers

in the September 2010 quarter, a

deterioration from the June 2010

quarter. A net 8% of building firms

expect employment to decrease in

the December 2010 quarter. Firms

are experiencing increasing costs,

but show no signs of increasing

prices. A net 3% of firms expect to

lower prices despite the GST increase

coming into effect from October.

Of particular relevance to the non-

residential building sector are

building investment intentions.

Building investment intentions have

improved markedly from -46%

at the worst of the recession and

flattening at -10% in the September

2010 quarter. This indicates that

investment levels have flattened after

a sharp decline. Despite two quarters

of deterioration, the indicator remains

narrowly above its long run average.

3 The percentage of firms reporting general business conditions to have improved

minus the percentage reporting business conditions have declined, after accounting

for firms that did not provide a response.

FORECAST59

ASB North Wharf

15

FORECAST59

BUILDING COSTSThe Capital Goods Price Index for

Non-Residential Buildings (CGPI-

NRB) provides an official measure of

cost movements in the sector. The

rate of increase in the CGPI-NRB

can be used as an indicator of cost

escalation. Note that this is a national

average across all regions and

building types. We therefore advise

caution in applying the increase in

the CGPI-NRB as an indicator of

cost escalation for specific building

projects. The Rider Levett Bucknall

December 2010 Oceania Report

provides local regional comment and

tender price relativity between the

main New Zealand and Australian

centres. This publication is available

at www.rlb.com or on request from

any Rider Levett Bucknall office.

According to the CGPI-NRB, average

building costs in the non-residential

building sector stabilised over the

previous three quarters. The CGPI-

NRB again remained unchanged

in the September 2010 quarter

and was down 1.0% over the year.

Anaemic domestic demand and

a struggling building sector make

conditions difficult to raise prices.

A new calculation methodology

introduced by Statistics New

Zealand in September 2009 is

no longer impacting on annual

percent changes. This will prevent

methodology changes from effecting

the results in future.

NZIER’s latest forecast of the annual

percentage change in the CGPI-

NRB is shown in Figure 7 and Table

2. NZIER expects building costs

to start rising from the March 2011

quarter. Forecasts have been revised

downwards as slowing economic

activity and a delayed recovery will

contain price rises of any substance

until building activity increases.

Annual cost escalation should remain

at moderate growth levels and

remain relatively flat over the forecast

horizon. The CGPI-NRB excludes GST.

There is upside risk to construction

costs because additional work in

rebuilding Canterbury may strain

capacity locally allowing firms to

increase prices.

16

FORECAST59

FORECAST59

FIGURE 7

NON-RESIDENTIAL BUILDING COST

ESCALATION

TABLE 2

NON-RESIDENTIAL BUILDING COST INDEX

Source: Statistics New Zealand, NZIER forecast

Notes: The current and forecast CGPI-NRB is a national average, which does not

differentiate between regions or building

types. We therefore advise caution in

applying the increase in the CGPI-NRB as

a measure of cost escalation for specific

building projects.

ANNUALPERCENTAGECHANGEIN THECGPI-NRB

Source: Statistics New Zealand, NZIER forecast

DECEMBER 2010 FORECAST

SEPTEMBER 2010 FORECAST

1999 2001 2003 2005 2007 2009 2011 2013 2015

YEAR

FORECAST

8

10

12

6

4

2

-2

0

-4

Year Quarter IndexQuarterlY change (%)

annual change (%)

2007

March 1332 0.1 5.0

June 1334 0.2 3.1

Sept 1340 0.4 1.7

dec 1350 0.7 1.4

2008

March 1363 1.0 2.3

June 1371 0.6 2.8

Sept 1393 1.6 4.0

dec 1390 -0.2 3.0

2009

March 1384 -0.4 1.5

June 1369 -1.1 -0.1

Sept 1350 -1.4 -3.1

dec 1337 -1.0 -3.8

2010 March 1336 -0.1 -3.5

June 1336 0.0 -2.4

Sept 1336 0.0 -1.0

Forecast dec 1332 -0.3 -0.4

2011

March 1341 0.7 0.4

June 1348 0.5 0.9

Sept 1354 0.4 1.3

dec 1359 0.4 2.0

2012

March 1365 0.4 1.8

June 1371 0.5 1.7

Sept 1378 0.5 1.8

dec 1387 0.6 2.0

2013

March 1395 0.6 2.2

June 1404 0.7 2.4

Sept 1414 0.6 2.6

dec 1423 0.6 2.6

2014

March 1431 0.6 2.6

June 1439 0.6 2.5

Sept 1447 0.5 2.3

dec 1453 0.5 2.2

2015 March 1460 0.4 2.0

17

FORECAST59

Year Quarter IndexQuarterlY change (%)

annual change (%)

2007

March 1332 0.1 5.0

June 1334 0.2 3.1

Sept 1340 0.4 1.7

dec 1350 0.7 1.4

2008

March 1363 1.0 2.3

June 1371 0.6 2.8

Sept 1393 1.6 4.0

dec 1390 -0.2 3.0

2009

March 1384 -0.4 1.5

June 1369 -1.1 -0.1

Sept 1350 -1.4 -3.1

dec 1337 -1.0 -3.8

2010 March 1336 -0.1 -3.5

June 1336 0.0 -2.4

Sept 1336 0.0 -1.0

Forecast dec 1332 -0.3 -0.4

2011

March 1341 0.7 0.4

June 1348 0.5 0.9

Sept 1354 0.4 1.3

dec 1359 0.4 2.0

2012

March 1365 0.4 1.8

June 1371 0.5 1.7

Sept 1378 0.5 1.8

dec 1387 0.6 2.0

2013

March 1395 0.6 2.2

June 1404 0.7 2.4

Sept 1414 0.6 2.6

dec 1423 0.6 2.6

2014

March 1431 0.6 2.6

June 1439 0.6 2.5

Sept 1447 0.5 2.3

dec 1453 0.5 2.2

2015 March 1460 0.4 2.0

Page6WellingtonInternationalAirportLtd.

Rider Levett Bucknall recently provided independent cost planning and

estimating advice to Wellington International Airport Ltd for the terminal

expansion and upgrade in New Zealand. The new terminal is the final stage of

a NZ$50 million development that began in 2006. The new building will allow

the airport to process 1000 international passengers an hour instead of the

current 500.

Client: Wellington International Airport Ltd

Architect: Studio Pacific Architecture/Warren and Mahoney

Page12WellingtonHospital

A new Public Hospital for Wellington to replace substantial parts of the

existing campus, some areas over 50 years old. The new building brings

the latest standards in hospital care to Wellington and will provide a

functional hospital after a major earthquake. Based on the ‘model of care’,

all considerations have been geared to enhancing the experience of staff,

patients and family.

Client: Capital and Coast District Health Board

Architect: CCM Architects

Page14ASBNorthWharf

Rider Levett Bucknall was recently appointed to the ASB North Wharf

development on Auckland’s Waterfront. The development comprises

approximately 20,000m2 of office space 1,700m2 of retail alongside

auditorium, gym facilities, multiple plaza levels and balconies.

Client: Kiwi Income Property Trust (KIPT) and ASB Bank Ltd.

Architect: Bligh Voller Nield (Sydney) & Jasmax (Auckland)

FEATURED PROJECTS

RIDER LEVETT BUCKNALL OFFICES

ForfurtherinformationpleasecontactGrantWatkins+6443849198oryournearestRiderLevettBucknalloffice.

Auckland +64 9 309 1074

Christchurch +64 3 365 0590

Otago +64 3 409 0325

Palmerston North +64 6 357 0326

Tauranga +64 7 579 5873

Wellington +64 4 384 9198

www.rlb.com