Published: 17 February 2005
Remaining units in the VicCentral student accommodation block on The Terrace in Wellington are being marketed by the Entrepreneurs Success Centre Ltd, still at the price when the development opened in mid-2004.
According to the Gillies & Mark Real Estate Ltd website, 30 of the 97 apartments have been sold.
The project was a joint venture between EdPac Consortium Ltd & AMP Capital Investors NZ Ltd’s property ventures unit, formed in 2003 with former Property For Industry Ltd manager Peter Alexander as its manager.
EdPac VicCentral Ltd is the lessee, on a 17-year lease to coincide with a Victoria University accommodation agreement. EdPac’s management fee is 6.5% of gross rental, with a performance incentive kicking in when the guaranteed return ends in December 2008, calculated on an increase in net income over a CPI-adjusted base.
Units are priced from $94-196,000 ($4820-5600/mÂ². Rents are the same on every floor, with an 8% guarantee to the end of 2008. Parking spaces are priced at $25,000 plus gst.
During the university vacation the building is turned into the Orange Apartments, leased on a nightly basis.
The units are made up of 71 studios (19.5mÂ² on average), 17 doubles (28mÂ² average) & 9 2-beddies (35mÂ² average).
Edpac Consortium Ltd (Erne Joyce & John White) is owned by Edpac Holdings Ltd. On formation in 2002, Edpac Consortium’s shareholders were Heather & Mark Ware, AMR Holdings Ltd, John White & Erne Joyce (50%).
Edpac Holdings’ owners include Mr Joyce (25%), Mr White & AMR (17% each), Heather & Mark Ware 8% each.
Edpac VicCentral Ltd, formed in 2003 as Edpac House Ltd, is owned by Edpac Holdings Ltd.
The Edpac website describes it as the Education Property Accommodation & Care Consortium, formed in 2002 to respond to the specific requirements of educational institutions in New Zealand for quality student accommodation and professional student care & support. It aims to provide turnkey student accommodation.
Education Plus NZ Ltd (EdPlus) was formed in 2002 by Mark & Heather Ware, Philip McCaw & John White, with AMR also a shareholder. It’s dedicated to helping international students adjust to living in a foreign country and supporting them throughout their stay.
AMR Holdings Ltd (Richard Abbott, Philip McCaw, Ian Miller & Mark Richter) was an investor whose shareholders put it into liquidation on 19 January â€“ substantially in the black, with assets of $3.9 million, net equity of $2.54 million.
Mr Joyce, of Waikanae, heads Joyce Group Ltd, New Zealand’s largest independent specialised building quality assurance company, and is also a director of AAA Design Ltd, Carm Holdings Ltd, Edpac Holdings Ltd, Edpac Management Ltd, Edpac Securities Ltd, Edpac SG Ltd, Edpac SGA Ltd, Edpac Ventures Ltd, Edpac VicCentral Ltd, EDPS Ltd, Ensor Partnership Ltd, EP Nelson Ltd, Greece Holdings Ltd, Joyce Group Holdings Ltd, Italy Properties Ltd, Joyce Projects Ltd, Nationwide Building Certifiers Ltd (which ceased trading in 2002 and was wound up last November), Nationwide Building Certifiers Group Ltd (which went into receivership as Nationwide Building Certifiers went into liquidation), NBC Whitianga Ltd, Orange Apartments Ltd, Orchard Block Ltd, Resource Management & Planning Ltd, Plan Processing Services Ltd, Southern Cross Apartments Ltd, Southern Cross Holdings Ltd, St Marc Group Ltd, SX Developments Ltd & Vorstermans & Associates Architecture Ltd (which is working on the Village at the Park proposal for Athletic Park).
EDPS Ltd is a joint venture between Edpac Consortium (40%) & Dongsheng Lifeng NZ Education Holding Co Ltd (60%), owned by petroleum & oilfield companies in Dongying City, Shandong Province, China.
Mr White is a director of Edpac Consortium Ltd, Edpac Holdings Ltd, Edpac Management Ltd, Edpac Securities Ltd, Edpac SG Ltd, Edpac SGA Ltd, Edpac Ventures Ltd, Edpac VicCentral Ltd, Education Plus NZ Ltd, EJ Developments Ltd, EP Nelson Ltd, EPNP1 Ltd, Irish Lands Ltd, Italy Properties Ltd, Nationwide Building Certifiers Group Ltd, Orange Apartments Ltd, Orchard Block Ltd, Southern Cross Apartments Ltd, Southern Cross Holdings Ltd, Southern Cross Warranty Ltd & Whitcom Ltd.