Archive | Lakes

Millbrook Resort starts work on $50 million addition

Queenstown’s Millbrook Resort has won resource consent for the $50 million development of the neighbouring 67ha Dalgleish Farm into an addition to its golfcourse, interspersed with 42 sections for high-end homes.

Image above: Millbrook’s Ben O’Malley, project manager Stuart Anderson & senior construction manager Darin Paki Paki (both of Signal Management Group) on the new development site.

It’s taken owner Millbrook Holdings (NZ) Ltd 4 years of planning, appeals, hearings & zone changes through the Queenstown Lakes District Council. The company is 90.6% owned by the Ishii family of Tokyo, who have been involved in the resort since its development began in 1987. Individual residential sites are privately owned & freehold.

The multi-award-winning 200ha resort will add 9 golf holes to Millbrook’s 27-hole course, enabling it to operate 2 full 18-hole courses. The resort’s residential limit will remain at 450 homes.

Initial site clearance is underway and work has almost been completed under a separate consent to shift the Arrow irrigation pipe to make way for the development.

Groundworks include a raft of ecological & landscape enhancements, and the first land titles should be issued in late 2020. Once the new golfcourse is constructed & “grown in”, it should be playable by 2021.

Millbrook property & development director Ben O’Malley said the net was cast “far & wide” for project tendering, and the main earthworks contract went to Grant Hood Contracting Ltd, of Ashburton.

Experienced local turf specialist company TIC Projects Ltd (Geoff & Belinda Andrew), which developed the resort’s Coronet 9 course, has been awarded the main golfcourse construction project & a golfcourse irrigation installation contract.

Millbrook is still working through detailed design on works such as roading, reticulated services & the resort’s distinctive schist stone walls.
In the initial earthworks phase, 500,000m of material will be moved within the site. A “zero cut to fill” balance means all work will be carried out with material contained within the farm area, and topsoil stripped & stored before being re-spread once earthworks are complete.

Map: The additional golfcourse will be interspersed with 42 high-end homes.

Irrigation race connection & storage lake among upgrades

Mr O’Malley said Millbrook had been working alongside the Friends of Lake Hayes & the Otago Regional Council to support their initiative to discharge off-peak water from the Arrow River irrigation race to Mill Stream, which runs through Millbrook into Lake Hayes: “They believe this will help enhance the water quality of Lake Hayes and we have the means to provide them the link between the Arrow Irrigation Co Ltd pipe & Mill Stream.”

The regional council is part-way through a plan change process that will see a minimum flow placed on the Arrow River, from which Millbrook currently sources its golf irrigation water via the irrigation company.

The minimum flow process would pose a risk to Millbrook’s golf operations, as its sand-based tees & greens, installed to meet international PGA specifications, require daily watering: ‘”To guard against this risk we’re also constructing a 30 million litre water storage lake on the farm land.”

Mr O’Malley said the new 36-hole format at Millbrook had been described as a game changer for the resort, effectively adding 100% golf capacity with 2 18-hole courses that can be operated simultaneously.

Members’ course will change daily

He said the growing number of Millbrook Country Club members would be able to play an ever-changing private members’ course on a daily basis, with another 18 holes available for tourists & locals.

It’s also good news for the long-term future of the NZ Open, currently hosted at Millbrook in conjunction with Sir Michael Hills’ The Hills golfcourse.

The Open has long planned to move to a 3-course model, similar to international Dunhill Links and AT&T events, and having 2 courses available at Millbrook would enable this goal to be achieved.

The new land also lends itself to the development of 2 discretely & geographically separated residential neighbourhoods.

The large upper plateau contains 24 sites boasting elevated panoramic views over fairways & pastoral lands to the wider basin. The lower slopes are home to a further 18 sites with north-facing outlooks over an enhanced Mill Stream & the last of the new golf holes. Mr O’Malley expected most of the sites to sell for over $1 million each.

Parts of Mill Stream will be widened to create larger waterways & enhanced wetlands. The new development will retain a rural, agrarian style, with over 20ha of working farmland retained for grazing and retention of a historic woolshed.

The original 1860s farmhouse will also stay on the land, with some sympathetic additions.

Link: Millbrook Resort

Attribution: Company releases, website.

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Mipad smart hotel opens in Queenstown

Mipad Holdings Ltd (Lewis Gdanitz & Yoshihuro Kawamura) has opened the 4-star mi-pad Queenstown, which the owners describe as “New Zealand’s first fully ‘smart’ hotel” and “a next-generation, energy-conscious hotel experience for the smart traveller and the marriage of technology, sustainability, comfort & convenience”.

The 6-storey hotel at 4 Henry St has 57 rooms with the latest in-room tech, multiple social spaces & a rooftop terrace (where the view above is from).

And the key to mi-pad Queenstown is that there is no key.

Guests booking their stay download the hotel’s personal app, ‘Mia’, and their smartphone becomes a room key, meaning physical check-ins (or check-outs) are a thing of the past.

“Mia also has a range of other tricks up her sleeve, enabling guests to set temperatures & mood lighting in their room (even remotely), request room service or alert hotel staff that they don’t want to be disturbed.

“Access to the hotel is available 24/7 thanks to the technology. Once guests are settled in, Mia transforms into a personal digital concierge, delivering the latest information on events, activities or offers and encouraging the guest to experience the best of the destination.

The $15 million John Blair-designed hotel is in the heart of Queenstown.

Years in the making

Mr Gdanitz, a Queenstown property developer, spent 3 years developing the mi-pad hotel concept – “the result of 15 years of research, travelling the world and finding the places that did accommodation really well.

“I’m delighted that we’ve been able to deliver a property that’s unlike anything else on offer in New Zealand, operating on a premise of affordable luxury delivered using the latest technology.

“I’m also very proud of the eco-conscious initiatives we have in place for every aspect of the operation.”

Mipad Holdings is a joint venture between Mr Gdanitz and hotel investment & development company TJK NZ Ltd, which owns luxury boutique hotels The George in Christchurch and Regent of Rotorua.

TJK NZ chief executive Stephen Borcoskie said the company had a proud pedigree of leadership in, and commitment to, the New Zealand hotel industry: “Our goal is to always exceed customer expectations by excelling in service delivery, and we’re thrilled to be entering the Queenstown market, which consistently leads the way in delivering world-class experiences & lifelong memories to visitors from around the globe. It makes perfect sense to open a unique property like this in Queenstown.”

Hotel manager Kylie Hogan has 20 years’ experience in international resort management, and commented on the unusual management style: “We’re offering an innovative, connected hotel experience for smart travellers who’d prefer to spend their hard-earned dollars on experiences rather than pay over the odds for accommodation.

“We appreciate that they want to keep in touch with family, friends or colleagues, whether they’re here to ski their hearts out, check out bike trails, enjoy some world-class golf or award-winning wines.

“Mia’s the key to all of that, the complete package for guests who want to have fun like a local.”

The hotel’s beds are queen-size, rooms have clever storage options, smart TVs and bathrooms featuring organic products & top-of-the-line hair-styling tools.

Guests can have as much or as little interaction with mi-pad staff and other guests as they like, including the option to share experiences, photos or messages through Mia’s private chat group. A floor-to-ceiling ‘social wall’ in the hotel’s entrance lobby also features Mia’s latest updates & guests’ shared experiences.

The hotel offers snack & breakfast options, but Mi-pad’s owners decided to keep F&B services to a minimum to encourage guests to savour the town’s eateries.

The rooftop terrace has an outdoor fireplace, plentiful seating & 270° views of Lake Wakatipu & surrounding mountains.

Link:
Mipad Hotels

Attribution: Company release.

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Singaporeans launch stage 2 of Queenstown townhouse development

Singaporean developer GYP Properties Pte Ltd launched the second stage of its $200 million Queenstown townhouse development, the Remarkables Residences, yesterday.

All but one of the 56 homes in stage 1 have been sold. The second stage, also marketed by the Bayleys Realty Group, comprises 46 homes priced from just over $1.1 million, and the whole lifestyle development on the Frankton Flats has been designed for 225 homes.

Bayleys Queenstown agents Sheryl Williams & Mark Martin said half the buyers were locals and the rest a mix of Auckland-based investors & holiday home owners.

Construction is under way on stage 1’s 3- to 5-bedroom multi-storey townhouses, and completion is expected at the end of next year. After buyer feedback, most homes in stage 2 have 4 bedrooms, each with an ensuite.

GYP is a subsidiary of Singapore-listed Global Yellow Pages Ltd, headed by longtime Singaporean investor Stanley Tan (Tan Poh Leng).

Mr Tan had a number of commercial investments in New Zealand in the 1990s. He was a partner with the Tang family of Singapore in Dynasty Pacific Ltd, which began the Heritage hotel chain, but that partnership split in 1998, when the Tangs took the hospitality arm and Mr Tan got the other assets, which he put into the Angliss Property Group.

Mr Tan and his partner in numerous investments dating back to the 1990s, Pang Yoke Min, joined the board of Singapore-listed Global Yellow Pages Ltd in 2007 after taking major stakes in the company. In 2014, GYP, through local company GYP Properties Ltd, bought Pakuranga Plaza from Ladstone Holdings Ltd for $96 million with the intention of carrying out a major redevelopment.

Link: Remarkables Residences

Earlier stories:
20 February 2017: Stanley Tan launches Remarkables Residences
2 October 2015: 15-year plan to transform Pakuranga Plaza takes shape
8 November 2014: Stanley Tan buys Pakuranga Plaza

Attribution: Agency release.

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8 Corinthian units & 2 Tauriko sites sell

Colliers agents have sold 8 new industrial units at Albany & 2 sites in the Tauriko business estate out the back of Tauranga, among 5 recent transactions.

Isthmus west

Kingsland

615 New North Rd:
Features: 1681m² site, 1241m² floor area, occupied by the Auckland District Health Board for over 25 years, now on a new 3-year lease
Outcome: sold to a private investor for $4.25 million + gst, at a 5.2% yield
Agents: Jonathan Lynch & Simon Child

North-east

Albany

18 Corinthian Drive:
Features: 8 new industrial units
Outcome: sold for asking price off the plans to multiple investors & occupiers for a total $8.557 million + gst
Agents: Sam Sherning, Matt Prentice & Janet Marshall

South Island

Queenstown – Frankton

8-12 McBride St:
Features: 759m² site, 145m² residential building leased as rental car depot
Rent: leased to Omega Car Rentals Ltd for $60,000/year + gst + outgoings, expiring 9 September
Outcome: sold at auction to a private investor for $1.81 million + gst, at a 3.3% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays

Bay of Plenty

Tauranga – Tauriko

204 Taurikura Drive:
Features: 3837m² corner lot in stage 2 of the Tauriko Business Estate, has a fully compliant scheme plan yielding 7 retail tenancies & one childcare tenancy, totalling 1976m²
Outcome: sold to a private investor for $2.155 million
Agents: Rachel Emerson & Duncan Woodhouse

43 Poturi St:
Features: 2748m² site, 750m² warehouse, 18-month lease
Rent: $137,563/year net + gst
Outcome: sold to an investor before private treaty deadline for $2.475 million, at a 5.56% yield
Agents: Simon Clark & Rob Schoeser

Attribution: Agency release.

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Lake Hayes commercial building sells

Colliers has sold a mixed-use building in the Lake Hayes estate outside Queenstown.

South Island

Queenstown

Lake Hayes Estate, 1 Onslow Rd:
Features: 1113m² on the north-western corner of Nerin Square, 2-level 374.7m² commercial building, 3 retail areas & 2 office or accommodation areas above currently tenanted by café, bar, convenience store on ground floor, offices & residential upstairs
Outcome: sold for $2.41 million
Agent: Tim Thomas

Attribution: Agency release.

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Auckland warehouses sell, new Queenstown retail units ignored

2 Auckland warehouses were sold yesterday at CBRE’s first multi-property auction in 7 years (discounting a joint promotion with Bayleys in 2015), but 3 retail units in the new Ramada Remarkables hotel in Queenstown struggled to muster 2 bids (other than vendor indicators) between them.

Agencies sometimes take “out of town” properties to auction in the country’s biggest investor market, Auckland, and often enough find the big-city investors don’t materialise, as happened in this case.

Isthmus east

Panmure

34 Allenby Drive:
Features: 855m² site, existing house vacant, resource consented for 6 apartments & a terraced house
Outcome: vendor bids of $900,000 & $980,000, passed in
Agent: Peter Turner

North-west

New Lynn

12 Stock St:
Features: 660m² warehouse zoned light industrial, ground floor occupied by karate dojo on lease running to 1 March 2018 with 2 2-year rights of renewal; the vendor, the Auckland Play Centre Association, has vacated the upstair offices; 8 parking spaces
Outcome: sold for $970,000
Agents: Michael Bray & Deborah Dowling

South

East Tamaki

28C Andromeda Crescent:
Features: 901m² clearspan warehouse – 728m² warehouse with 4.8m stud height, 85m² warehouse office, 88m² first-floor office; new roof, 2 roller doors, sealed yard, tenant vacating in March        
Outcome: sold for $1.75 million
Agents: Patrick Sammon & Lewis Watson

South Island

Queenstown

Developer Rob Neil of Safari Group (NZ) Ltd, who has specialised in development of Quest hotels and, more recently, Ramada hotels, built the 59-suite Ramada Remarkables at Remarkables Park, including the 3 retail outlets which were taken to auction.

Total rent from 5 new tenancies is $300,900/year.

Agents for all 3 retail units were Richard Larman & Ellie Martin.

24 Hawthorne Drive, unit 2:
Features: 2 tenancies of 58m² & 88m², a rental car office & a gym, 2 parking spaces
Rent: $83,400/year net from 6-year leases, each with 2 3-year rights of renewal      
Outcome: passed in after a starting bid at $500,000 and closing with vendor bids of $1.05 million & $1.4 million, the last indicator representing a yield of 5.96%

24 Hawthorne Drive, unit 6:
Features: 228m² Franks Eatery, 8-year lease, 3 4-year rights of renewal, 2 parking spaces
Rent: $128,400/year net
Outcome: no bid

24 Hawthorne Drive, unit 7:
Features: 2 tenancies of 95m² & 61m²; the larger finance company tenancy of 6 years, 2 3-year rights of renewal, 2 parking spaces; the smaller ophthalmologist’s tenancy of 5 years, 3 3-year rights of renewal, 2 parking spaces
Rent: $89,102.12/year net
Outcome: passed in after a starting bid at $1 million and closing with a vendor bid of $1.4 million, representing a yield of 6.36%

Attribution: Auction.

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Stanley Tan launches Remarkables Residences

Longtime Singaporean investor Stanley Tan (Tan Poh Leng) announced a new New Zealand investment on Friday, a $190 million 225-home lifestyle development on the Frankton Flats in Queenstown called Remarkables Residences.

Mr Tan had a number of commercial investments in New Zealand in the 1990s. He was a partner with the Tang family of Singapore in Dynasty Pacific Ltd, which began the Heritage hotel chain, but that partnership split in 1998, when the Tangs took the hospitality arm and Mr Tan got the other assets, which he put into the Angliss Property Group.

Those assets included a former Colonial Mutual building on the corner of Queen & Wyndham Sts, and the leasehold development site at the top of Queen St which was later developed into Q Central by Kitchener Group Ltd. Angliss also holds extensive property investments in Australia.

Mr Tan and his partner in numerous investments dating back to the 1990s, Pang Yoke Min, joined the board of Singapore-listed Global Yellow Pages Ltd in 2007 after taking major stakes in the company. In 2014, GYP, through local company GYP Properties Ltd, bought Pakuranga Plaza from Ladstone Holdings Ltd for $96 million.

GYP Properties’ name was changed again last August to Remarkables Residences Ltd and the Pakuranga investment & development are in separate entities.

Remarkables Residences will consist of a range of 3- & 4-bedroom multi-storey townhouses, masterplanned to be surrounded by an array of lifestyle amenities, including retail & dining.

GYP Properties chair Mah Bow Tan, chief executive Stanley Tan and other directors were in Queenstown for last week’s launch, and said they chose Queenstown for the development because of its continued growth and strong demand for this type of innovative housing.

Bayleys Real Estate has been taking registrations of interest for stage 1, the first 56 houses, which will go on the market shortly. Construction is scheduled to start this year and the first stage will take about 18 months to complete. Further stages will be released during the year. Pricing will be released shortly.

At the launch, from left: John Bayley (Bayleys Corp), Mah Bow Tan, Queenstown mayor Jim Boult & Stanley Tan.

Link:
Remarkables Residences

Earlier stories:
2 October 2015: 15-year plan to transform Pakuranga Plaza takes shape
8 November 2014: Stanley Tan buys Pakuranga Plaza

Attribution: Company release.

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New Kea unit sale follows 6 sales & 5 leases for Colliers agents

A roadfront unit (pictured) in a new Kea Property development on Ellice Rd, at the top of the Wairau Valley, was sold for a snip under a 5% yield at Colliers’ auction yesterday. Colliers agents have sold another 6 properties from East Tamaki to Queenstown recently and signed 5 leases, all but one in Auckland.

Sales:

North-east

Wairau Valley

89 Ellice Rd, unit 1D:
Features: 341m² roadfront unit in 35-unit development by Kea Property Group Ltd – office 205m², warehouse/manufacturing 118m², mezzanine 18m², 9 parking spaces
Rent: $74,000/year net + gst from 4-year lease to City Electrical Ltd signed in June, 3 4-year rights of renewal
Outcome: sold at auction yesterday for $1.482 million at a 4.99% yield
Agents: Euan Stratton & Sean Finnegan

South

East Tamaki

4 Averton Place:
Features: cross-lease, half share in 2000m², 605m² vacant clearspan warehouse
Outcome: listed for auction on 7 September, sold prior to an owner-occupier for $1.121 million
Agents: Jolyon Thomson & Todd Kuzmich

South of the Bombays

Bay of Plenty

Mt Maunganui

15 Newton St:
Features: 1019m² site, 550m² building
Outcome: sold at auction for $1.35 million at a 4.79% yield
Agents: Simon Clark & Rob Schoeser

Waikato

Morrinsville

75 Snell St:
Features: 1.55ha site. 2430m² industrial building,
Outcome: sold at auction for $4.255 million at a 6.94% yield
Agents: Alan Pracy & Justin Oliver

Wellington

Pipitea

238 Thorndon Quay:
Features: 887m² site, 810m² 2-level retail & office building
Outcome: sold for $3.13 million at a 7.37% yield
Agents: Rex Fowler, Sam McIlroy & Georgina Young

240 Thorndon Quay:
Features: 769m² site, 850m² 2-level retail & office building
Outcome: sold for $2.2 million
Agents: Rex Fowler & Sam McIlroy

South Island

Queenstown

12 Industrial Lane:
Features: 430m² office & warehouse,
Outcome: sold for $1.08 million at a 6.48% yield
Agents: Mary-Jo Hudson & Rory O’Donnell

Leases:

CBD

Wynyard Quarter

VXV3 building:
Features: 3080m² new commercial building developed by Goodman Property Trust, plus signage, leased to IBM NZ Ltd
Agents: Rob Bird, Paul Dyson & Chris Palmer

Isthmus east

Onehunga

120 Captain Springs Rd:
Features: 1483m² industrial property, leased to Legacy Construction Ltd by 777 Investments Ltd (Rolf & Belinda Masfen) for a 5-year term
Agent: Ash Vincent

Otahuhu

Manu industrial estate, 9 Manu St, building 6:
Features: 3625m² building in an estate developed by James Kirkpatrick Group Ltd – warehouse 3495m², office 130m², canopy 130m², yard 500m², 8-year lease
Agents: Ben Herlihy, Hamish West & Chris Palmer

South

Mangere

20C Timberly Rd:
Features: 5432m² warehouse & office developed by Goodman Property Trust, leased to Hellmann Worldwide Logistics Ltd
Agents: Brad Johnston & Paul Jarvie

South of the Bombays

Wellington

205 Victoria St:
Features: 780m² ground floor, 7 parking spaces, leased to Forest & Bird Society for Anaro Investments Ltd
Agents: Sam McIlroy & Jeremy Langford

Attribution: Agency release.

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Retirement village for Queenstown’s 7th special housing area

The Government has approved the 7th Queenstown special housing area yesterday for an expected 300 homes.

Building & Housing Minister Nick Smith said the proposed development on 51ha of greenfield land on Ladies Mile in Queenstown included a retirement village comprising independent villas, serviced apartments & staff accommodation units, plus a 72-bed rest-home care facility.

“The bulk of the new housing is for a retirement village. While this does not directly help young first-homebuyers, it enables older people to move into more appropriate housing and frees up hundreds of other homes.

“The developer has reached an agreement with the Queenstown-Lakes Community Housing Trust, facilitated by the Queenstown-Lakes District Council, to provide land for community & affordable housing. There is also a requirement on the main development for 20% of homes to be at least 10% below Queenstown’s average house price.”

The combined yield of Queenstown’s 7 special housing areas is just under 1000 homes.

Attribution: Ministerial release.

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4 special housing areas approved for Queenstown-Lakes

The Government has approved 4 new special housing areas under the Queenstown-Lakes housing accord, fast-tracking the zoning of 40ha to residential, with potential for 490 homes.

Building & Housing Minister Nick Smith said: “This additional capacity is essential for Queenstown’s thriving tourism industry, which needs more housing for its growing workforce.”

The Government & the Queenstown-Lakes District Council agreed the accord in October 2014.

The new special housing areas are:

  • Arthurs Point Rd, 4.17ha greenfield site, potential for 70 homes
  • Gorge Rd, 12.8ha brownfield site, potential for up to 150 lots
  • Arrowtown retirement village, 12.5ha greenfield site, potential yield of up to 175 units plus a 100-bed aged-care facility
  • Shotover Country, 11.11ha greenfield site, potential for 95 homes.

The first special housing area in the district, the Bridesdale Farm subdivision approved a year ago, was for a 38ha site near Lake Hayes, where 80% of the proposed 150 homes were to be priced at or below $450,000.

Attribution: Ministerial release.

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