Archive | Sectors

Snapshot on local business, week to 8 June 2003

6 June 2003

Fletcher Building Ltd subsidiary Pacific Wire’s general manager, Alan Pearson, claimed today in an anti-dumping suit filed against Malaysia and China that some importers have “country-hopped” and found new suppliers prepared to sell at “dumped” prices. Pacific Wire got anti-dumping duties imposed last year on imports from South Africa. This time it wants provisional – and retrospective – duties imposed. Otahuhu-based Pacific Wire is New Zealand’s only producer of galvanised wire.

4 June 2003

Sydney-based financial services group Challenger International Ltd said today it would close its New Zealand retail operations on 30 June, will also stop managing wholesale money invested in its NZ-domiciled wholesale trusts, but will continue to provide investment management services to NZ-based institutional clients for Australia-domiciled funds/mandates promoted & serviced from Australia. Its trusts offered exclusively to NZ investors are the Challenger Coronet Equity Trust and the Trans Tasman Investment Trust.

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Snapshot on local property, week to 22 December 2002

19 December 2002

Auckland City Council’s regulatory & fixtures sub-committee held its last meeting for the year on Tuesday, dealing with a couple of tree-pruning applications and some to do with signs (it knocked back the application for a double-sided billboard on Williamson Ave, Grey Lynn). The committee will hold its first meeting for 2003 on Tuesday 21 January.

House sales nationally totalled 9832 worth $2.39 billion in November, just below the 10,000-plus record level of February & March 1996. Real Estate Institute national president Graeme Woodley said the national median price of $195,000 was a record. In the Auckland region, the median price for homes edged up $1000 from October to $280,000 on 3450 sales, above October, well above November 2001 but down from the year’s peak, 3708 in March. In metropolitan Auckland, the median house price fell $2000 from October but was still $35,000 ahead of November 2001 at $285,000. The section price median was $142,000 in metropolitan Auckland, $137,000 for the whole region. City medians were: North Shore $300,000, up $27,500 on a year ago, on sales up from 496 to 730; Waitakere $220,000, down $1400, on sales down 14 to 408; Manukau down $1500 in a month to $277,000 on sales down 77 in a month to 685. Papakura District’s median rose $43,000 to $218,000 on sales up 36 to 87; in Rodney the median rose $33,000 in a month to $290,000 on sales up 86 to 269.

17 December 2002

Fletcher Building Ltd closed its $125 million capital notes issue $25 million oversubscribed. The March 2008 notes will carry an 8.6% interest rate and the March 2010 notes 8.85% until the 1st election date.

16 December 2002

Commonwealth Bank Group has bumped its holding in Fletcher Building Ltd up from 8.59% to 9.83% in the past week.

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Snapshot on local property, week to 25 February 2001

Latest: PFI profit cut 57%, Auckland International Airport up 15%, Michael Hill up 3.3%, Connell Wagner advances international building relationship, Kiwi Income at 60% of KDT, Sanctuary shell faces liquidation but Sanctuary (Icon) carries on, Deloitte pair receivers of Manor Inns, Calan “don’t know” on price drop, airport gets seventh design-build, Starline takes over at Gulf Harbour in April, Starline’s Quay Park project unveiled soon, city valuation firms merge, Duffy joins Dominion Funds.

23 February 2001

Property For Industry’s full-year profit was cut 57% to $3.9 million on a 2.4% portfolio writedown and disposal costs, though revenue rose 11.3% to $19.2 million. The operating surplus before unusuals fell 42% to $6.5 million. Earnings per share were down from 5.05c to 2.18, but the company is maintaining its dividend levels — 1.53876cps final with 0.54c imputation, and 6.88cps total for the year. Its portfolio increased from $181 million to $216 million. The book was written down by 2.4%, or.$5.3 million, much of that on two buildings and part on disposal costs required on the $23 million Westfield portfolio bought from Watts Group at the end of the year.

Auckland International Airport Ltd increase net profit after tax for the December half-year by 15% to $28.5 million, the pre-tax operating surplus by 18.2% to $43.6 million, on revenue up 9.9% to $93 million. Fully imputed interim dividend is 5cps.

Michael Hill International raised half-year net profit by 3.3% to $7.75 million on revenue up 4.2% to $104.7 million. The operating surplus rose 1.4% to $11.7 million. But the interim dividend has been increased from 6c to 6.5c/share, with full imputation credits.

Engineering consultancy Connell Wagner, based in Australia and New Zealand with considerable Asian work in its portfolio, has formed a building engineering alliance with Mott MacDonald of Britain. The two have worked together for 30 years, most recently as Mott Connell on Hong Kong’s new Chek Lap Kok airport terminal. John Leuchars, managing director of Connell Wagner NZ, will move to London to head the new consultancy, Connell Mott MacDonald. Other Connell Wagner divisions will continue as they are.

22 February 2001

Kiwi Income Property Trust, seeking to take over Kiwi Development Trust, now has 60.28% of the target trust.

Shell company Sanctuary Developments Ltd, now renamed Backspace Ltd (Gary Groves), faces liquidation, but Mr Groves says this will not affect his Icon apartment project on Symonds, as suggested in my original report on this item. [Original Snapshot item 22 February, correction 23 February. For a little more detail go to: Sanctuary (Icon)]

Manor Inns Group’s receivers are Rod Pardington and Dean Ellwood of Deloittes. The company announced plans to call in receivers last week after yet another half-year loss, but didn’t name them.

21 February 2001

Calan Healthcare Properties Trust told the stock exchange market surveillance panel, in response to an inquiry about a 12c price fall since 2 February, “No” to the stock question list — information which might explain the fall, someone trading on insider information, an impending announcement, an officer has spoken out of turn.

Auckland International Airport Ltd has signed up Federal Express Corporation as tenant for the airport company’s seventh design-build project in six years. The $3 million project, a 1000m² office block on two levels, 1625m² warehouse and 60 parking spaces, will be built between Tom Pearce and Laurence Stevens Drives, next to the airport freight centre and NZ Post international mail centre. It will be completed in July.

Starline Group subsidiary Gulf Corporation Ltd will take over 100ha of Gulf Harbour development land on the Whangaparaoa Peninsula in April and has appointed Brett MacLean as its general manager. Starline gets most of the remaining housing development land. Gulf Harbour Development Ltd, owned by Singaporean businessman Goh Cheng Liang, bought the whole 323ha and marina (with most berths sold) from the receivers of Wilkins & Davies in 1992 for $16 million. Sale price this time remains undisclosed. Mr Goh retains the golf course and country club, marine village, marina and the marina extension. Bruce Whillans of Bayleys, who brokered the deal, said most roading and services were in place and there was subdivision zoning for up to 2300 sections.

Starline Group has also bought 3.3ha of Quay Park near Auckland’s old central railway station , in a deal which saw transactions between it, Trans Tasman Properties and Magellan Corp at Viaduct Harbour, the rail land and in Hamilton last year. Starline managing director Jamie Peters said its plans for the Quay Park property included a business park with accompanying mixed commercial and limited residential uses, and would be announced soon.
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Valuation and consultancy practices Blincoe Yarnton & Co and Eyles McGough Hilton & Waite Ltd have merged. The new business will trade as Eyles McGough Ltd from the Eyles side of the merger’s offices in the 280 Centre (ex Countrywide) on Queen St. Bob McGough has become a consultant to the firm and will continue with his arbitration work.

Syndication company Dominion Funds Ltd has appointed former Fletcher Property chief Paul Duffy as its chief executive. After nine years at Fletcher Property, which was dismantled before the over Fletcher Challenge restructuring, Mr Duffy was a consultant to Dominion before joining fulltime. Dominion, which markets its funds through Money Managers, has been a small unit headed locally by Richard Lynch and, from the Gold Coast, chairman Alastair Hasell. Its move, in company with other investors, towards development joint ventures and possibly other new structures that would change it from solely being an investor, means it can draw on the wider experience of Mr Duffy, who before his Fletcher days was responsible for creating a $US900 million property investment portfolio in the US and Europe.

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Snapshot on local property, week to 30 September 2001

26 September 2001

Colonial First State Property Trust said in its June quarter newsletter that the $42.6 million purchase of Manson Developments Ltd’s Millennium Centre on Green Lane pushed the trust’s average weighted lease term out from 3.8 years to 4.4 years. The trust’s profile at 31 August: 16 properties, total portfolio value $248.2 million, total annual rent $24.63 million, gross yield 10.55%, occupancy 99%.

25 September 2001

North Shore City Council has settled a dispute with the NZ Defence Force over rates on the 11ha Tamaki naval base in Devonport by agreeing to refund $2 million of rates. The out-of-court settlement was reached ahead of an Appeal Court hearing scheduled for today. The High Court had ruled the council didn’t have to repay $3 million of rates collected over the past decade, plus $1.6 million in interest. The Defence Force sought its refund after the High Court found last year the land was public reserve and not appropriate for selling off.

North Shore City councillors have agreed the terms for rezoning the Shore portion of the Okura catchment, with the finalisation of any consent order or Environment Court hearing agreement left to the council’s regulatory & hearings committee. But potential change to the cluster housing section lingers, in the form of a call for staff to give the regulatory committee comparative numbers on impervious surfaces & earthworks in a few other multi-dwelling developments. The council’s strategy & finance committee agreed today that minor dwelling units should be non-complying throughout the Okura zone.

Independent Manukau City commissioners Logan Carr & Dorothy Cooper heard General Distributors Ltd (Progressive Enterprise Ltd)’s application today for a Countdown supermarket plus five (originally seven) service shops across Te Irirangi Drive from the Botany town centre and next to the Willis Bond/AMP Hub development. National Trading Co NZ Ltd (the Foodstuffs supermarket chains) will complete the opposition submissions tomorrow.

Eldercare NZ Ltd has agreed to sell the Molly Ryan Trust retirement village & nursing complex in New Plymouth for $2.5 million, part of Eldercare’s repositioning out of property investment and into being a healthcare & medical operating company. The conditional buyer is a group associated with Alan & Jenny Dempsey, who would move to New Plymouth from the Somerville Cottage retirement complex in Dunedin.

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Snapshot on local property, week to 4 May 2003

2 May 2003

1 of Australia’s largest private childcare centre owners, ABC Learning Centres Ltd of Brisbane, has entered into 2 separate heads of agreement to buy 10 existing & 2 proposed centres in New Zealand. ABC will buy 6 centres for $NZ1.715 million (excluding gst) cash. The 2nd agreement, for 4 existing & 2 new centres, has a $NZ3-3.25 million price range (cash, excluding gst) depending on final configuration. Under the 2nd agreement, ABC can buy 20 more centres over 2 years.

30 April 2003

Ipoh Ltd, listed in Australia and subject to a takeover bid by a subsidiary of Singapore Government company GIC because of its poor performance, has sold the Old Bank Buildings (the old BNZ) in Wellington for $A13 million, which it said reflected current carrying value.

29 April 2003

Transfund has increased its funding of phase 2 of the eastern corridor study from 48% to 61% after agreeing to fund Transit NZ’s share. The whole phase 2 study will cost $14 million, including a 15% contingency provision. Auckland and Manukau City Councils are providing the rest of the funding. The 1-year study, being led by Opus International Consultants, will identify the best route for public & private transport along the corridor. Auckland mayor John Banks said the funding decision brought certainty. The 2 councils and Transit are committed to building the corridor by 2010.

Gary Noland will take over from Chris Minty at the head of Paramount Property Trust Management Ltd. Mr Minty was managing director of the trust from its listing in December, but has quit that role and also leaves unlisted property company Symphony Group this week to pursue his own interests. Mr Noland will be general manager of the trust management company and of Symphony’s property group, Symphony Properties Ltd. He was Symphony’s senior project manager for 8 years.

CDL Hotels NZ Ltd has increased its stake in CDL Investments Ltd by 3% through the dividend reinvestment plan, taking its holding to 61.48%. Both companies are controlled by Hong Leong Singapore.

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Snapshot on local property, week to 8 February 2004

4 February 2004

Sanford Ltd managing director Eric Barratt told the annual meeting today the highlight of the year would be the completion of the Auckland Fish Market development. He said the market would open on time & within budget in June. Early each morning there will be an extensive fish auction with an electronic clock where buyers, including wholesalers, retailers & restaurants will be able to bid for fresh seafood. Retail outlets on the site will be open through the rest of the day. The seafood school & demonstration kitchen to be used by restaurants, celebrity & amateur chefs, should become a popular activity in its own right, Mr Barratt said.
Company website: Sanford

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Snapshot of the Week, to 2 June 2002

Snapshot of the Week lists the headlines from all stories published on The Bob Dey Property Report as they appear during the week. The Snapshot is broken into categories for easier tracking, with links to the story page for each item.

There are some quirks to the system: A brief item on a listed company may appear in Snapshot on Local Business rather than under that company’s name in the Organisation/Listeds section, for instance.

In all categories, the latest news appears at the top of the list.

This week:

Auckland City consent activity: John Stoupe says farewell

Yates away for month

Alternative commissioner appointments introduced to stop council wasting applicants’ time

All 4 appointments on day’s agenda examples of the need for new policy

Symphony gets consent for 47 Hobson apartments

University gets consent to expand Symonds St office building

Porsche showroom changes allowed

Consent correction allowed at Café Buongiorno

Mt Albert karaoke gets notified

Final stage for Rosebank Rd self-storage facility

Listeds: Colonial surplus up 15.2% to $14.9 million

Local business: Research shows Volvo race worth direct $16.5 million to Auckland

Savoy seeks $½ million to meet cashflow

Fletcher Building clears $14 million from Victorian cogen plants

Liquor ban in cbd public places proposed

Discussion document on business rehabilitation

Air NZ traffic slips but load factor up

Shore bus lanes & stations approved

Local property: Whangarei maritime industrial park expressions deadline

Submissions open on rating valuations rules

Restaurant Brands first-quarter sales up 9.3%

Asbestos slows CPO revamp

Ariadne to delist in NZ

Appraisal of National bid for Newmarket due in week of 17 June

Localities: Symphony gets consent for 47 Hobson apartments

University gets consent to expand Symonds St office building

Consent correction allowed at Café Buongiorno

Mt Albert karaoke gets notified

Final stage for Rosebank Rd self-storage facility

Newmarket: Westfield launches scaled-down Newmarket centre

Regional infrastructure: Development levy suggested for creating impervious surfaces

Rodney District: Integrated revegetation management structure for Pakiri

Arrigato case back in Environment Court

Sylvia Park: Ngati Maru makes last stand for monitoring role at Sylvia Park

U: Francken files compromise scheme

Couttie faces mortgage call

Receivers at Park Terrace finance arm

Crow company Go Holdings in liquidation

Wiring Power faces liquidation

IRD seeks liquidation for Cable Trace, Te Hue Holdings

ET Power in liquidation

Di Scipio to head CBRE in Wellington

Ridgway explains Brocker NZ closedown

BNZ follows Stevenson’s with Earthmoving Consultants liquidation move

Francis Clarke Architects liquidated after directors go separate ways

Pakiri Farms Trust in liquidation

World business: Just Jeans buys Portmans

World property: US mall owner General to take over Post

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Snapshot of the Week, to 29 April 2001

Snapshot of the Week lists the headlines from all stories published on The Bob Dey Property Report as they appear during the week. The Snapshot is broken into categories for easier tracking, with links to the story page for each item.

There are some quirks to the system: A brief item on a listed company may appear in Snapshot on Local Business rather than under that company’s name in the Organisation/Listeds section, for instance.

In all categories, the latest news appears at the top of the list.

This week:

Auckland City consent activity, hearings appointments:

Oneroa wastewater plant access

Temporary bus shelters during Britomart redevelopment

Replacement commissioners for Ellerslie and Onehunga retirement village hearings

Aotea Square market

Waiouru Peninsula infrastructure preparation

Volvo ocean race facilities

Auckland City consent activity, applications:

Viaduct O’Hagan’s deferred for service access

Confusion over Symphony’s Parc consent

More Hyatt parking approved

Southern Cross gets Remuera extension

Emshoff’s Grafton house approved

Epsom parlour additions approved

Scanlan St townhouses non-notified

Glen Innes bar to be notified

Glen Innes WOF station non-notified

Valabh Ponsonby redevelopment non-notified

Sylvia Park position — Environment Court hearing in July

Local business: Help for migrants

Shore council wants to be nice

Local property: Otahuhu Mainstreet downsize suggested

Southern Capital to take 22.7% in Tasman Agriculture buyout

CBRE hires building services executives

Property Council: Hamilton projects grab Property Council awards

World business: US Q1 gdp up 2%

Germany weak link in stronger Europe

Japanese output falls

National interest defeats Shell bid for Woodside

Village Roadshow sells rest of European assets

Jardine Matheson battle resumes

World property: Equity Office up 13% in Q1

Loss for Chinese developer

China Rich in red

Challenger buys in London

Brookfield earnings surge

Britain sells Singapore site

Raffles buys Swissotel chain for $NZ593 million

Walter to get $A17.5 million out of Broadway feud with Walker

Courts and Protea to establish South African Megastore chain

Centrepoint of Singapore gets Sydney George St company ready

Hai Sun Hup warns of profit dip through forex translations

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Snapshot of the Week, to 11 November 2001

Snapshot of the Week lists the headlines from all stories published on The Bob Dey Property Report as they appear during the week. The Snapshot is broken into categories for easier tracking, with links to the story page for each item.

There are some quirks to the system: A brief item on a listed company may appear in Snapshot on Local Business rather than under that company’s name in the Organisation/Listeds section, for instance.

In all categories, the latest news appears at the top of the list.

This week:

Auckland City consent activity: New councillors take over in fortnight

Planning fixtures to move to Friday morning meetings

New North Rd terraces

Avondale innovative housing project

Quay Park precinct zoning tidy-up

Matacorp loses Holiday Inn consent after six years

Company spent $10 million, so far for nothing

Hotel proposal would cost $40 million

Immediate profit projected, but no takers

Apartment block on Wyndham St

Waikato investors plan 12-storey block for Union St

Wine shop back of Eden Village

External links: Bayleys Viewpoint

Bayleys’ main site

Bayleys Homes

Bayleys Country

Easy Renting

Bayleys Investment

Ocean Leaders

Colliers Jardine’s KFC portfolio

Waitakere City Council

Kaipara District Council

Tony Tay & Associates

Bayleys’ Waterfront

Equity Office

Local business: Retail sales up a tad

Local property: National Property Trust dividend in line with Eastgate upgrade plan

Kiwi Income profit up 30%

Progressive’s Q1 supermarket sales up 12.5% (9.5% same-store)

Warehouse sales up but mixed same-store picture

Manukau consent activity: New hearings committee deputy wants ease of consents examined

Councillor’s focus was on home area

Taverns within 50m of houses, parking dispensation causes for concern

Councillor expresses concern at ease of consents

Turnaround on consideration of social issues

Regional policy called into question

Appeals in court

Hearings timing schedule update

Subdivision and integrated land use consents

North Shore: Hale resumes Shore deputy mayoralty

propbd Diary – Rodney: November meetings schedule

propbd Diary – Waitakere: November meetings schedule

Statistics: Auckland cbd opex down slightly

U: ABC PRE struck off before liquidation

B&H Plasterers faces liquidation

Receivers at Modular Building Systems, Modbuild

Mountain View liquidators’ report

Dallas Concrete faces liquidation

Struck off, but IRD still pursues it

Saltwater Marinas liquidation sought

Palace Construction faces liquidation

Red Hills standoff continues

Bowen Peak (Hill of ABL) faces liquidation

Chapel Rd Developments liquidation call adjourned

Facer settles with medical centre group

Mahurangi estate Winery settles with merchant

Prestige Gardens faces liquidation

Commercial Partitioners wound up

Designed Down Under wound up

LA Roofing wound up

Trust Asset Management settles

Redfern Properties wound up

Group CDA takes IRD to hearing

Turner housing company wound up

Northern Ceilings wound up

Magellan Orakei enters voluntary liquidation

B&R Quality Homes holds off IRD

Hornsby Earthmovers (Auckland)

Alfriston Whole Sale Fencing, Concreting, Earthmoving

World business: Fed chops off another finger

World property: Equity Office adds to Washington portfolio

General Property & Macquarie Office to buy owner of Sydney Citigroup Centre

Novotel chain offer unconditional

Brookfield has strong Q3

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Snapshot of the Week, to 1 June 2003

Snapshot of the Week lists the headlines from all stories published on The Bob Dey Property Report as they appear during the week. The Snapshot is broken into categories for easier tracking, with links to the story page for each item.

There are some quirks to the system: A brief item on a listed company may appear in Snapshot on Local Business rather than under that company’s name in the Organisation/Listeds section, for instance.

In all categories, the latest news appears at the top of the list.

This week:

Auckland City consent activity: Commissioners decide not to notify SuperDome

Auckland City snapshot: Orakei reserve management plan

Awards: Property award entrants “got on while others talked”

External links: Bavaria bed & breakfast hotel

NZ Federation of Bed & Breakfast Hotels

Listeds: Paramount slightly ahead of forecast earnings

Kiwi Income’s earnings/unit fall though profit up 3.2%

Ryman Healthcare bumps profit up 38%

Restaurant Brands 1st quarter sales up 7.1%

Eastgate opening formalises National trust’s shift in focus

Listeds – Australia: Lend Lease chairman retires as new strategy put in place

Westfield does the deals to carve up AMP Shopping Centre Trust

Stockland launches full bid for AMP Diversified

“Impact not material,” says AMP

Australian Growth Properties directors voted back

Local business: Muir quits as Warehouse chief

Metroport operation extended to 2013

Powell drops case against Trans Tasman, continues against SEA

Local property: Court rejects Kaiapoi business park

Manukau: Manukau bustling with new projects

U: Receiver at Approved Building Certifiers (NS)

Ca’Bella Holdings folds

Yacht Club receivers out

New move to wind up Elkhishin’s Everworth

Another TE company faces liquidation

IRD applies to wind up Trade Securities

IRD applies to wind up McKay Security

IRD applies to wind up All Coolstore Construction, director forms new company

IRD withdraws against Mad Dogs & Englishmen

Metropolis investor Susila scores adjournment

Andrew Brown takes Property Institute reins in Wellington

Brisbane director for Fletcher Building

Wetland Services folds

Hedley’s Villa Rotorua folds

Window replacement company seeks liquidation for Windsor Industries

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