Archive | Lakes

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


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


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


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


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.

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.



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


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



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



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


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



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


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


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



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


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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Second new hotel announced for Remarkables Park

Remarkables Park Ltd said yesterday work would start next March on the second new hotel in 5 years at its masterplanned Queenstown subdivision. Its opening is scheduled for early to mid-2018.

The hotel, on Market St, will be south of the new Ramada Hotel & Suites Remarkables Park, which opens next month.

Currently in the early stages of design, the new Wyndham hotel will comprise 81 serviced hotel apartments with 98 beds and 9 ground-floor retail units. The Wyndham Hotel Group, the world’s largest hotel company, hasn’t revealed the operating brand yet.

Both the new hotel and the Ramada are being developed by Safari Group (NZ) Ltd (Robert Neil & Stephen Taylor), which has built 11 hotels & apartment complexes and numerous commercial & residential properties.

Safari Group will also develop 55 apartments – a mix of one bedroom, 2-bedroom and 2-bedroom + study units – in a separate building beside the new hotel. Total project value for the development, including the hotel, residential & retail units, is estimated at $58 million.

Remarkables Park Ltd chief executive Alastair Porter said the company was also talking to other hotel brands about bringing more mid-range & high-end properties to the resort.

Remarkables Park Ltd is a property development & investment subsidiary of Porter Group Ltd (brothers Alastair, John & Neville Porter). Remarkables Park is a 150ha masterplanned resort & town centre development overlooking the Kawarau & Shotover Rivers, with views of the Remarkables mountains.

Earlier stories:
15 April 2016: Ramada to open at Remarkables Park in June
23 July 2014: Safari to build Ramada hotel at Remarkables Park

Attribution: Company release.

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Remarkables Park redesigns planned convention centre

Queenstown development company Remarkables Park Ltd (brothers John, Alastair & Neville Porter) unveiled a redesign yesterday for its proposed convention centre, placing it immediately across the road from the start point for the gondola ride to the skifield, which the company also wants to build.

The image above shows the north-east elevation.

Chief executive Alastair Porter said: “The location in a new precinct at Remarkables Park, to be known as Remarkables Place, is on prime land with stunning water & Remarkables mountain views. It is also adjacent to the expansion of the Remarkables Park town centre and will share a generous public oval with the base station of the Queenstown gondola.”

The company announced plans late last year to develop a $50 million, 9.8km scenic gondola ride operating year-round, linking Remarkables Park to the Remarkables skifield, alpine recreation area & the high country Queenstown Park Station.

Mr Porter said the revised convention centre design by architects Mason & Wales would “draw the Remarkables mountains into the facility through tall floor-to-ceiling glass panels, and from the outside the glass will provide a dramatic reflection of the mountains”.

The facility is designed so it can be built in stages to match demand. The 2560m² stage 1, estimated to cost $25-35 million excluding land, would accommodate 700 plenary delegates and 500 banqueting in adjacent areas of the main hall, without the need to breakdown & reset between day & night functions. When used for conferencing alone, the main hall would have capacity for up to 1400 delegates.

Stage 2 would enable all capacities to increase by more than 60%, plus more breakout spaces, still leaving room on the site for further expansion.

2 adjacent ovals will be wired for outside activities and could be covered for very large events or performances.

Mr Porter said Remarkables Park was the largest greenfield area zoned for new hotels in Queenstown. The first of those hotels, the Ramada Hotel & Suites Remarkables Park, will open in June.

He said the convention centre ownership & operating structures hadn’t been decided yet: “This could be a private consortium including Remarkables Park, sponsors & hotels, but we would be open to it being a public-private partnership project.”

The company expects to lodge its consent application in a few weeks, and early approval could see it opening in 2018.

Earlier stories:
15 April 2016: Ramada to open at Remarkables Park in June
22 November 2015: Porters proposes 9.8km gondola link to Remarkables
28 January 2015: Work starts on Shotover Park connections
7 July 2014: Corrected: Porters buy Kawarau River Station at auction
19 June 2014: Porters release details of Remarkables Park convention centre

Attribution: Company release.

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Ramada to open at Remarkables Park in June

Queenstown’s first new hotel in 5 years – the Ramada Hotel & Suites Remarkables Park Queenstown – will open in an extension of the Remarkables Park town centre in June.

Part of the Wyndham Worldwide Corp hotel group, the world’s largest hotel company with more than 7800 hotels in 72 countries, the hotel will be the 6th property in the Ramada NZ portfolio and is scheduled to open in time for the American Express Queenstown Winter Festival starting on 24 June.

The 4-storey corporate & leisure hotel designed by Studio 37 Ltd (Gary Bickerton), Auckland, has 72 beds, 56 parking spaces (33 underground).

Safari Group (NZ) Ltd (Robert Neil & Stephen Taylor) has developed the all-suites hotel, which will offer a mix of 28 studios, 20 one-bedroom, 9 2-bedroom & 2 3-bedroom king apartments, all with ensuite bathrooms, full kitchens & laundry facilities.

Remarkables Park Ltd chief executive Alastair Porter said the hotel opening would be another milestone for the masterplanned development. He said other hoteliers were also interested, and the company intended to offer hotels in the range from 3-6 stars, from high street to resort locations and with water & mountain views.

Earlier story:
23 July 2014: Safari to build Ramada hotel at Remarkables Park

Attribution: Company release.

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Winemaker gives upmarket Bendemeer its own cellar door label

The masterplanned Bendemeer development at Lake Hayes, between Queenstown & Wanaka, entered a new positive stage on Christmas Eve with the announcement that Central Otago wine pioneer Greg Hay (pictured above) would launch a boutique wine label & cellar door there.

Mr Hay, a founder of the award-winning Chard Farm & Peregrine wine labels, bought Bendemeer’s Woolshed in October to be the home of his new label, Wet Jacket, and has stuck with the label although it’s actually named after Wet Jacket Arm in Dusky Sound, in the Fiordland National Park. The label’s 4 varieties will be sourced from grapes grown around Cromwell and made by winemaker Peter Bartell from Vinpro.

Mr Hay bought the Woolshed from Bendemeer owner Mount Farm Ventures Ltd (Alistair Jeffery). It’s one of the Wakatipu area’s oldest farm buildings and is positioned at the gateway to the rural-residential development. Built in the mid-1800s as a Scottish croft and extended in the 1950s to create shearing quarters, it was converted into a function centre in 2005 by Bendemeer’s original developers, Richmond Paynter & Ross Allan. Their company, Bendemeer AP Ltd, paid $24 million in 2003 for the 130ha, built 2 entertainment venues, the Woolshed & the Lakeside Pavilion, and sold some sections before the global financial crisis struck.

Bendemeer AP was wound up at the end of 2008 after a syndicate managed by Rakaia River Holdings Ltd (owned by Philip Burmester of Christchurch) bought the property, minus about 10 sections already sold, but Strategic Finance Ltd put Rakaia River Holdings into receivership in November 2010. At that time the company still owned 23 sections on 28ha out of the original 43 sections, plus the Woolshed.

The receivers, John Fisk & Malcolm Hollis of PWC, sold all 23 sections to Mr Jeffery, who’d been one of the development’s original purchasers. Strategic was owed $39.55 million, but the receivers sold to Mr Jeffery for $12 million.

The development’s first show home and first house-&-land-package, the architecturally designed Contemporary Barn, was sold in September 2014 at its $2.595 million asking price after being on the market for less than 3 weeks, and rapid sales since then have left Mr Jeffery with only 8 sections still to sell.

Mr Jeffery, originally from Dunedin, is best known as founder & executive chair of Australian loan & asset manager Bluestone Group Pty Ltd, which he established in 2000 after a year of research. After graduating from Otago University with a mining degree, he’d gone to London in 1989 to complete his PhD and joined Goldman Sachs there as an associate director, gaining specialist experience in mortgage-backed securitisation.

He moved to Nomura International plc as director of its principal finance group and – responsible for overseeing the origination company and managing the restructuring & execution of the securitisation of mortgages – was directly involved in the growth of Nomura’s assets by over £10 billion. He returned to London in 2009 to establish Bluestone’s European operations.

Back in his mine school days, Mr Jeffery had a close association with Central Otago, writing histories of quartz mining at the Bendigo, Carrick Range & Macetown goldfields, which the Ministry of Energy published in 1986.

Link: Bendemeer

Attribution: Company release, insolvency documents, Bluestone, Energy Ministry.

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Porters proposes 9.8km gondola link to Remarkables

Queenstown developer Porter Group Ltd announced a proposal this week for a $50 million 9.8km gondola linking Remarkables Park to the Remarkables alpine recreation area.

The gondola would operate in all seasons from a gondola events plaza next to the Remarkables Park town centre and link to NZSki Ltd’s new base building at the Remarkables.

Porter Group chair & former Queenstown Chamber of Commerce president Alastair Porter said on Thursday: “We live in a world where tourism is highly competitive, and it’s extremely important for New Zealand to continue to invest in major tourist infrastructure to keep refreshing & enhancing our international appeal.

The gondola route from Remarkables Park to the base building. Queenstown is at bottom right.

The gondola route from Remarkables Park to the base building. Queenstown is at bottom right.

“The proposed gondola will be an exhilarating ride combining spectacular scenery, including the Shotover & Kawarau rivers, a high country station, steep alpine terrain, panoramic vistas out to the Southern Alps and the magic of the Remarkables.”

Indicative image of a Leitner-Poma gondola.

Indicative image of a Leitner-Poma gondola.

The gondola is based on a design by Leitner Poma of America Inc, one of the world’s most experienced gondola & chairlift companies.

It would access the Remarkables recreation area without having to cross the mountain range’s western face by following a route across Remarkables Park & the Kawarau River through Queenstown Park Station and the Rastus Burn Valley before arriving at NZSki’s new base facility building.

Alastair Porter’s brother & co-managing director, John Porter, on the existing platform on the Remarkables’ top ridge.

Alastair Porter’s brother & co-managing director, John Porter, on the existing platform on the Remarkables’ top ridge.

Mr Porter said Queenstown & New Zealand tourism had benefited enormously from investments made by NZSki owners the Davies family in Queenstown’s alpine sports facilities, culminating in the new 6-seater Curvey Basin chairlift at the Remarkables and the new base building.

He said the gondola would enhance Queenstown’s appeal as an international 4-season destination and would integrate well with the Porter Group’s proposed convention centre at Remarkables Park, which had been delayed while the gondola location was determined.

Mr Porter said the 2 facilities & adjacent future hotels would front onto a plaza, and the new mountain facilities building could work in to host conferences. He said there was a widely recognised need for Queenstown to develop more hotels to cope with visitor growth, and the gondola & convention centre would be catalysts for new hotels & shops.

How the gondola, plaza & new hotels would fit into the Remarkables Park masterplan.

How the gondola, plaza & new hotels would fit into the Remarkables Park masterplan.

The Porter Group has made submissions to the Queenstown Lakes District Council for the gondola project, and will lodge a resource consent application early next year. Mr Porter said a timeline showed it could be built & operating within 4 years subject to further consultation & the resource consent process.

It would make a vertical climb of 1270m and have 140 detachable 8-seater cabins, some with glass floors.

The new base building nestles beneath the Remarkables.

The new base building nestles beneath the Remarkables.

Attribution: Company release.

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