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News Release

Christchurch buildings - opportunity to lead the way with proptech

JLL’s Property and Asset Management team utilises proptech to enhance service their offering



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site

​Property technology, proptech for short, is a growing trend for buildings globally. The concept is applied in both the residential and commercial markets and it is expected to have a significant influence on the New Zealand property market in future.

According to JLL's Clicks and Mortar: The Growing Influence of Proptech report, Proptech is defined as the utilisation of technology as a solution to challenges in the real estate sector, with technology used to create or renovate services offered in real estate to buy, sell, rent, develop, market and manage property in a more efficient and effective way.

Due to the efficiencies proptech can provide, a new property management system is being introduced at one of Christchurch's newest properties, which will enable potential defects to be detected before they turn into larger problems.

JLL Senior Property Manager Jonathan Barrell says, "Proptech is a very important part of the future of property. It is more than just having electric blinds and sensor lighting. We recently secured the rights to manage the new Westpac building on the corner of Oxford Terrace and Cashel Street. This property is first class and sits at the centre of what will be a new central hub for the city. With key tenants such as KPMG and Westpac, we know that staying ahead with our service is vital to the successful management of this premium property asset, proptech plays a big part in this story.

"To help us with this, we will utilise our Command Centre system which regularly monitors and captures data from the property. This means that through our Australian based centre, we are alerted to any issues the property may have before the tenants even notice. The idea is that we can take a proactive approach so the tenants aren't disrupted by potential issues. Essentially it enables us to maintain the performance of the building, throughout its lifecycle," he says.

Following the Christchurch earthquakes in 2010 and 2011, many new buildings have been constructed in New Zealand's largest southern city. These buildings have the opportunity to set a new standard when it comes to design and technology and could become some of the 'smartest' properties in the country.

The Westpac Building is also Green Star designed and includes an aquifer heat extraction system, in house waste recycling and compacting, and has a ground sourced HFAX system.

"Green Star rated buildings are measured on their overall environmental impact across energy use, water, materials, indoor environment quality, transport, land use and ecology, management, emissions and innovation. Some of these ratings directly link into proptech as the better the information the building provides back, the better the output in terms of meeting the required standards," says Barrell. "We can keep track of things such as indoor air quality, water and energy use and get a report back on this so we can catch any issues as soon as they arise."

The property is owned by The Terrace on Avon Ltd, who also own 17 hospitality tenancies attached to the property.

"Two of the hospitality tenancies sit underneath the Westpac Building and the rest are alongside," says Barrell. "Due to the property's location near the strip and across from the Bridge of Remembrance, the retail area is expected to excel as an exciting new area of the city."

JLL recently established JLL Spark, which is based in San Francisco. With a $100 million global venture fund, JLL Spark is looking to tap into significant proptech opportunities in Asia Pacific which can improve real estate development, management, leasing and investing. The goal in mind is to enhance the experience of those who occupy the properties which utilise the proptech provided.