Latest: Shuttleworth creditors meet, Tironui passed in, residential consent stats, Eldercare moves focus, Ryman wins award, AMP raises stake, first Chancery outlets open, new Jasmax associates.
30 November 2000
About 20 unsecured trade creditors of Debbie Shuttleworth’s collapsed construction and development company Wise Lass Residential Ltd were told by liquidator Bill Ferguson on their prospects for any financial recovery today: “If you’re preparing annual accounts, you’d be best to tell your accountant a large part is loss and the rest is doubtful. Start preparing a tax loss.” The liquidators, Mr Ferguson and Bernie Montgomerie, were confirmed in their position and a creditors’ committee was formed. Ms Shuttleworth is associated with three-times bankrupt Graeme Raymond, who faces a fraud trial as well as being the director of a string of failed companies. Mr Ferguson said the liquidators were looking closely at possible voidable transactions and company management. On possible fraud, he said: “I have an opinion, but no proof at this stage.”
29 November 2000
Tironui Developments Ltd’s 24-unit business park at Takanini was passed in at a Barfoot & Thompson auction today with a top bid of $1.35 million not accepted by the mortgagee, Reeves Moses Hudig Nominee Co Ltd. The development, by Debbie Shuttleworth, has high-stud warehouse on one half of each 118mÂ² unit and incompleted office and living space on the other, done without resource consent for residential use.
27 November 2000
October residential building consent figures continued the 2000 story of being well below 1999 levels, but on a par with 1998. Figures released by Statistics NZ today show 1585 consents in October 2000 (2117 last year and 1488 the year before). For the year to October, the latest tally is 21,193 consents (last year a phenomenal, over-heated 26,071, the year before 21,191). Alterations and additions boosted the latest monthly figures â€” $564 million, the best October in five. Apartments made up 12% in number, 7% by value. Average cost of new dwellings was $831/mÂ² for the year (same last year), $815 for the month ($810 last year). Apartments are definitely flats these days: 169 at $95,857 each in October this year (but up from $73,181 each a year earlier), and an average for the year of $85,518 ($80,461).
23 November 2000
Eldercare NZ Ltd’s chief executive, Alan Clarke, and chairman, Maurice Kidd, outlined plans at the annual meeting today to reposition the company in the listed medical/health category, moving the focus from property and retirement villages.
Ryman Healthcare Ltd’s Ngaio Marsh village in Christchurch and Malvina Major village in Wellington have won the company first place in a new Australian aged care housing awards category for best retirement village in New Zealand.
AMP has bumped its interest in Restaurant Brands NZ Ltd up from 21% to 22.04% in the past fortnight.
The Westmark/Mission joint venture’s Chancery development off Freyberg Place in downtown Auckland opened its first retail doors this week, will have 12 open next week and should have another 10 open by Christmas. About half the 4000mÂ² of boutique office space is leased.
JASMAX Architects and Interior Designers has appointed Chris Boss, Marko den Breems, Kendon McGrail, Euan Mac Kellar and its IT systems manager, Geoff Still, as associates.
11 November 2000
Capital Properties NZ Ltd doubled operating revenue, from $14 million to $27.2 million, through the acquisition of Shortland Properties, increased pretax profit 15% to $8.5 million and increased after-tax profit 32% to $7.6 million. Earnings per share rose from 4.82c to 6.34c. Directors expect full-year earnings per share to be less than the 12.7c projected last December, mostly because space has not been leased as quickly as assumed at Shortland takeover time. But the year’s gross dividend, including imputation credits, is still expected to be 11.65cps.
10 November 2000
Auckland City councillors voted 9-8 today in favour of two aspects enabling the council to put up $50 million for an arena next to the cityâ€˜s old central railway station. But it wasn’t a confident step forward, with finance & property committee chairman Kay McKelvie pondering whether it was enough of a majority to take into the next stage of negotiations with the three remaining private sector proponents of an arena, Abigroup, Lend Lease and Nationwide Vending Managament. Still, the committee went on behind closed doors to support proceeding with the next phase, which will head towards deciding on a partner next winter.
9 November 2000
Rodney District hearings commissioners Ken Graham and Alan Watson reserved their decision today on an application by Universal Homes Ltd to develop a 294-lot subdivision at Silverdale North, across the old State Highway 1 from the turnoff to the Whangaparaoa Peninsula. A neighbour worried about access and services provision for his own future subdivision site left the hearing satisfied that Universal would see him right, leaving only the Auckland Regional Council opposing. And that won some tough questioning from Mr Watson. More on this story later on Friday.
Auckland City councillors accepted a hearings panel decision tonight, canning the Fletcher/Brierley development plans for the Winstone quarry at Mt Wellington. Councillors argued over what they saw as a back-door attempt to win support for the canned Eastern Highway in the advice notes from the panel, which also recommended the council come up with its own zone change for the quarry in place of the private change, which Fletcher Properties and the old Brierley property company, Terra Firma, had been working on for four years.
After a long session filled with self-congratulation and a bit of making up with philosophical enemies, Auckland City councillors gave their consent tonight to the next stage of the Waitemata Waterfront project, which will see a greatly scaled down redevelopment around the Britomart bus terminal, this time centred on the old Chief Post Office. Cllr David Hay, who as deputy mayor in the previous administration was a strong supporter of the grand Britomart scheme canned a year ago, asked how so many people who had expressed concern at that project’s costs could now support a scheme without inquiring about cost. More on both these Auckland City stories later on Friday too.
7 November 2000
Auckland City Council’s winning Waitemata Waterfront development design has been chosen and will now be the basis for future development of the Britomart bus terminal site in downtown Auckland. It will turn the former Chief Post Office on Queen Elizabeth II Square into a transport hub, with access to a rail station two floors underground, bus and light rail stopping around that block and an underground link to the ferry terminal. The winning entry, out of seven finalists, came from US architect Mario Madayag, who teamed up with local firm Jasmax, OMA/AMO Rem Koolhas, Peter Walker & Partners. The announcement comes a year to the day (first Tuesday in November) after the council canned its development agreement with the Britomart group which became part of the Savoy group of companies. (More stories on this subject will appear on this website under Locality/Auckland CBD/Britomart. Click on Report map in left column.)
The Warehouse increased first-quarter sales to 31 October by 16.1% to $353.2 million (including pro forma comparatives for the first three months’ operations by Australian acquisitions Clint’s and Solly’s). Group same-store sales (excluding Clint’s and Solly’s) were up 5.5%. The Warehouse chain recorded an 11.9% increase in sales to $235 million and 4.4% increase in same-store sales, Warehouse Stationery a 46.6% increase in sales to $19.2 million and 23.9% increase in same-store sales. Sales by Clint’s and Solly’s of $A75.4 million ($NZ99 million) represented a 15.8% rise, or 22.2% in $NZ terms, on last year. The group plans three Warehouse openings and one extension this month, three Warehouse Stationery openings by the end of December, and two large-format Clint’s and Solly’s in December. The whole group has 444,000mÂ² of retail space in 215 stores.
3 November 2000
Cereus Holdings, a conduit for Singapore investments into property and forestry in New Zealand, headed by Vino Ramayah, has decided not to proceed with its takeover of Roller International, whose listing was suspended after the bid was announced.
AMP Henderson Global Investors has bought the Manukau Supa Centa and neighbouring properties from Jonmer Projects for just under $40 million. Property head Anthony Beverley said a major attraction was the ability to expand . The centre’s 26,000mÂ² contains 17 large-format stores, four foodcourt operators and some office space.
Waltus has discontinued its appeal against the Securities Commission’s decision to prohibit distribution of offer documents of Waltus Property Finance Ltd for secured debenture stock. The prospectus was cancelled on 29 August. Waltus gave notice of its appeal two days later and filed papers in the High Court on 16 October, but discontinued the appeal yesterday, the Securities Commission’s senior operations executive, Norman Miller, said.
A 1000mÂ², three-storey mansion in Arney Crescent, Remuera, has sold for more than $5 million, and is one of 13 $1 million-plus homes in the eastern suburbs sold by Barfoot & Thompson in October. This house, sold by Stanley and Barbara Armon of the firm’s Epsom branch before closing of a tender, was designed by Lawrence Sumich in a Hawaiian resort style and attracted eight serious buyers.
North Shore City Council will notify a variation to its proposed district plan on 15 December, which is aimed at reducing the flow-on effects of development on stormwater. Submissions will close on 2 March 2001, with a public hearing in June before a final decision is made. Cllr Guy Cornish said the council wanted better subdivision management to deal with flooding, pollution and environmental degradation.