Archive | Archive – local property

Snapshot on local property, October 2000

Latest: Enough people to fill 30,000m² 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 15m²/person, that’s 30,000m². The Royal SunAlliance Centre is struggling to fill the last 20% of its 37,000m², AMP will have 30,000m², Trans Tasman wanted to build 20,000m². But better space use in the new buildings isn’t everything, according to Bayleys — 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 5248m² of commercial and retail space in two buildings (one of them in three blocks in an L-shape, three and four storeys high) on 6497m² 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 — 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 — 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 — a Queen St office block owner, North Shore residential and Parnell apartment developer — 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.

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Snapshot on local property, week to 4 February 2001

Latest: Dairy Brands opts for selldown, Hartner Construction in receivership, structure plan for public land beside Bayswater marina, Meremere power station on market, B&T brightens up its website, annual pedestrian count, directors recommend accepting offer for KDT, AMP trims office trust stake, Australasian Property Holdings appoints PRD to market Katoomba resort.

3 February 2001

Dairy Brands NZ Ltd shareholders voted on Friday to approve the selldown of the company’s properties and it will now proceed with marketing of selected properties. Options included switching from sharemilking to managed farms, selling the business as a going concern or selling the properties.

2 February 2001

Hartner Construction Ltd has been placed in receivership after facing the threat of collapse for 18 months. Vivian Fatupaito, of PricewaterhouseCoopers, is handling this receivership, along with a series of construction industry liquidations which have occurred over the summer. Hartner’s major recent project, the Princes Wharf apartments and Hilton Hotel, are nearing completion and the developer, David Henderson of Kitchener Group, has issued a statement saying its payments to Hartner are up to date and his company would work closely with interested parties to ensure construction continued. Hartner also faces liquidation action by the liquidator of one of its former sub-contractors, Alotech Walls & Ceilings. The last wharf apartment block, Shed 24, is being completed by ABL Construction. A related company, Goodall ABL Construction, had been doing that job but went into liquidation last March.

North Shore City Council has produced a booklet and questionnaire seeking the views of people in Devonport, Bayswater and those with views of the Bayswater marina, in preparation of a structure plan for the mostly reclaimed 5ha of public land next to the marina and north of the Takapuna Boating Club. The packages will be out in the next week and the council wants responses by the end of February.

1 February 2001

Genesis Power Ltd, the state-owned enterprise which took over the Electricity Corporation’s interest in the mothballed Meremere A power station, has put the empty buildings (minus turbines and other equipment) and the leasehold interest in the power station’s 106ha of land 60km south of Auckland on the market through an expressions of interest campaign. Tainui Corporation holds the freehold interest. Closing date is 15 March, with Hermann Trebitsch and Wayne Muir of Barfoot & Thompson Commercial. At that stage the agency will still be up at Eagle House on Symonds St — B&T’s commercial division will take up a prime spot above Chancery’s Mecca restaurant in mid-April.

Round the corner in Commerce St, B&T chief Mark Thompson has been busy getting the whole organisation’s business — residential, commercial, industrial, country living and property management — online through a more-swept-up website (check it on the External links).

The NZ Property Institute has tried to revamp the old Institute of Valuers’ annual Auckland pedestrian counts, trying to space the counters better on their day out. Unfortunately, not all the counters turned up, leaving questionmarks over where the busiest spots on Queen St are. The busiest piece of footpath on the list was outside Peter Cammell’s pharmacy at 104 Queen St with 2750 pedestrians/hour over the chosen lunchtime in October. Vulcan Lane at the Occidental dipped by 36% after rising 70% the year before, and Westpac at 41 High St went the other way, courtesy of roadworks. The valuers sell their product, which includes the record of a fairly dismal day in Takapuna and Manukau City Centre, and tough times outside Henderson’s strip shops as WestCity pulls in business. Gerry Hilton on 09 379 9591, convenor of the count, and NZIBV treasurer Stephen Hughes on 09 486 3345, can provide full copies.

30 January 2001

The independent director of Kiwi Development Trust’s management company, Arthur Young and Brian Allison, have recommended that unitholders accept the 3:1 takeover offer from Kiwi Income Property Trust unless a better offer emerges.

AMP has sold 1.05% of its listed New Zealand property trust. From 27.94%, the combined total of units and notes shown in the 2000 annual report, the AMP holder, AMP Henderson Global Investors (NZ) Ltd, now has 26.89% of AMP NZ Office Trust.

29 January 2001

Australasian Property Holdings (the onetime Petro Taranaki, subsequently Areco and for several years Leisure Lea) has appointed PRD Realty (NSW) to market its Katoomba golf resort and residential estate, in the Blue Mountains west of Sydney. Managing director Tracey Lake said the company’s asset back now exceeded 30c, compared to 6.7c when he addressed shareholders on the company’s future in Auckland in November 1999. It was delisted for six years but was relisted last month. The proposal for its long-held Katoomba site is an international-standard resort hotel, 18-hole golfcourse, 18 fairway villas and up to 80 terrace apartments.

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Snapshot on local property, week to 28 October 2001

28 October 2001

Property For Industry will pay a consistent 1.3c/share third-quarter dividend, with 0.3c/share imputation credits. Chairman Allan Lockie said earnings/share had increased 10%, from 4.19c to 4.62c, reflecting the portfolio’s strength. PFI reported nine-month net earnings up 16.4% at $8.7 million, on rent up 17% to $16.5 million, largely due to acquisition of 10 properties in Mt Wellington last summer. Mr Lockie said the share price was well supported through global uncertainty, highlighting the strong defensive qualities of property as an investment class in an environment of falling interest rates & economic slowdown. PFI has 50 properties worth $215 million. Its debt:investment assets ratio is 29%.

Calan Healthcare Properties Trust had two shots at telling the market its interim dividend on Friday. The correct version is a 1.5865c/unit dividend, record date 9 November, payment 3 December.

Tasman Agriculture Ltd will go into liquidation & be delisted at the close of business on Wednesday 31 October, with Syd Dobbs as liquidator. Shareholders will get an interim cash distribution, expected to be about $1.20/share, and an initial distribution of shares in the company’s Australian operation around 14 November. It’s expected that the Australian operations holding company will be quoted on the New Zealand unlisted securities board within a month.

Australasian Property Holdings Ltd announced a 1:10 renounceable rights issue on Thursday, for 4.3 million convertible cumulative redeemable preference shares at $NZ1, minimum holding 500 shares, redemption 31 December 2003. Each preference share is convertible on 31 December 2002 or on the redemption date, at the holder’s election, into five ordinary shares at 20c/share. Interest accumulated at 8% will be paid on the conversion & redemption dates. The company has been promoting expectations of a Blue Mountains project, but said the funds being raised in this offer would be for generating operating purposes. “No specific projects have been identified for acquisition, nor has any significant expansion of established businesses been committed to at this time,” the company said.

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Snapshot on local property, week to 15 June 2003

14 June 2003

AMP NZ Office Trust has decided not to proceed with its $112 million conditional contract to buy the ASB Bank Centre in Auckland from the bank (which owns 60% & leases 15 floors) & the unlisted AMP Property Portfolio. AMP Property Portfolio will take the building to international tender through Colliers International. ASB Group’s general manager property, Derek Shortt, said the bank wanted to cut its land & buildings:total assets ratio back to the banking industry average and to invest the sale funds in its core banking business. AMP Property Portfolio general manager Murray Jordan said the portfolio was weighted to international benchmarks, and the sale would allow it to rebalance its holdings in favour of retail & industrial properties.
Previous story: AMP trust signs conditional $112 million deal on ASB Centre

Tourism Holdings Ltd will spend $12 million over the next 4 years upgrading Kelly Tarlton’s Antarctic Encounter & Underwater World on Tamaki Drive, Auckland. Experiences division general manager Richard Wilson said work would start next month with design & installation of a new filtration system for the aquarium tanks. Among the additions & improvements will be the opportunity for visitors to swim with sharks, and with giant sting rays in a new sting ray bay. Other changes will be a new shark feeding area, an upgraded entranceway & back of house facilities, a café & function rooms, and reconfiguring of the “people mover” conveyor system. Project manager is civil & structural engineering firm Thorburn Consultants Ltd, including former Kelly Tarlton fish curator Craig Thorburn. Design is by Ignite Ltd.

ING NZ Ltd has increased its stake in Kiwi Income Property Trust from 7.74% to %8.61%.Axa Asia Pacific Holdings Ltd has 5.31% held beneficially & non-beneficially.

9 June 2003

“Have we a house price bubble?” Act asks in its weekly Letter from Wellington. “Comparing house prices to rents from 1975 to 2002, rents have increased 772% and house prices 712% — no bubble. But since 1994 rents have increased 10% and house prices 43% — a bubble (but Labour’s state house rent reductions are part of the reason). The house price:income ratio says property is overpriced. From 1992 to 2002 house prices have increased 69% and wage & salaries by 19%. Auckland house prices from 1994 to March 2003 have risen 80.3%, compared to a 17.8% increase in nationwide wages (no data for Auckland wages exists). What’s very worrying is the record level of household debt in this country – it has risen from 64% of gdp in 1990 to 117% a year ago. The increase in house prices seems to have eased; the real question is, will property prices fall?”
Act website

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Snapshot on local property, week to 17 March 2002

14 March 2002

Sky City Entertainment Group Ltd has confirmed its interest in a possible joint-venture project to establish a hotel at Auckland Airport. Sky City managing director Evan Davies said today Sky and Auckland International Airport Ltd would undertake a 3-month feasibility study. Sky was interested in expanding its tourism & hospitality operations.

A joint meeting of Auckland City Council’s city development and works committees on Wednesday supported undergrounding of the replacement Hobson Bay sewer pipeline. That option was supported by the Eastern Bays and Hobson community boards on 25 February.

12 March 2002

Construction started last week on a $9 million 51-unit Housing NZ Corp development for the elderly & disabled at Lynfield. Housing NZ Corp reconsidered a bigger proposal for the site after community concern last year. That scheme would have terraced family units built. The revised project should be completed in December.

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Snapshot on local property, week to 19 August 2001

Latest: ANZ branches for auction, Francis buys Force’s Domain Terraces stake, Neil sells first Tech Park building, Metlifecare turnround, transport lobby makes resource management case.

17 August 2001

Colliers Jardine will take 34 ANZ Bank branches to auction next month for sale on a six-year leaseback. Colliers Jardine managing director Mark Synnott said the branches were all well maintained, in good locations and should sell in a range from $100,000 to $2 million. The auctions will be at the Crowne Plaza Hotel in Auckland (formerly the Centra) at 11am on Tuesday 18 September, the Duxton Hotel in Wellington at the same time the next day, and at the Holiday inn in Christchurch at the same time on Thursday 20 September.

16 August 2001

Force Holdings Ltd, a subsidiary of Force Corp Ltd, now controlled by Sky City NZ Ltd, has conditionally sold its one-quarter interest in Domain Centre Developments Ltd and the Domain Terraces joint venture to Force’s former executive chairman and controlling shareholder, Peter Francis, for $1.664 million. Mr Francis’ company, Francis Securities Ltd, has paid a $300,000 deposit, with the balance due on 31 August.

The Neil Group Ltd has sold the ASB Bank Advanced Technology Centre, nearing completion at the southern entrance to the Albany Centre, to Dominion Funds Ltd syndicates for $19.62 million, at a 9.37% yield on initial rent of $1.84 million/year. The centre has 8098m² of lettable floor area in a distinctive two-level building with a basement carpark. The high-profile site alongside State Highway 17 forms the gateway to the new 7ha Tech Park at Albany. ASB Bank has entered into a 15-year lease with Neil International Ltd, owner of the Albany Centre land. The property will be transferred to Dominion’s syndicates following on completion in October.

Metlifecare Ltd turned from a $1.3 million loss to a $3 million profit in the June half on operating revenue up 13.4% to $42.1 million. Chairman Peter Fitzsimmons said Metlifecare achieved high occupancy levels, strong sales and resales of units and apartments, and 955 selldown of its 7 St Vincent Remuera Apartments. He said the company was focused on being an operator rather than developer.

Resource management processes came in for scrutiny by the Auckland Transport Action Group (ATAG) of public and private sector chief executives when they made recommendations on speeding up implementation of core components of the regional land transport strategy. Essentially their message is this: Clear the barriers so we can build the motorway network quickly. The transport lobby cited process duplication, saying three hearings are required initially — designation, an outline plan and construction approvals — and some had appeal rights to the Environment Court. They said there was a reluctance to appoint suitably qualified independent commissioners, project delivery methods could make the process hard to manage, the act’s time limits were rarely achieved, and vexatious litigants affected by Public Works Act considerations could achieve considerable delay. The action group wants streamlined processes, including direct reference of corridor projects to the Environment Court instead of going through separate hearings on motorway stages.

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Snapshot on local property, week to 5 May 2002

5 May 2002

Dominion Funds Ltd has bought a 5ha property on the corner of Chapel & Marsh Sts, Tauranga, from Amida Holdings Ltd (Peter Arnesen) to redevelop. The site includes 12,209m2 of buildings. Chief executive Paul Duffy said the site, near the Tauranga/Mt Maunganui bridge, was ideal for bulk retail. 19 tenants are paying total net rent of about $1 million/year. They include Placemakers, CSR Monier, Palmers Garden Centre, NZ Office Products, Florentines, NZ Post, Cogent Communications and Express Couriers.

1 May 2002

Papakura District Council will hold a special meeting on Monday 6 May at 4.30pm to consider the development agreement which has been formulated with Countyglen Ltd (David McConnell & Martin Hansen). Further submissions on the proposed plan change No 7 (minor plan changes) cane be lodged with the council up to Friday 31 May.

Project & construction management company Arrow International Ltd (Ron Anderson & Bob Foster, project manager Jonathan Ash) has completed the $13.5 million redevelopment of Whangarei Hospital on time & under budget, after the progressive opening of the emergency department, intensive care unit & radiology department. Northland Health said it had led to a dramatic decrease in the outpatient waiting list, with the number of people waiting for first assessment declining from more than 5000 to 2000. The new design allows for more clinic space & the co-location of key hospital services, and the day surgery can treat 35% more patients.

Auckland International Airport Ltd, the Tainui Maaori Trust Board & local tangatawhenua have agreed to jointly investigate building a marae at the airport. The airport company has developed a strong relationship with Tainui over many years, and numerous activities & projects have been completed in association with the local people and with the Huakina Development Trust.

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Snapshot on local property, week to 28 September 2003

25 September 2003

Urbus Properties Ltd has raised $15 million through an institutional placement of 18.4 million shares at 81.5c, a 3.6% discount to the current 89c share price (adjusted for the anticipated 4.5c/share interim dividend, expected to be paid in late November). Urbus will use the money to fund acquisitions & development opportunities, but in the short term to reduce bank debt.

23 September 2003

Promina Group (ex-Royal & SunAlliance) has launched a website for Deposit Power, offering guarantees as an alternative to cash deposits for property purchases. Also listed are the various newly renamed parts of the Promina group. In the event of default, Deposit Power guarantees to pay the deposit before recovering the outstanding funds from the buyer. The guarantee costs 1.2% of the guaranteed amount up to $100,000, for settlement terms up to 6 months. On a $200,000 property with a $20,000 deposit, the fee would be $240, with no interest payable. 2 business development executives have been appointed in Auckland, Trina McGreevy & Amber O’Neill.
Website: Deposit Power

Kiwi Income Property Trust has fully leased stage 2 of the $91 million redevelopment of the Northlands shopping centre in Christchurch ahead of schedule. Stage 2 has 47 retailers within a new fashion precinct & 500-seat foodcourt. Stage 1 opened fully leased, on time & on budget in July. Stage 2 is on schedule for completion in early November. Leasing of stage 3 is well underway. When the whole Northlands redevelopment is completed it will have 130 shops & 40,700m² of retail space, making it New Zealand’s largest enclosed shopping centre.

Trans Tasman Properties Ltd has increased its stake in Australian Growth Properties Ltd from 60.23% to 61.67%. The New Zealand company, controlled by SEA Holdings Ltd of Hong Kong, has made a takeover bid at A85c/share for AGP.

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Snapshot on local property, week to 4 August 2002

30 July 2002

Northland Regional Council has launched its first state of the environment report, as a benchmark for future environmental developments & improvements. The full report is on the council’s website. Also just released is the Northland integrated transport study, paid for by the Ministry for Economic Devleopment with input from the regional council and the region’s 3 district councils. The regional council expects its regional policy statement to become operative within a month, has 1 appeal on its air quality plan to settle but numerous appeals to resolve on the regional coastal plan and regional water & soil plan. The coastal plan should become operative by the end of the year. Resource consents have been granted for the Kaeo River management scheme and work will start next summer. Work should start next year to clear several other Northland rivers & streams prone to flooding because of blockages.

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Snapshot on local property, week to 24 June 2001

Latest: Property Council’s new retail lease out, Bayleys Research finds conditions ripe for Hamilton rent rise, Colonial claims great return without evidence, Flat Bush urbanisation proposals notified, two deals add 7.8ha to new Hillsborough park, too little detail on Metropolis bond revision, more weight to Environment Court.

24 June 2001

The Property Council has released its May 2001 retail lease, the first revision since 1990 (the Boma lease). The council’s research department manager, Nicole Humphries, said it reflected tenant needs better but was still essentially an owner’s document. Among the changes: compensation for relocation, total rentable area definition changed to reflect modern centre trends, provisions compelling tenants to adhere to centre trading hours, lessor covenants to clean common areas, gross sales definition includes internet sales, improvements rent removed, base rent no longer reviewable on assignment, lessor has right to hook into tenant’s computer system to monitor sales, alternative disputes resolution as well as arbitration.

Bayleys Research says in its June bulletin that New Zealand industrial rents ($65-80/m²) are way down the bottom on an international scale. San Francisco was high a year ago at $NZ255/m², but demand has pushed rents there skyward, above $NZ800/m².

Hamilton is the focus of another Bayleys Research bulletin item (further details, Peter Sluyter, [email protected]). The report shows A grade vacancy down from 12.8% at January 2000 to 4% in May 2001, B grade vacancy from 30% to 18.6% over the same period. A grade rents have held steady, but many leases are due for review this year: “Bayleys Research believes the conditions are ripe for some rental growth for the first time in years.” Outside the Hamilton cbd, stand-alone premises with good parking are the targets, but parking rents have increased. The report notes the trend to shorter leases — 2-3 year terms are common.

Colonial First State Property Trust’s annual report contains the curious — and bald — statement from chairman Bruce Abraham that the trust “gave a total pretax return of 34.6% for the year to 31 March 2001 (21.7% capital appreciation plus 12.9% income)”. Without a unit price guide in the annual report, it’s impossible to gauge the capital value movement of units. Total distributions, including one payable on 22 June, were 10.6942c/unit (including imputation credits), and again no gauge of a percentage return is offered. The capital value of the trust’s property portfolio shrank — a move which is both apparent in various parts of the report, and explained.

Proposals to allow urbanisation of the Flat Bush area of East Tamaki in Manukau City have been notified by the Manukau City and Auckland Regional Councils. Submissions on both proposals close on Friday 10 August. For Manukau City, the comprehensive rezoning of 1700ha, to allow development of a new town for at least 40,000 residents, is contained in proposed district plan Variation 13. For the regional council’s extension of the metropolitan urban limits, the proposal is contained in proposed regional policy statement change No 1. The city council also has lodged with the regional council for its approval a comprehensive catchment management plan and comprehensive stormwater discharge application, which are available for viewing. Submissions on them will be taken later in the year. Manukau City has published advertisements saying the variation would be on its website on Wednesday 20 June, but it hadn’t arrived by Sunday 24 June. For when it does: Manukau City Council homepage.

The Catholic Diocese of Auckland has agreed to sell 5.1ha at Hillsborough to Auckland City Council for a major park. The land includes the former Pah Homestead, also known as Monte Cecilia House. Monte Cecilia primary school will continue unchanged. The council began establishing the new park in 1999, when it bought the former Marcellin Hall site. The council has also bought 2.7ha for the park from the Masonic Association, including the tree-lined driveway to the original Pah Homestead. Remedial work will protect Liston Village access, security and privacy. Mayor Christine Fletcher said additions to the park could include land owned by the NZ Marist Brothers Trust Board and the Moore family.

21 June 2001

Tower Trust general manager Glenn Clark said on Tuesday he still had to examine Andrew Krukziener’s latest proposal to Metropolis bondholders, so it was premature to say the trust supported it. Mr Clark said more information was awaited to enable an assessment. This included a new prospectus. Mr Krukziener defaulted on his bond redemption last month. Mr Clark expected he wouldn’t get the extra information before next week.

Principal environment Judge David Sheppard has been replaced by Joan Allin and another new judge is to be appointed to the Environment Court. That, according to Courts Minister Matt Robson and Environment Minister Marian Hobbs, means the court has an extra two judges. That would only be so if Judge Sheppard continued to practise on the Bench, as many other judges have done in retirement, and that’s hardly the basis for self-congratulatory arithmetic. More importantly, Mr Robson said the court was reviewing its case-management techniques. The Environment Court currently has 3000 cases before it, of which just under 1900 are references on council plans and just under 800 are appeals on resource consents.

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