Archive | Metlifecare

Metlifecare plans 27th village for Botany

Metlifecare Ltd has conditionally bought a 2.38ha site in Botany for a $140 million retirement village.

Chief executive Glen Sowry said on Friday the proposed village at 197 Botany Rd, next to the Pakuranga Golf Club, was likely to have about 160 units in a 2-level development which would contain independent living units, serviced apartments & care.

The site “fits with our vision to create unique villages which integrate with their local surroundings to become retirement destinations. The fabulous outlook over the neighbouring golfcourse offers us the opportunity to build a ‘country club’ style village in an area exceptionally well serviced, with nearby amenities including shopping, sporting, recreational & medical facilities.”

Mr Sowry said Metlifecare had also considered the existence of a number of other retirement living options in the wider area, including 2 of its own villages, and its projections showed sufficient demand to accommodate these offerings.

He said the purchase was subject to third party consents being obtained. The conditions were expected to be satisfied by 9 June, and settlement would be the later of 28 July or 10 working days after the purchase becomes unconditional.

The new site will take Metlifecare’s total to 27 sites, 17 of them in Auckland. Metlifecare is on track to deliver at least 229 new retirement units & care beds at its 24 operational villages in the year to 30 June.

Attribution: Company release.

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Metlifecare clarifies targets

Metlifecare Ltd said in an investor update on Wednesday it intends to double delivery of new retirement village units & beds in the June 2017 financial year and is targeting a sustained programme of 300-plus beds/year from July 2018.

Chief executive Glen Sowry said in the 5 months since he joined the company he’d worked with the executive team & board to review & redefine its strategic priorities.

He said Metlifecare had a leading position in 2 of the country’s highest value-growth regions, Auckland & the Bay of Plenty: “Our focus is on targeted growth, and we have taken time to carefully consider where our offering currently fits in the market, as well as where it should fit in future.”

Mr Sowry said the company would focus on 3 key areas – acceleration of its development programme, capturing maximum value from its existing portfolio and competitive differentiation: “Our development programme has been stress-tested & revised, and we now have an accelerated programme that we are confident of delivering.”

The company is forecasting to more than double the delivery of new units & care beds to 229 in the June 2017 year, steadily increasing to a minimum of 300 new units or care beds/year by the year starting July 2018.

Mr Sowry said Metlifecare had improved its land acquisition strategy with enhanced mapping & clear investment criteria: “A number of opportunities are currently being explored, and we expect to complete at least one land purchase in the 2017 financial year to add to the existing pipeline of development projects.”

He said improving development margin was also a priority: “The company has invested in strengthening the development team in the past year, resulting in significantly increased capacity & capability for project planning, design, procurement & management. Strengthened systems, processes & supplier partnerships are likely to drive improved cost, quality & timeframes, and the company is consequently expecting its overall development margin to meet or exceed the minimum level of 15% in the 2017 financial year.”

Along with renewed emphasis on development, Mr Sowry said Metlifecare would continue to focus on optimising returns from its existing portfolio, and it wanted to significantly raise the bar on the food & dining offering to drive increased resident satisfaction & brand positioning: “We are working with leaders in the hospitality sector to create a new level of dining & hospitality experience.”
Metlifecare operates 24 retirement villages.

Investor update presentation 7 September 2016

Attribution: Company release.

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Metlifecare profit leaps

Retirement village owner & operator Metlifecare lifted net profit after tax by 86% for the June year and, even on the measure of underlying profit, was 26% ahead.

Underlying profit removes the impact of unrealised gains on investment properties and excludes one-off gains & tax expense.

The company said its net profit growth was propelled by substantial movement in the fair value of its assets as well as improved operating performance. Total asset values increased by 16% and earnings/share were $1.08 (58c last year).

Chief executive Officer Glen Sowry said the result was driven by high occupation right agreement sales for new & existing units and was assisted by continued high property value growth in the company’s stronghold regions of Auckland & the Bay of Plenty.


Reported net profit after tax, up 86% to $228.7 million
Underlying profit, up 26% to $66.1 million
Net operating cashflow, up 56% to $130 million
Net operating cashflow excluding first-time sales of occupation right agreements, up 47% to $50.5 million
Sales of occupation right agreements, up 16% to 568
Total occupation right agreement sales, up 31% to $256.4 million
$131.9 million invested into new & existing villages, up 56%
Total assets, up 16% to $2.586 billion
Final dividend, 4c/share increases total by 28% to 5.75c/share

Attribution: Company release.

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Propbd on Q F5Aug16 – Wiri site for Turners, Ryman at Hobsonville, Metlifecare unconditional at Red Beach, port alliance, Stride buy OK

Turners buys Wiri property for anticipated business growth
Ryman buys at Hobsonville
Metlifecare unconditional on Red Beach site
New alliance between Auckland & Napier ports
Stride acquisition of 2 Westfield malls gets OK

Turners buys Wiri property for anticipated business growth

Turners Ltd has bought a 1ha site on the corner of Roscommon Rd & Vogler Drive in Wiri for $4.8 million. Chief executive Todd Hunter said on Wednesday the company bought the property to extend its footprint into South Auckland and to allow for the expansion of Turners’ fast-growing truck & machinery business.

“Acquisitions of strategic property sites are becoming an increasingly important part of the growth strategy for Turners Group NZ (ex-Turners Auctions) to allow for further footprint expansion as the business grows, and to achieve stronger control over property overheads. As part of this strategy Turners have previously purchased properties in South Auckland & Christchurch.”

This property is a highly visible corner site with easy access to motorways & arterial roads.

Ryman buys at Hobsonville

Ryman Healthcare Ltd will invest over $200 million developing a new 4ha retirement village site on Scott Rd, Hobsonville.

Ryman chair David Kerr told the annual meeting in Whangarei on 27 July the village would offer independent living & care options for over 400 residents.

The company also expects to have work underway on its second site at Brandon Park in Melbourne this year. In February, Ryman announced it had bought a third site at Burwood East and was on target to have 5 villages open in Melbourne by 2020.

Metlifecare unconditional on Red Beach site

Metlifecare Ltd said on 29 July it had gone unconditional on acquisition of a site on the former Peninsula golfcourse at Red Beach for its 16th Auckland retirement village. Settlement is due on 19 August and a resource consent hearing is scheduled for 30 August.

Chief executive Glen Sowry said the village would become home to over 500 residents and was planned to provide a full range of living options, including a 68-bed care home & a retail precinct.

Work to re-contour the golfcourse is intended to start soon, so development of the village can start in October 2017. Construction of the first stage is planned to be completed and the first residents welcomed in 2019.

Earlier story:
13 January 2015: Metlifecare buys 5ha of Red Beach golfcourse for new retirement village

New alliance between Auckland & Napier ports

Ports of Auckland Ltd & Napier Port announced a strategic alliance on Wednesday to provide operational, economic, sustainability & community benefits.

Ports of Auckland chief executive Tony Gibson said the partnership would allow the 2 ports to work together to find ways to optimise services for freight customers and achieve further scale & efficiencies in the supply chain: “It will prompt even greater competitive contestability & resilience in New Zealand’s supply chain to help lower costs to exporters & importers.

“There is a natural fit between Ports of Auckland & Napier Port. We share a similar way of working, common customers & supply chain opportunities and have similar ownership structures, so that’s a great base to work from.”

Stride acquisition of 2 Westfield malls gets OK

The Overseas Investment Office has approved Stride Property Group’s acquisition of the Westfield Queensgate shopping centre in Lower Hutt and the Westfield Chartwell shopping centre in Hamilton, through its wholesale investment vehicle, the Diversified NZ Property Trust.

Stride announced last November that Diversified had entered into an agreement with Scentre Group to acquire the shopping centres for $445 million.

Stride Investment Management Ltd, part of the Stride Property Group, manages Diversified’s property portfolio under a 10-year contract.

Stride chief executive Peter Alexander said new-look branding would be unveiled at each centre on settlement day. Stride expects to complete the deal by 22 August.

Earlier story:
27 November 2015: Scentre sells 3 malls to locals, one to go

Attribution: Company releases.

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Propbd on Q F1July16 – Stride restructure approved, Arvida settles buy & Metlifecare settles exit from Masterton

Stride gets 82% approval for restructure
Arvida settles Masterton acquisition
Metlifecare settles sale of its Masterton village

Stride gets 82% approval for restructure

Stride Property Ltd shareholders approved changes to its constitution by an 82.4% vote in support yesterday, enabling the restructure which includes creating stapled securities and the listing of a new company, Investore Ltd.

Stride’s existing shares will stop being quoted on Monday 11 July and the shares in Stride Investment Management Ltd will be listed the next day. For every share in Stride, shareholders will get a share in the manager, and they’ll be stapled so they can’t be sold separately.

Stride shareholders will also get one Investore share for every 4 existing Stride shares, and will initially hold 33.4-38.2% of Investore.

Stride will retain 19.9% of Investore and is seeking $185 million in an IPO (initial public offering). Investore’s shares were valued in a range of $139.5-204.5 million, and the indicative price range for the IPO was $1.37-1.49/share. After the bookbuild, the price was set at $1.49.

Investore confirmed yesterday that the acquisition of the portfolio of properties from Shopping Centres Australasia Property Group Trustee NZ Ltd was unconditional and it intended to settle its acquisition of the tranche 1 assets on 12 July. Investore expects to allot shares under its IPO on 11 July.

S&P Dow Jones Indices said yesterday it would add Investore to all S&P/NZX indices of which Stride is a constituent after the close of trading on Wednesday 6 July at a zero price. No other stocks will be removed, so the S&P/NZX 50 & S&P/NZX 50 Portfolio indices will temporarily carry an additional constituent.

Earlier story:
13 June 2016: Stride unveils stapled structure & Investore IPO

Arvida settles Masterton acquisition

Arvida Group Ltd said yesterday it had settled its $20.7 million acquisition of the Lansdowne Park retirement village in Masterton. The village has 93 retirement village units, 50 aged-care beds & over 170 residents.

Arvida funded the purchase by drawing $14.7 million of debt and issuing $6 million of new shares to the vendors.

Earlier story:
27 May 2016: Arvida well ahead of forecasts

Metlifecare settles sale of its Masterton village

Metlifecare Ltd confirmed yesterday it had settled the sale of its Wairarapa Village in Masterton to a group headed by Mark Durling for $6 million.

Metlifecare chief executive Glen Sowry said the sale presented the company with an opportunity to reallocate capital to continue its focus on greenfield & brownfield developments in high growth areas that represented stronger future yields.

Earlier story:
25 April 2016: Metlifecare sells Wairarapa Village

Attribution: Company releases.

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Metlifecare sells Wairarapa Village

Metlifecare Ltd has agreed to sell its Wairarapa Village in Masterton to a group headed by Mark Durling for $6 million cash, subject to 2 conditions to be satisfied by 31 May.

The first is to get the statutory supervisor’s approval, including relating to the buyer’s financing & security arrangements, and the second is the transfer of the required Ministry of Health & district health board contracts for operation of the village’s care home.

Subject to satisfaction of those conditions, settlement is scheduled for 30 June.

Metlifecare chief executive Glen Sowry said last week: “Wairarapa Village operates in a market that has lower opportunities for growth for Metlifecare, due to local market dynamics & a less attractive real estate environment. This agreement presents an opportunity to reallocate the capital receipted from this sale to continue the company’s focus on greenfield & brownfield developments in high growth areas that represent stronger future yields.”

Mr Durling owns Medlands Beach Lodge Ltd, which runs the exclusive Medlands Beach Lodge on Great Barrier Island, and is a director & shareholder of NZ Life Care Ltd. He was previously a regional operations manager for Oceania Healthcare Ltd.

Attribution: Company release.

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Whillans completes 3 transactions

Whillans Realty Group Ltd has completed 3 notable transactions – an apartment development site on Hobson St (image above of potential development), a Grafton property and an Albany property to Metlifecare Ltd – in the wake of its large sale in February of Kauri Property Fund Ltd’s Tamaki estate to the Goodman Property Trust (where Whillans’ image of the site was used without naming the agency).

Metlifecare settled its purchase of an Albany site for a retirement village last week, but still didn’t put a price tag on it. The agency involved in the transaction, Whillans Realty, says it went for $750/m².


Victoria Quarter

201 Hobson St:
563m² strategic management area 3 development site backing on to the narrow Nicholas St, which runs between Hobson & Nelson Sts, with resource consent for a 12-storey 60-unit apartment block, vacant 2-storey commercial building between 12-storey Stanford Apartments & 2-storey Hobson Lofts
Outcome: sold for $4.69 million at $8326/m²
Agent: Brice Clark

Isthmus east


11 Park Avenue:
Features: 769m² residential 7B site, character dwelling with net lettable area of 246m²
Outcome: sold for $3.4 million at $4421/m²
Agent: Henry Thompson



98 McClymonts Rd, block A1:
Features: 3.17ha development business 11A site on the corner of McClymonts Rd & Don McKinnon Drive
Outcome: sold to Metlifecare Ltd for $23.7 million at $750/m²
Agent: Bruce Whillans

Earlier story:
11 February 2016: Goodman buys Panmure development site

Attribution: Agency release.

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Propbd on Q F1Apr16 – Tamaki handover, Metlifecare settles, Goodman extends facility, Argosy cuts facility, Devonport sale

Tamaki Housing NZ properties formally handed over
Metlifecare settles Albany purchase
Goodman extends main bank facility
Argosy cancels $50 million of bank facility
Devonport sale post-auction

Tamaki Housing NZ properties formally handed over

Ownership & management of about 2800 Housing NZ Ltd properties in Tamaki were formally transferred yesterday to the Tamaki Regeneration Co Ltd, 59% owned by the Government & 41% by Auckland Council.

Housing NZ Minister Bill English said a Tamaki Regeneration subsidiary, the Tamaki Housing Association, would become the new landlord today for Housing NZ tenants who live in Glen Innes, Pt England & Panmure.

Mr English said the Tamaki regeneration had a social as well as a development focus: “This government is working hard to empower its tenants to be independent where possible, and a safe & secure home environment is the first step towards that.”

The Tamaki Regeneration Co was established to lead the Tamaki regeneration programme, intended to deliver 7500 social, affordable & private homes in the next 10-15 years.

Metlifecare settles Albany purchase

Retirement village developer & operator Metlifecare Ltd said yesterday it had settled the purchase of its 3ha site at 98 McClymonts Rd, Albany, taking its total sites to 26. The company expects to complete the first units in its 2019 financial year.

Chief executive Alan Edwards said Metlifecare had a landbank for 2184 units & care beds and was looking for more development opportunities.

Goodman extends main bank facility

Goodman Property Trust manager Goodman (NZ) Ltd said yesterday it had extended the trust’s main bank facility. Chief financial officer Andy Eakin said the extension would maintain a weighted average term to expiry of more than 5 years across all the trust’s debt facilities.

The externally managed NZX-listed unit trust has a market capitalisation of $1.6 billion, ranking it in the top 15 of all listed investment vehicles. Its manager is a subsidiary of the ASX-listed Goodman Group, which owns 20.62% of the trust.

The $600 million main facility provides debt funding from a syndicate of trading banks that includes ANZ, BNZ, CBA, HSBC & Westpac. As of yesterday, the trust had almost $200 million of headroom in its main bank facility. In addition to those facilities, the trust has a 51% interest in the Wynyard Precinct Holdings Ltd joint venture. Its proportionate share of that facility is $80.1 million, provided by Westpac.

Argosy cancels $50 million of bank facility

Argosy Property Ltd has cancelled the $50 million tranche C of its bank facility, effective yesterday. Chief executive Peter Mence said this tranche was due to expire on 30 September but was no longer required.

He said there was no change to the remaining bank facility of $550 million, which is split into 2 tranches. The first tranche of $275 million expires on 30 September 2018 and the second tranche of $275 million expires on 30 September 2020, giving a weighted average duration of 3.5 years.

Devonport sale post-auction

Colliers agents have completed the sale of a property on Victoria Rd, Devonport, which was passed in at auction a fortnight ago, when trustees of the owner weren’t able to authorise sale at the $3.8 million top bid.



30 Victoria Rd:
Features: 392m² site, 851m² building, 2 retail tenants, office, 4-bedroom upstairs apartment, seismic rating 100% new building standard
Rent: $179,074/year net
Outcome: passed in at $3.8 million on 16 March, sold for that figure after negotiation
Agents: Matt Prentice & Shoneet Chand

Attribution: Company & ministerial releases.

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Propbd on Q W3Dec15 – Auctions: NAI Harcourts, Bayleys commercial & apartments, Barfoots, Knight Frank; Metlifecare village, WestCity on market

All 4 sell at NAI Harcourts auction
20 sell out of 34 offered at Bayleys auction
One apartment sells at Bayleys auction
6 of 27 “intensive living” homes sell at Barfoots auction
Parnell Rd sale
Metlifecare goes unconditional on Albany site
WestCity mall on market

All 4 sell at NAI Harcourts auction

All 4 commercial properties auction at NAI Harcourts in Takapuna yesterday were sold under the hammer – one, in Milford, on a 3.6% yield. Auction results:

Albany, 14 Airborne Rd, unit 28, sold for $671,000 at a 5.07% yield, Dave Lane
Wairau Valley, 249 Archers Rd, sold for $1.6 million, Marty van Barneveld
Milford, 83-85 Kitchener Rd, sold for $1.752 million at a 3.6% yield, Andrew Bruce & Rob Meister
Takapuna, 475 Lake Rd, sold for $900,000, Edward & Nicolas Ching

20 sell out of 34 offered at Bayleys auction

Bayleys finished its Total Property auction series for the year with 20 sales from 34 properties offered. Another 11 were withdrawn from the auction. Auction results:

Avondale, 1977 Great North Rd, sold for $530,000 at a 4.98% yield, Mike Adams & James Appleby
Eden Terrace, 33 Randolph St, passed in at $1.8 million, Damien Bullick & Alan Haydock
Lister Building, 9B Victoria St East, shop, sold for $820,000 at a 5.85% yield, Quinn Ngo & Owen Ding
Grey Lynn, 8 Newton Rd, sold for $1.6 million, Cameron Melhuish & Andrew Wallace
Pt Chevalier, 1104 Great North Rd, sold for $1.05 million, Quinn Ngo & Matt Lee
Epsom, 89B Great South Rd, sold for $675,000, Oscar Kuang & James Chan
East Tamaki, 5A Nandina Avenue, sold for $1.5 million, Dave Stanley & Mike Marinkovich
Albany, 49A William Pickering Drive, sold for $2.265 million, Ashton Geissler & Ranjan Unka
Warkworth, The Grange, State Highway 1, unit PU4, The Coffee Club, sold for $1.55 million, James Chan & Steve Orr
The Grange, unit PU2, Bottle-O, sold for $1.16 million, Quinn Ngo & Steve Orr
The Grange, unit PU3A, Indian restaurant, passed in at $600,000, Matt Lee & Steve Orr
Grey Lynn, 116-120 Surrey Crescent, sold for $4.155 million, Mark Pittaway & James Chan
Manurewa, 165 Great South Rd, sold for $1.55 million, Tony Chaudhary & Piyush Kumar
New Lynn, 76 Delta Avenue, passed in, Grant Miller & Peter Turner
Raglan, 2 Main Rd, passed in, Tony Chaudhary & Janak Darji
Mangere, 17 Airpark Drive, unit 7, sold for $870,000, Nick Bayley & Dave Stanley
Sunnynook, 318 East Coast Rd, passed in, Tony Chaudhary & Ranjan Unka
Eden Terrace, 74D France St, passed in, Ben Wallace & Matt Gordon
Te Atatu Peninsula, 29 Neil Avenue, sold for $880,000, Tony Chaudhary & Mike Adams
Highland Park, 168 Aviemore Drive, unit G, sold for $1 million, Geoff Wyatt & Nick Bayley
East Tamaki, 2 Kerwyn Avenue, unit C, sold for $1.7 million, Tony Chaudhary & John Bolton
Kerikeri, 60 Kerikeri Rd, unit G06, no bid, Michael Nees & Brian Caldwell
Penrose, 35 Maurice Rd, unit I, withdrawn from auction, Tony Bayley
Otahuhu, 24 Atkinson Avenue, sold for $985,000, Piyush Kumar & Shane Snijder
Princes Wharf, 137 Quay St, shed 19, unit 2, sold for $1.15 million at mortgagee sale, Tony Bayley
Birkenhead, 65-67 Birkenhead Avenue, passed in at $2.6 million, Damian Stephen & Adam Curtis
Henderson, 103 Lincoln Rd, sold for $1 million, Tony Chaudhary & James Appleby
Albany, 52 Oteha Valley Rd, unit M, sold for $2.05 million, Adam Curtis & Adam Watton
Wairau Valley, 20 Link Drive, unit MM, no bid, Adam Watton & Michael Block
Grey Lynn, 564 Great North Rd, passed in, vendor bid of $600,000, Simon Aldridge & Michael Nees
Albany, 18 Triton Drive, unit H1, passed in, vendor bid of $900,000, Terry Kim & Damian Stephen
Albany, 8 Arrenway Drive, no bid, Matt Mimmack & Laurie Burt
Howick, 10 Wellington St, unit 8, sold for $470,000, Quinn Ngo & Geoff Wyatt
Howick, 219 More St, unit E, passed in at $1.15 million, Millie Liang & Tony Chaudhary
Howick, 219 Moore St, unit A, passed in at $1.135 million, Millie Liang & Tony Chaudhary
Howick 219 Moore St, units B, C & D, withdrawn from auction, Millie Liang & Tony Chaudhary
Waiuku, 18 Martyn St, withdrawn from auction, Tonia Robertson & Tony Chaudhary
Albany, 36 Tarndale Grove, withdrawn from auction, Matt Mimmack & Ashton Geissler
Henderson, 192 Universal Drive, unit A6, withdrawn from auction, Alan Haydock & Cameron Melhuish
8 Quay St, unit 1, withdrawn from auction, Owen Ding & Quinn Ngo
East Tamaki, 171 Harris Rd, withdrawn from auction, Jamsheed Sidhwa & Luke Carran
Ellerslie, 38 Eaglehurst Rd, unit 9, withdrawn from auction, Dave Stanley & James Valintine
Mt Eden, 718 Dominion Rd, withdrawn from auction, Oscar Kuang & James Chan

One apartment sells at Bayleys auction

One apartment was sold and one passed in, no bid, at Bayleys’ residential auction yesterday. Auction results:

Hobson Lofts, 203 Hobson St, unit 2, sold for $580,000, Diane Jackson & Julie Prince
Quay West, 8 Albert St, unit 1004, no bid, Diane Jackson & Julie Prince

6 of 27 “intensive living” homes sell at Barfoots auction

6 of the 27 “intensive living” homes auctioned (apartments, suburban units, townhouses & cross-leased properties) at Barfoot & Thompson yesterday were sold under the hammer or shortly after. Auction results:

Meadowbank, 83 St Johns Rd, unit 2, cross-lease, sold for $960,000, Margot Torrance
Quay West, 8 Albert St, unit 3104, no bid, Belinda Illingworth
Onehunga, 116 Grey St, cross-lease, passed in at $880,000, Nicholas Lyus & Julia Nah
Remuera, 19 Mahoe Avenue, unit 1, cross-lease, passed in at $1 million, Alex Baker
Orakei, 47 Rukutai St, cross-lease, sold for $1.085 million, Stanley Armon
Huntington Park, 74 Huntington Drive, unit 23, sold for $721,000, Cheryl Woodward
Kingsland, 33 School Rd, unit 6, no bid, Jane Wang & Dragon Zhou
Royal Heights, 259 Royal Rd, unit 2, cross-lease, no bid, Casey & Rhys Chen
Quay West, 8 Albert St, unit 1001, no bid, Belinda Illingworth
Mt Eden, 3 Fairview Rd, unit 1, cross-lease, no bid, Ling Zhu
Avondale, 23B Cradock St, unit 3, cross-lease, no bid, Helen Clelland
Stonefields, 351 College Rd, no bid, Kelly Midwood & Zdenka Zinajic
53 Cook St, unit 1402, passed in, apartment, Annie Xu & Sean Zhang
Hobson Gardens, 205 Hobson St, unit 8H, apartment, no bid, Stephen Shin & Yasu Ka
Epsom, 495 Manukau Rd, unit 6, unit, no bid, Annie Xu & Sean Zhang
New Windsor, 109A New Windsor Rd, cross-lease, sold for $870,000, Anna Lechtchinski & Alex Wu
Henderson, 2A Longburn Rd, cross-lease, passed in, Margaret Jackson & Tanzi Rose
Ponsonby, 22 Prosford St, unit 4, apartment, sold post-auction, Carl Madsen
Sandringham, 26 Fowlds Avenue, cross-lease, no bid, Matt O’Brien
Grey Lynn, 34 Pollen St, unit 15, apartment, no bid, Becs Peacocke
One Tree Hill, 66E Moana Avenue, cross-lease, passed in, John Zhang & Louissa Bao
Massey, 2 Kemp Rd, unit 1, passed in, house with body corporate, Eugene Yamamoto & Matt O’Rourke
Mt Wellington, 46B Rutland Rd, cross-lease, passed in, Paul Donovan & Sharon Walls
New Lynn, 72 Portage Rd, unit 1, cross-lease, passed in at $370,000, Dharmendra Gomber
Kelston, 11 Alston Avenue, unit 4, cross-lease, no bid, Clara Wu & Shirley Zhong
Mt Eden, 6 Fairview Rd, unit 2, cross-lease, sold for $626,000, Craig Smith
Mt Roskill, 20 Hazel Avenue, cross-lease, sold for $910,000, Felix Bogdanovic

Parnell Rd sale

Knight Frank has sold a Parnell restaurant & takeaway.

Parnell, 391 Parnell Rd, 59m2 licensed restaurant, sold for $675,000 at a 6.4% yield, Allan Myers

Metlifecare goes unconditional on Albany site

Metlifecare Ltd has gone unconditional on purchase of a 3ha site on McClymonts Rd, Albany, for its 16th Auckland retirement village. Settlement is scheduled for 31 March.

WestCity mall on market

Scentre Group Ltd has appointed Colliers to market its 36,274m² Westfield WestCity mall at Henderson, following the $549 million sale of 3 other Westfield malls last week.

WestCity has a book value of $161.5 million.

Earlier stories:
27 November 2015: Scentre sells 3 malls to locals, one to go
25 February 2015: Scentre to sell the other 4 NZ malls

Attribution: Auctions, company releases.

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Propbd on Q T27Oct15 – Fletcher wins whole convention centre job, Metlife says no to Manukau golfcourse, 2 Goodman sales, tourist spendup

Fletcher wins convention centre & hotel contract
Metlifecare turns down Manukau golfcourse opportunity
Goodman sells 2 Addington buildings
Foreign tourists spend $1.7 billion more

Fletcher wins convention centre & hotel contract

SkyCity Entertainment Group Ltd has appointed The Fletcher Construction Co Ltd to build the NZ International Convention Centre & a 5-star hotel beside it, on the Hobson-Nelson Sts block in Auckland (pictured).

SkyCity chief executive Nigel Morrison said today the company had agreed the terms of a binding $477 million contract with Fletcher Construction Company Ltd to build & complete the design of the centre & 1327 parking spaces under it, the 5-star 300-room Hobson St hotel and the retail laneway linking the 2 streets.

He said the parties were confident work could begin by Christmas.

Metlifecare turns down Manukau golfcourse opportunity

Metlifecare Ltd has decided against buying a 5.5ha site on the Manukau golfcourse from Fletcher Residential Ltd for a retirement village.

Chief executive Alan Edwards told Metlifecare’s annual meeting today: “After an extensive review, the company has determined that the proposed project did not meet Metlifecare’s key risk/return thresholds & capital allocation criteria.”

He said the company was still progressing its due diligence investigations into the 3ha site in McClymonts Rd, Albany, and its resource consent for 5ha at the Peninsula golfcourse, Red Beach.

“Investigations continue on possible acquisitions of other sites in the targeted areas, primarily Auckland, Bay of Plenty & Hamilton,” he said.

Goodman sells 2 Addington buildings

The Goodman Property Trust has sold 2 Christchurch buildings as part of its asset recycling programme. Local investors have bought the amenity & IAG buildings at 12 & 14 Show Place in Addington for $33.2 million. Settlement is scheduled for 25 November.

Trust manager Goodman (NZ) Ltd’s chief financial officer, Andy Eakin, said today: “Ongoing asset sales are currently the preferred source of funding for new development activity. It’s a successful & sustainable approach that is improving the cash earnings of the trust while enhancing an already high quality property portfolio.”

Earlier story:
28 August 2015: Goodman puts 5 Christchurch buildings on market

Foreign tourists spend $1.7 billion more

Statistics NZ said today continued growth in visitor numbers from Asia & North America contributed to a record $1.7 billion increase in international tourist spending in the year to March.

2.95 million overseas visitors came to New Zealand in the March year. 6 months on, annual arrivals had topped 3 million.
The number of international visitors rose 7.1% and they spent 17.1% more – $11.8 billion – in the March year after a 4.5% increase the previous year.

Statistics NZ’s Tourism satellite account 2015 showed domestic tourism spending up 6.3% to $18.1 billion and the total up 10.3% to $29.8 billion, following a 4% increase the previous year.

Link: Tourism satellite account

Attribution: Company releases, Statistics NZ.

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