Archive | Archive – local property

Snapshot on local property, week to 23 June 2002

17 June 2002

Transit NZ has advertised for statements of interest & ability from prospective tenderers for the design & construction of the new Upper Harbour Bridge & causeway widening. Submissions close on Thursday 18 July at Transit in Auckland.

Manukau City Council’s differential rating special order is to be confirmed at a council meeting on Wednesday 26 June.

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Snapshot on local property, week to 10 June 2001

Latest: Princes Wharf Hilton opens, Chisholm gets evidence into trial, Kiwi Development pays dividend, Kiwi Income raises net operating profit 11.3%, court approves Trans Tasman bonds.

11 June 2001

The Hilton Auckland hotel on Princes Wharf began counting everything officially from Friday, when it was opened by the Prime Minister, Helen Clark. For the previous month the hotel had gone through a soft opening, with occupancy about 40%, not all rooms available and not all services available.

Waiheke Island resort battler Adrian Chisholm got his wish for previously solicitor-client-confidential notes on a meeting concerning the dumping of sludge on the island into the record of the trial where is pitted against Auckland City Council. The trial had ended last December, but High Court trial judge Robert Chambers accepted the new evidence, including cross-examination, on Friday after Mr Chisholm had pursued the issue through various avenues. After that, it seems the trial may be reopened yet again to introduce evidence arising from an internal council inquiry into Gulf island affairs later in 1998.

Former Kiwi Development Trust unitholders who accepted the Kiwi Income Property Trust takeover offer or had their units compulsorily acquired will receive a 7c/unit dividend, with no imputation credits, payable early in July when Kiwi Income distributes its annual report.

Kiwi Income Property Trust reported a March-year $35.38 million net operating profit on Friday, up 11.3%, on revenue up 9.1% to $54 million. Net operating profit before tax, including equity accounted earnings from Kiwi Development Trust, rose 7.7% to $38.82 million. Net unrealised revaluation gains were $15.2 million and another $8.84 million of revaluation gain was achieved as a result of the Kiwi Development Trust acquisition.

6 June 2001

The High Court has approved Trans Tasman Properties Ltd’s proposal to switch convertible capital notes to the new 10% six-year bonds, which noteholders had approved at a special meeting on 21 May. Bonds will be issued from Thursday 28 June. Shareholders rejected a switch of their stock into a separate bond issue.

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Snapshot on local property, week to 9 February 2003

4 February 2003

Colonial First State Property Ltd, the Commonwealth Bank of Australia subsidiary which became a substantial securityholder in Kiwi Income Property Trust in February 2002 by buying the interests of Lend Lease Property Investment Services Ltd, FCMI Financial Corporation and Pan Atlantic Bank and Trust Ltd, said today it had ceased being a substantial securityholder because the 2002 agreement had come to an end. That agreement gave Colonial a non-beneficial relevant interest of 9.75%, subsequently reduced to 8.12%. Commonwealth, through Colonial, still controls the trust through its acquisition of the management company.

3 February 2003

Kingsgate International Corp Ltd will look into the financial & procedural aspects of launching a residential project at its Sydney Millennium hotel after winning conditional South Sydney City Council approval to convert part of the hotel. Kingsgate’s board told shareholders last August it was considering this option because of Sydney’s inability to sustain growth in the hotel sector.

Briscoe Group Ltd increased 4th quarter sales, to 31 January, 17.6% to $103.1 million — Briscoes Homeware 17% to $72.4 million & Rebel Sport 19% to $30.7 million. Sales for the year rose 16.6% to $295 million. The group will establish 3 more Rebel Sport stores this year. Work is under way in Nelson & Hastings. The company has signed heads of agreement for new Rebel & Briscoe stores in Lower Hutt, which should open in the 2nd half of the year. They’ll take the group’s stores to 15 Rebel & 29 Briscoes.

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Snapshot on local property, week to 14 December 2003

10 December 2003

Auckland City Council’s transport committee has decided to extend existing central-city residential parking permits for multi-unit dwellings until June 2007. The permits were due to expire next year.

9 December 2003

Entrepreneurs Success Centre Ltd promoters Phil Jones & David Hows have split the Leverage Investor Finance Ltd business off from their ESC group from 1 December, and it will be run independently by Premier Mortgage Group Ltd, headed by Mortgage Brokers Association founder members Rob Tucker & Alan Robertson. The Jones/Hows group includes Richmastery Ltd, Investor Finance/Mortgages Ltd and Kiwi Property Investor Magazine Ltd. Mr Tucker is a former director of National Mortgage Brokers Ltd and associated companies, and is now director of Paynow Ltd and associated companies, Strata Finance Ltd and Premier Mortgage Group Ltd (formed on 23 October). Mr Robertson is a former director of Global Pacific Corp Ltd, National Fleet Sales Ltd and associated companies (which are in liquidation), Strata Group Ltd and associated companies, Commercial Mortgage Brokers Ltd and Finance Management Group Ltd (formed on 23 October).

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Snapshot on local property, August 2000

28 August 2000

Auckland City Council has given notice of a local bill to go to Parliament to dig through the tunnel complex under Albert Park for a new public passenger transport route.

Ongoing uncertainty over the economy, changes to government policy, interest rate rises and their implications for job security have all contributed to weakness in real estate turnover and modest falls in house prices, says ASB Bank’s senior economist, Rozanna Wozniak, in the bank’s quarterly housing report. She says interest rates “are believed to be very close to their peak.”

25 August 2000

An intensive housing development of 14 units on three storeys has been proposed for Sidmouth St, on the Mairangi Bay beachfront, by Mairangi Bay Beach Plaza Holdings Ltd, a company headed by Cho Jae-Ha. North Shore City Council is taking submissions on the resource consent application until 22 September.

23 August 2000

Submissions were not completed yesterday on the Ngati Whatua o Orakei Maori Trust Board’s application to build an 80-unit innovative housing development/retirement village second stage on the fields sloping down from the end of Te Arawa Drive towards Bastion Pt in Orakei. Stage one is under construction. The remaining submissions in opposition will be heard next Tuesday.

Trans Tasman Properties reported a $10.6 million net surplus for the June half-year, up 48%, which executive chairman Don Fletcher called pleasing. While the improvement should please, the return remains abysmal — 0.76% on $1.4 billion of assets and 1.5% on capital of $697 million. Net asset value rose from 71.6c in December to 73.9c. The share price remains in the penny bin at 19.7c, a 73% discount.

22 August 2000

North Shore City Council’s strategy & finance committee endorsed a programme to day to deal with intensive and infill housing. Staff are required to report back to the committee’s November meeting on how to implement it. (More detail on this story Wednesday).

McGinty’s apartment block developer Mike Toogood walked out of the Environment Court a happy man today after securing agreement with objectors to the 36-unit proposal for Onetangi Beach on Waiheke Island. McGinty’s Developments, which can now proceed with the project, plans apartments between 80m² and 130m², some with decks almost as large, on the former McGinty’s hotel site. Because of delay, Mr Toogood was unsure of precise prices, but said the units should all be over $400,000 apiece.

The Auckland District Court let the media peer yesterday at hand-up evidence presented last Friday in the depositions hearing which saw three-times bankrupt property developer Graeme Raymond, 36, committed to trial on five charges, including allegations of hiding expensive watches from his creditors. Raymond’s penthouse apartment on the Karangahape Rd ridge was stripped when it came to mortgagee sale in 1998 — the buyer, Nigel Nausbaum, disclosed that he was later offered the expensive audio system by Raymond and the expensive kitchen appliances by Raymond’s wife, Sheila. Raymond splashed out on a lavish Sheraton Mirage dinner and $A280-a-bottle Krug champagne after signing up for two yearlings at the 1997 Magic Millions, then didn’t pay for the horses.

AMP NZ Office Trust has leased 4500m² of 125 The Terrace, Wellington, to the New Zealand Qualification Authority, which will take 5½ levels, 43% of the building. The initial 4½-year sublease from Rudd Watts & Stone will be followed by 7½ years of direct lease, giving a total 12-year term to 31 December 2012. The 20-level tower fronting The Terrace and Lambton Quay was built in 1990 and was valued last year at $46.3 million.

Kitchener Group’s Keystone Ridge apartment proposal got to the Environment Court yesterday, three years after developer David Henderson went to the market and quickly sold the 66 units on six levels, on the site of the old 3 Guys supermarket in Keystone Ave, Mt Roskill. Neighbours opposed, led by architect and planner Barrie Paterson, whose business is based across the road. Opposition seems based on bulk (but a commercial use on the site could be bulkier) and possible sewage problems. The proposal is a test for Auckland’s regional and city councils and their growth strategies — if they can’t get this sort of project through, the road for more intense development within the urban limits will be very rocky. The hearing continues today.

19 August 2000

Westfield says the 1162 St Lukes shareholders who elected to take the broker facility to transfer to a holding in Westfield Trust in the Australian trust’s St Lukes takeover, will get their units in the trust at $A3.22406. St Lukes had just over 7300 shareholders according to last year’s annual report.

Armstrong Jones will manage $1.7 billion of WestpacTrust funds under an alliance announced yesterday. WestpacTrust’s card and financial services manager, Girol Karacaoglu, said Armstrong Jones’ expertise would help the bank deliver a better return to its customers. The fund manager will also take over administrative roles such as settlement and valuation. WestpacTrust will reinsure Armstrong Jones’ range of life insurance products.

Capital Properties will pay a first-quarter dividend of 2.4cps with 0.5125c imputation, in line with forecasts provided at the time of the Shortland Properties takeover in December.

18 August 2000

Three-times bankrupt property developer Graeme Raymond, 37, was committed to trial in the district court today on five charges of not declaring jewellery, property and furniture to the Official Assignee, gambling or extravagant living contributing to his insolvency, perjury and making a false statement in an affidavit. In the only evidence on gambling at today’s court hearing, Christchurch casino manager Paul Wilson said Mr Raymond cashed in $680,830 there in three years and lost $108,390.

17 August 2000

The Property Council has bought itself a lobbyist from Wellington to replace John Dakin as its national director. The new director from 4 September will be Chris Simpson, previously director of the National Research Unit in Parliament and a senior consultant in a Wellington government relations company.

16 August 2000

Kiwi Income Property Trust has issued 15 million new ordinary units at 94c to institutions, which joint managing director Ross Green said was a response to strong demand after St Lukes Group was delisted, with some funds needing to reweight. The issue will cut 2% off Kiwi Income debt, which was expected to exceed 33% with commitments this year. Something Mr Green didn’t say: The money would also neatly equal the sum needed for Kiwi Income to move to 51% of Kiwi Development, removing any potential threat to its management rights there.

Colliers Jardine says the performance gap between prime and secondary industrial property continues to widen, with prime industrial outperforming the rest of the market for occupancy, rental growth and investor demand. It says the design-build market is the strongest in five years, with 13 projects exceeding 1000m² under construction, and 30 projects containing 112,000m² either just built or nearing completion at the end of the year.

North Shore councillors considering rezoning of the Albany Centre expansion zone along Oteha Valley Rd are working slowly towards a decision, with another session set down for 30 August.

Westfield has got 85% of the former Mercury Energy site in Newmarket let while it works out the longer-term redevelopment. Westfield is offering tenants in the 24,266m² of lettable space a minimum guaranteed two-year gross lease and option of a further two years with a six-month termination clause. Westfield has moved there itself and has 30 tenants signed up.

Bayleys has had success with a no-reserve auction, agreed to by a house owner who wanted an innovative way of marketing, and may try more of them. The Bucklands Beach waterfront home sold for $1,135,000, compared to government valuation of $920,000 (that would be rateable value now) and the previous top sale price on The Parade of $1,075,000.

AMP Asset Management has produced a booklet, Getting into Property, the Investors Guide, which asks some very basic questions investors in syndicates will be asking as their returns come unstuck (and investors in listed entities have also been asking for several years as returns have not been great and stocks continue to trade at discounts). One trick on page 9: the website address given there for more information won’t take you anywhere. Try my External links page/Listeds/AMP instead.

14 August 2000

CDL Hotels raised aftertax operating profit 63% to $3.4 million in the June half-year and 55% pretax to $7.5 million on revenue which was steady if Sydney residential unit sales last year are excluded from the comparison. NTA was 61.6c/share, compared to a closing market price of 25c.

CDL Investments, 61% owned by CDL Hotels, increased aftertax operating profit 5% to $2.26 million in the June half-year on revenue down 22% to $10.9 million. NTA was 22c/share, 1c above the closing market price. Kingsgate International Corporation, 51% owned by CDL Hotels, lifted aftertax profit from $1.3 million to $3.46 million with full rental returns coming in from anchor tenants of its Birkenhead Quays project in Sydney and a 5% exchange rate gain. NTA was39c/share, compared to a closing market price of 12.1c.

Eldercare NZ turned round from a $3.3 million loss to a $5.55 million aftertax operating surplus for the year to May, on revenue up from just below zero to $25.6 million.

11 August 2000

The National Property Trust performed slightly ahead of last year in its results for the year to May. The operating surplus before unusuals and tax was up 1% to $3.45 million on revenue of $5.66 million and the post-tax result was up 3.8% to just over $3 million.The trust’s dividend distributions for the year total 8.2c/unit, which the trust says is not comparable to last year’s 10.15c because of the intervening cash issue and placement.

9 August 2000

Capital Properties has agreed a new five-year lease of 5,240m² with Inland Revenue in the Freyberg Building in Thorndon, Wellington. The lease incorporates the renewal of one lease expiring next month and the extension of a three-year lease signed with IRD last year. The building remains fully occupied with Government tenants.

8 August 2000

WestpacTrust sold nine South Island branches on leaseback and had four under negotiation after the last of its three auctions run by Colliers Jardine last week. The branches all went for less than $450,000, and at yields ranging from 9.59% for Kaiapoi up to 16.09% for Balclutha.

7 August 2000

Westfield Trust’s takeover of St Lukes Group was approved today by all three groups of St Lukes securityholders — shareholders by 97%, convertible noteholders by 98% and capital noteholders by 84%. If the High Court makes final orders on Thursday, as expected, trading in all the securities will cease that day and payment will be made to existing holders on 15 August. (I understand it took three hours to get past debate on the St Lukes board’s communications to shareholders, delay in announcing its result and performance comparisons, but was not at the meeting so will not comment on these issues.)

4 August 2000

Colliers Jardine sold all 12 WestpacTrust branches on the second day of its auction series for the bank, in Wellington, at a range of yields from 7.84% in Ghuznee St, Wellington, to 13.75% in Pahiatua. Sale results were: Ghuznee Street, $780,000, 7.84%; Taradale, $612,500, 8.2%; Havelock North, $671,000, 8.66%; Petone, $290,000, 9.33%; Kilbirnie, $530,000, 9.72%; Carterton, $137,000, 10.6%; Taihape, $74,000, 11.92%; Marton, $176,000, 11.43%; Bulls, $88,000, 12.75%; Fielding, $282,000, 13.44%; Pahiatua, $72,000, 13.75%; Upper Hutt, $447,000,12%.

Submissions will close on Wednesday 6 September on Variation 58 to North Shore City’s district plan, which is concerned with rezoning of land on the northern side of Greville Rd, Albany. The council says the main purpose is to rationalise the Residential 4A and Business 2 zone boundaries to make them consistent with a mixed residential and business development proposed for the land.

The Official Assignee was appointed interim liquidator of subdivision company Wise Lass Residential Ltd at 4.25 this afternoon, in a compromise between the company, headed by Debbie Shuttleworth, and some creditors who claim the company is controlled by thrice-bankrupt developer Graeme Raymond. Timing was a factor in a dispute over the company’s appointment of accountant Clive Johnson as liquidator earlier this week.

Hearing commissioners reserved their decision today on an application by Graeme Hinton for resource consent for a seven-storey apartment building on the edge of Orewa’s commercial area.

2 August 2000

Five WestpacTrust branches were sold under the hammer, out of seven offered at a Colliers Jardine auction in Auckland today. They were the first of 33 bank branches offered at auction this week, all with six-year leaseback. The others are in Wellington tomorrow and Christchurch on Friday. Those sold were: Karangahape Rd, $1.16 million, 10.33% yield; Penrose, $1.2 million, 10.68%; Te Kuiti, $154,000, 12.34%; Ruatoria, $76,000, 10.95%; Wairoa, $111,000, 12.54%. The Kaikohe branch scored a top bid of $480,000, which would give a 19.23% yield, and the top bid for the Rotorua branch was $625,000 at 15.23%.

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Snapshot on local property, week to 18 March 2001

Latest: Young moves to Jasmax Wellington, Fletcher and Axa end Victorian cogeneration dispute, Sky expects Force stand to start in next week, Kiwi Income pays dividend early, Savoy to release result late, Bayleys issues Total Property portfolio, Shortland wins costs argument from Kiwi’s aborted takeover bid, National to absorb Southway, CDL Hotels profit slumps 76%, income up but capital value down in Property Council index, West Plaza on market.

17 March 2001

Architecture firm Jasmax has appointed Warren Young as an associate director in its Wellington office. Mr Young is from Wellington, graduated from Victoria University, then worked in Australia and the US before joining Jasmax in Auckland in 1997.

Fletcher Challenge Building and Axa Pacific ended their seven-year dispute related to a cogeneration power project for six hospitals in Victoria yesterday, with the Fletcher division buying project owner Varnsdorf Pty Ltd from Axa for $A41.85 million ($NZ50.4 million). Settlement is expected by 31 March.

Sky City expects to stand in the market at 25c for the minority interests in Force Corp after settlement of an agreement by Francis Securities Ltd (Force executive chairman Peter Francis) to sell at that price and Overseas Investment Commission is granted. Both are expected in the next week.

Kiwi Income Property Trust will pay a 4.54c/unit final dividend for the year to March 2001, plus imputation credit of 0.71c to make a total of 5.25c, taking the pretax total for the year to 10.45c/unit. Settlement date for the trust’s acquisition of Kiwi Development Trust is 2 April. The new units being issued for that acquisition don’t qualify for the final Kiwi Income dividend. The dividend is being paid early so a separate class of units didn’t have to be created for the period until the dividend would normally be paid.

Savoy Equities said yesterday it wouldn’t be in a position to release its results for the year to December until 23 March. The report was due yesterday under stock exchange rules. The company denied a report that it was planning a cash issue, said its sale of technology subsidiary JetTronics was still conditional, and the company has moved its registered office to Princes Court, where it was (but is no longer, Hudson NZ has taken over) part of the development team for the Hyatt Residential project.

14 March 2001

Bayleys Real Estate has put about 70 commercial industrial and retail investment properties in its Easter Total Property portfolio (don’t look for it on Bayleys’ internet site yet — the Total Property portfolio there is the summer 2000 one). The auction series will open in Christchurch and Hamilton on 5 April, continuing in Auckland on 11 April, Wellington 12 April, Palmerston North and Rotorua on 19 April.

Justice Susan Glazebrook has found Kiwi Income Property Trust liable for costs incurred by Shortland Properties Ltd in Kiwi’s takeover bid, which didn’t proceed to a formal offer. The amount to be recovered was not part of the High Court ruling, but Capital Properties Ltd, which did take over Shortland, said it would move to have the quantum issue determined. Kiwi contended it wasn’t liable because it hadn’t proceeded to a formal offer.

13 March 2001

The National Property Trust will absorb Southway Properties Ltd under a proposal to be put to National unit and noteholders at meetings scheduled for 30 March in Christchurch. National executive chairman Paul Dallimore said the meetings would be asked to approve issuing up to 16.1 million units and 4.5 million $1 convertible preference units, increasing its assets from $65.6 million to $110.8 million and asset backing from 93.6 to 98c/unit. Southway’s main assets are the East shopping centre and Hornby mall in Christchurch.

CDL Hotels Ltd gained $76.2 million from the sale of apartments in the Birkenhead Pt development in Sydney, helping to increase sales by 48% to $242.1 million in the December year, but wrote down the value of the Millennium Hotel in Sydney by $23.66 million to end up with a net profit of $1.45 million, down 76% from the $6.2 million in 1999. Earnings/share fell from 1.77c to 0.42c, but the company will pay a fully imputed 0.7c final dividend. CDL Investments Ltd’s net profit fell 20.2% to $4.1 million. It will pay a 1.6c dividend.

The Property Council’s investment performance index for 2000 shows income returns were generally strong, but total returns on office and industrial property were cut back by negative capital value movements. Auckland cbd office showed an 8% income return, 7.14% negative capital movement and 0.58% total return. Wellington and Christchurch office held up better, with 11.03% and 10.36% income returns, lower capital value falls at 5.14% and 2.82%, for total returns of 5.61% in Wellington and 7.4% in Christchurch. Auckland industrial showed 10.21% income return, 2.63% capital value fall and 7.45% total return. National retail produced a 9.57% income return, and bulk retail a 10.67% income return, both showed capital growth at 3.73% and 2.28%, and the total returns were 13.47% for retail, 13.07% for bulk retail.

National Mutual, now part of the Axa group, has put the West Plaza and annex at the corner of Albert St and Customs St W on the market for the first time since the distinctive CB Richard Ellis, closing on 6 April. The 20 office levels, ground and mezzanine retail have a total 8454m² net lettable area earning about $1.2 million/year with capacity to earn more than $1.5 million, excluding gst. The 1999 government valuation was $23.5 million, including $8.3 million for the total site of 2246m² ($3696/m² land). Apart from its shape, West Plaza has always been distinctive for its multitude of small office tenancies. Net floor areas are about 423m². The annex has a vacant Albert St shop and provides the building with 102 parking spaces off the foot of Federal St.

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Snapshot on local property, week to 21 October 2001

20 October 2001

Housing minister Mark Gosche launched a Government community renewal programme in Aranui, Christchurch, this week. Similar programmes are under way at Clendon in Manukau and Fordlands in Rotorua. Housing NZ accounts for about one-third of homes in all three areas. The minister’s statement was full of warm mumbo-jumbo. There’s bound to be someone who knows what it actually means.

Eldercare NZ Ltd has settled the $2.5 million sale of the Molly Ryan Trust retirement village & nursing complex in New Plymouth to a group headed by Alan & Jenny Dempsey. Eldercare also released details of its $3.478 million rights issue, part of a $10.5 million plan to reduce debt and fund medical & healthcare acquisitions, taking it away from property investment. It’s offering shareholders one new share at 16.5c for every 7.5 existing shares, closing 9 November. Shareholders at the 31 October annual meeting will also have to consider two placements, one of 12.12 million shares at 16.5c to Alliance Capital Management NZ Ltd (Axa) and the other a $5 million convertible note placement to controlling shareholder Cullen Investments Ltd (Eric Watson).

A 245ha drystock breeding farm on state Highway 50 at Ongaonga, central Hawke’s Bay, was sold at a Bayleys auction for $2.27 million. Bellevue, subdivided from Bellevue Station six years ago, was bought by a Dannevirke dairy farmer initially as a run-off. Bayleys’ Hawke’s Bay country sales manager, Gary Brooks, said the sale price of $9265/ha was one of the best achieved for a pastoral property in the bay. It carries 3000 stock units, 400 head of cattle, has a 37ha deer unit and another 24ha partially fenced for deer.

Bayleys sold more than $3 million of commercial & industrial property at auction in Hamilton, including the neear-new Mitre 10 building in Te Awamutu for $1.55 million and the town’s only storage unit complex for $780,000. The storage business, returning $95,000/year off 90% occupancy, has about 900m² left for further development on a 4732m² site. The Mitre 10 outlet, which also has a Lotto shop & cafe, was sold to a Cambridge farmer at a 9.6% yield with a new 12-year lease in place. In Hamilton, Metrology of NZ Ltd’s 1110m² warehouse at 750 Te Rapa Rd fetched $475,000 under the hammer at a 10.53% yield, and a 371m² BP service station/workshop was sold for $320,000, at 11.7%. A 4.5ha Kahikatea Drive industrial site was passed in.

Four of five commercial & industrial properties offered at auction by Bayleys in Wellington a week ago were sold, with three going vacant to business occupants. Mark Hourigan, of Bayleys, said top price was $500,000 for a three-level Tory St building, whose buyers intend to live in the top two storeys and lease out the 80m² ground floor. A 475m² ground-floor unit on the corner of Ghuznee & Egmont Sts, Te Aro, was sold for $420,000 to a theatre group, and a 414m² one-level building in Te Puni St, Petone, was bought by a company for its own warehouse use. A 191m² Trafalgar Square, Waterloo, building in Lower Hutt occupied by Trafalgar Bistro and two other retail outlets was sold for $377,000 at 10.85%. Left unsold was a two-storey, 230m² , 15-room boarding house on Constable St, Newtown, producing net rent of $52,000 and passed in at $335,000.

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Snapshot on local property, week to 25 May 2003

25 May 2003

AMP Property Portfolio’s Botany town centre was 1 of 8 award winners in the International Council of Shopping Centres’ awards for innovative design & construction. Other winners were from Saudi Arabia, France & the US. Botany won in the category for projects over 500,000ft² (46,450m²).

23 May 2003

Kiwi Income Property Trust allotted 23.6 million units at $1.06 to raise $25 million to buy the 31-shop Downtown Plaza in Hamilton, next to the trust’s Centre Place shopping centre. The acquisition is subject to due diligence and if it doesn’t proceed the money will be used for other retail projects and to repay debt.

Quotable Value NZ Ltd said on Thursday house prices throughout the country rose for the 7th consecutive quarter, led by Nelson for the 2nd time. The QV house price index rose 2.4% in the previous quarter, 2.6% this time. Nelson rose 8% last quarter, 10% this time, Napier was the next biggest rise at 3.6% last quarter & 4.5% this time. Hamilton & Waitakere indexes rose 2.9% this time, the Auckland region 2.4%, Wellington 1.9%.

19 May 2003

Auckland City Council’s finance & corporate business committee has proposed a city contribution of $2 million plus towards a $10 million tribute to Sir Peter Blake at the National Maritime Museum, at the entrance to the Viaduct Basin. The city contribution is subject to the Government providing $2.5 million, and Te Papa and the Maritime Museum $5.5 million through a sponsorship drive. The tribute would include suspending the NZL32 Black Magic America’s Cup winning yacht over the water in a new structure next to the museum, and a permanent exhibition celebrating Sir Peter’s life.

Sky City Metro entertainment centre’s former Imax screen reopened at the weekend to feature Matrix Reloaded, the Hollywood blockbuster which opened nationally at the same time. The Imax cinema was a feature of the Force entertainment centre developed beside Aotea Square. The Australian MTM Entertainment Trust went to court to avoid buying the centre, Sky City Entertainment Group bought control of Force and renamed it & the centre. Village Sky City Cinemas chief executive Joe Moodabe said the Imax screen had been renamed Mega Screen Queen St and more blockbusters would be screened there following adaptation of the cinema.

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Snapshot on local property, week to 24 February 2002

18 February 2002

Housing Minister Mark Gosche said on Friday the Government will spend $7.45 million on substandard housing in Northland, East Cape & the eastern Bay of Plenty. In special housing action zones the number of suspensory loans available for essential repairs to run-down houses will be increased by $5.7 million over 3 years, $1.4 million will be spent over 4 years on a pilot programme to help community-based housing groups devise & deliver home improvement services for designated rural areas, and $350,000 will be spent this year on 30,000 extra smoke alarms for at-risk houses. Mr Gosche also said Housing NZ would double the number of houses it plans to acquire in the 3 areas this year to 176.

Cornerstone Group Ltd (Rick Martin) will start construction in September on its 12-storey Orewa apartment block, The Nautilus. The company has gained a revised resource consent after buying the site from Gillespie Property Group Ltd (Ian Gillespie). Cornerstone has also introduced a promotion to get buyers in before 2 price rises — a 5% increase averaging $21,000/unit which buyers can beat by signing up by the end of this month, and a second 5% increase when construction starts, taking the total average increase to $43,000/unit. The company sold 10 apartments over the weekend.

Bayleys has released its Homes Summer 2002 portfolio and is also promoting The Landings Parnell, a 70-unit development by The Landings Parnell Ltd (Mosen Haghi, Loukas Petrou).

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Snapshot on local property, week to 5 August 2001

Latest: North Shore court on move, Savoy suspension lifted, Colonial produces report, Australasian Property Holdings still in acquisition talks, Colonial trust a late report filer, Savoy future depends on shareholder support, Dairy Brands’ seven-farm sale falls over, council asks questions about Grafton Gully highway, reprieve for Basque Park gardeners.

5 August 2001

North Shore District Court will move from its Huron/Anzac Sts, Takapuna, addresses at the end of this week, and open at Albany on Monday 13 August. The court’s new address is the corner of Don McKinnon & Corinthian Drives, Albany.

2 August 2001

The suspension on Savoy Equities Ltd sharetrading was lifted after the company produced its annual report for the year to December and audited financial statements on Wednesday.

Colonial First State Property Trust also produced its annual report today, beating off its suspension threat.

Australasian Property Holdings Ltd’s directors said the company (listed in New Zealand but with business in the Blue Mountains west of Sydney) was continuing its negotiations for a major acquisition and believed they could make a further announcement within a fortnight. They said they were in negotiations on 2 July.

1 August 2001

Colonial First State Property Trust is the one property stock which failed to file its audited annual report for the 31 March year with the stock exchange. Failure to file results in suspension five days after non-compliance begins.

Savoy Equities Ltd has told the stock exchange its viability depends on ongoing shareholder support, so it’s been valued on the basis of expected net realisable value, not on a going-concern basis as given in the preliminary report for the December 2000 year. Savoy’s audited result shows a deficit after tax and minority interests of $78.874 million after writing off $70.812 million in respect of the Britomart intangibles claim. Net assets have accordingly reduced from $1.357 million to $519,000. The company’s annual meeting will be held at the Hyatt Regency Auckland at 2pm on 31 August.

Dairy Brands NZ Ltd will not proceed with the conditional contract to sell its last seven farms.

30 July 2001

Auckland City Council planning staff have studied the outline plan of works which Transit NZ was required to submit for its State Highway 16 extension to Stanley St in Grafton Gully, and the planning fixtures sub-committee has made recommendations requesting more detail. Transit doesn’t need a resource consent because the land is designated as motorway under the district plan.

30 July 2001

The gardeners of Basque Park, Newton, can stay for another growing season after being given a 10-month reprieve by Auckland City Council’s parks & recreation committee last Friday. Committee chairman Bill Christian said public input would be sought on a discussion document to be prepared by September, followed by a community board review by March 2002 for a policy to go to the council in April 2002 (in the term of a new council). Mr Christian said the council was also developing a city-wide community gardens policy.

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