Latest: Enough people to fill 30,000mÂ² leave town, mixed-use scheme for Oteha, new Pakiri proposal.
25 October 2000
Gerald Rundle of Bayleys Research notes in the firm’s latest newsletter that Auckland cbd employment numbers flattened in 1997-98 and fell in 1999 by 2057 fulltime-equivalent jobs, or 3.4% (the figures are from Auckland City Council). At 15mÂ²/person, that’s 30,000mÂ². The Royal SunAlliance Centre is struggling to fill the last 20% of its 37,000mÂ², AMP will have 30,000mÂ², Trans Tasman wanted to build 20,000mÂ². But better space use in the new buildings isn’t everything, according to Bayleys â€” owners of existing buildings are offering very competitive inducements to stave off vacancy.
24 October 2000
North Shore hearings commissioners will consider an application on Thursday by Rojo Developments (Joel McLellan) to build 71 flats and 5248mÂ² of commercial and retail space in two buildings (one of them in three blocks in an L-shape, three and four storeys high) on 6497mÂ² of the triangle between Oteha Valley Rd, across from the North Harbour Stadium, and the old entry of that road to the Albany Village, now called Oteha Rd Extension.
Rodney’s planning commissioner will consider a new Pakiri Beach subdivision on Thursday, this one using transfer of title to turn two beachfront lots now in pasture into four intended for lifestyle blocks.
Auckland City councillors will appoint planning commissioners on Wednesday to determine an application to subdivide 22.6ha on Palmers Beach, Great Barrier Island, into 22 lots, including 14 for houses. The councillors will also make their determination on an application to build an 11-storey apartment building at 109 Vincent St in the city.
Earnings streams were strong for all property classes in the year to June, according to Property Council research, with total returns from retail at 14.83% and bulk retail at 13.07%, industrial at 8.45%. Cbd office income returns were 8.11% in Auckland and 10.4% in Wellington. The office picture is less pretty when capital returns are taken into account, knocking 7.2% off the cbd office returns. For retail the capital return was 4.99% and for bulk retail 2.58%.
13 October 2000
North Shore City Council unveiled a concept structure plan today for Long Bay and the farmland behind it, which it envisages will turn into a suburb, though with some large-lot properties. The arrival of the plan has taken a good decade by different councils and groups of councillors on the North Shore, with a concerted effort in the past year. Continuing strenuous opposition is likely from the Great Park group wanting to turn the whole area into a reserve, the longterm holders, the Robinson family, are about to sell out, and development could start in about two years, assuming a moderately straightforward environmental-law track.
10 October 2000
Fletcher Building will be a standalone listed company, instead of a listed letter share of an overall group after the Fletcher Challenge group’s restructuring is completed. The Challenge! service station network, including three terminals, will be bought for $20 million by a new company, Rubicon, which will pick up the pieces of the group but have a main business of commercialising new technologies.
South Canterbury farmer Alan Pye has bought six of Tasman Agriculture’s properties for $34.25 million at $19,640/ha for a total 1744ha, and the top property at $22,700/ha. Tasman Agriculture has sold $65 million of farms in two months.
Papakura District Council is considering shifting the town’s railway station north by about 600m as part of its growth strategy. The move might not happen for years (if at all), but will be allowed for in a change to the Papakura central structure plan.
AMP Asset Management NZ Ltd has changed its name to AMP Henderson Global Investors (New Zealand) Ltd, signifying it’s part of an international financial organisation with a British link through the Henderson name (or that it’s a group of Westies run amok). The Asset Management title signified a job â€” the company is the manager of two listed entities, AMP NZ Office Trust and Property For Industry, and the promoter of AMP World Index Fund.
6 October 2000
AMP NZ Office Trust has sold the Wellington Parkroyal to the hotel’s manager, Bass Hotels & Resorts, for $55.6 million. Last year’s valuation was $55.5 million. The sale doesn’t include the rest of the building it’s in, the IBM Centre.
4 October 2000
Kiwi Income Property Trust has formally turned down its option to buy the remaining 66% of Kiwi Development Trust, which would have been done well above market price. The decision puts Kiwi Development and its Royal SunAlliance Centre in play â€” for Kiwi Income and its Australian partner, Lend Lease, as well as others.
2 October 2000
The 64 Metro City apartments now in the hands of receiver David Davidson have been taken to tender by Roger Seavill and John Goddard, of Colliers Jardine, with a closing date of Thursday, 9 November. The 64, out of a total 109 in the year-old apartment block at the top of Wakefield St, Auckland, had been in the hands of marketer and manager Garry Lawrence until the court-ordered liquidation of Metro City Apartments and Metro City Management four weeks ago.
Resource consents granted by Rodney District Council’s commissioners in the past three weeks show the break-up of land immediately north of Auckland into lifestyle blocks continues apace. Chris Morton â€” a Queen St office block owner, North Shore residential and Parnell apartment developer â€” and Derek Wallwork, who has joined Mr Morton in some projects, have consent for properties at Matakana Rd and Woodcocks (west of Warkworth). Others are at Whangaripo, Tomarata, Makarau, Pohuehue, Kaukapakapa, Kanohi, Puhoi and Riverhead. Applications will be heard this week for the Upper Waiwera Valley, Coatesville (now heading down to 2ha lots), and Wairere Rd, Upper Waitakere (in the rural conservation 3 zone, recommended for approval but opposed by Gary Taylor and the Waitakere Ranges Protection Society).
Pacific Retail Group has bought the trading assets of homeware and giftware retailer Living & Giving, which has six stores in Auckland and Hamilton, valued at $4.4 million and with turnover of $10.7 million.