Archive | Archive – local property

Snapshot on local property, week to 17 December 2000

Latest: Bryers seeks debt compromise, Dairy Brands sells 2, Restaurant Brand sales up.

14 December 2000

Short-term apartment converter and developer Mark Bryers, whose string of companies collapsed midyear, has filed a proposal for a debt compromise under part XV of the Insolvency Act. His creditors’ meeting, organised by provisional trustee Geoff Hamilton, will be held at the Institute of Chartered Accountants in Remuera on Friday 22 December. He was turning the MLC building at 380 Queen St into apartments when the rout began. That building subsequently turned into a Scenic Circle hotel, called the Airedale, which opened last month. He also planned an apartment management group, Regal Hotels, which went into liquidation along with the others although he was no longer directing it.

12 December 2000

Dairy Brands NZ Ltd has sold two properties, Murrayfields at Culverden and Pukeuri in North Otago,for $5.4 million. The company will seek shareholder approval early next year to sell its remaining 12 farms.

Restaurant Brands NZ Ltd raised sales in the 13 weeks to 4 December by 13.1% to $60.7 million, and total sales for the year by 6.7% to $234.1 million. Non-KFC sales increased 62.3%, rising from 21% to 30% of sales. After incorporating Eagle Boys quickly into the Pizza Hut business, it now has 60 declos (takeaway and delivery outlets) and 22 restaurants.

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Snapshot on local property, week to 18 February 2001

Latest: Kiwi Income has more than half KDT, receiver for Manor Inns, Manor Inns makes another loss.

16 February 2001

Kiwi Income Property Trust now has more than half of Kiwi Development Trust, which its managers set up to build the Royal SunAlliance Centre on Shortland St and which they’re now trying to take over. Kiwi Income unitholders meet on 22 February to approve the issue of units for the takeover. Last day for acceptances is 9 March.

Manor Inns’ directors have asked WestpacTrust to appoint a receiver to the struggling hotel company, a day after they reported another half-year loss. Directors said the debt facility had matured and they concluded it wasn’t possible to restructure the residual debt to the bank’s satisfaction.

14 February 2001

Hotel company Manor Inns Group maintained its lossmaking ways with a $1.33 million operating deficit for the December half on steady revenue of $2.465 million, a 30%-worse result than for the December 1999 half, but reduced the loss by $1 million (making it a 67%-better performance after tax and unusuals) through the reversal of prior years’ accrued interest, not due because of improved trading.

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Snapshot on local property, week to 10 February 2002

9 February 2002

The Court of Appeal has upheld a High Court finding by Justice Susan Glazebrook that Kiwi Income Property Trust is liable for costs incurred by Shortland Properties Ltd for Kiwi’s takeover offer, which didn’t proceed. Shortland was subsequently taken over by Capital Properties NZ Ltd.

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Snapshot on local property, week to 20 July 2003

17 July 2003

Capital Properties NZ Ltd had a 9.5% (5.57 million share, $4.18 million) shortfall in its $44 million 1:3 June rights issue, which was fully underwritten by Forsyth Barr Group Ltd. The shortfall scrip will be allotted next Wednesday. The shares taken up increased Capital’s ordinary shares on issue by 30% to 229.4 million. The company will use the issue to strengthen its balance sheet & coverage ratios.

Valuer numbers are dwindling when the property industry needs them most, says Dean Humphries, corporate solutions manager at Jones Lang LaSalle who is also a senior lecturer at Auckland University. “Property has enjoyed the spotlight as the preferred asset class in New Zealand over the past 2 years as equities underperform and interest rates sink to all-time lows. According to the Property Institute, New Zealand now has a property base of over $400 billion. The demand for valuation services is escalating,” he said. Valuer numbers have fallen 20% since 1989 to 878 registered valuers, and only an average 17/year have registered in the past 3 years compared to an average 40/year in the 90s and 65/year in the 80s. He said 0.4% of all NZ university students pursued property degrees, and they shied away from valuation majors, citing a narrow employment choice, low salary, perception of the job as boring and the necessary long registration period.” Mr Humphries wants property & the valuation industry promoted in high schools, wants the mandatory 3-year registration period revised and says other professionals such as accountants, engineers & lawyers should be encouraged to pick up valuation. Mr Humphries was speaking at the Property Institute conference.

Massey University’s Albany campus is developing a professional master’s degree in property to meet the growth in interest and activity in the property market. Professor Bob Hargreaves, head of the property group at the university’s finance, banking & property department, said the new course would be offered next year within the master of management (property) course. He expected it to attract professionals already working in real estate, law, valuation, property management, finance, planning, architecture or engineering.

Barfoot & Thompson director Peter Thompson said a shortage of good listings was the biggest contributor to the rise in average Auckland residential property prices in June. B&T figures show the average rose 4.3%, or $15,434, to $370,837. B&T sales people sold 28% of their available stock – 1345 of 4737 on their books – in June. Just under a third of those sales were for $500,000-plus. Average rents rose slightly, from $328/week in May to $331/week in June.

Colonial First State Property Trust has leased 4796m² — floors 9-12 – of Unisys House in Wellington to the Crown Law Office at $265/m² gross, for 9 years plus 1 6-year right of renewal, starting April 2004. The trust will spend $1.7 million upgrading the floors.

Colonial First State Property Trust has bought a retail property at 573-579 Colombo St, Christchurch, near its South City Centre, for $4.41 million, with net passing income totalling $395,000/year.

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Snapshot on local property, week to 21 July 2002

18 July 2002

Auckland City’s deputy mayor, David Hay, wasn’t surprised the Auditor-general, Kevin Brady, has rejected the complaint of lobby group Wake Up Auckland that the council didn’t follow a proper consultation process on asset sales, including the proposed sale of pensioner flats & airport company shares. Most submissions opposed the sales, but Mr Brady said the council wasn’t bound to act in accordance with submissions. Cllr Hay said the council agreed it had a responsibility to see the needy elderly were properly & comfortably housed, but didn’t agree it was necessary for the council to own pensioner units for this to be achieved. The council is talking to the Government to see if it’s interested in buying the housing stock before proceeding with any sales.

15 July 2002

North Shore City Council has decided to spend $2 million upgrading & connecting the east & west sections of Glendhu Rd, to link the Bayview residential area to Glenfield Rd, but hasn’t decided when the last piece of the job will be done. The final piece is a $250,000 bridge across the Glendhu Rd stream, which will not be done until the road surface is upgraded.

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Snapshot on local property, week to 25 March 2001

Latest: Compulsory acquisition starts for KDT, new Fletcher clearance to buy Steel & Tube.

21 March 2001

Kiwi Income Property Trust has 97.19% of Kiwi Development Trust and said today it would move to compulsory acquisition of the rest. Acceptances received by 27 March will be settled on 2 April.

Fletcher Steel Ltd was granted a new 12-month clearance by the Commerce Commission today to acquire up to 100% of Steel & Tube Holdings Ltd, replacing a clearance which expired in December. Fletcher Steel group general manager Brian Wignall said it gave the company options, but it had no immediate plans to act on the clearance.

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Snapshot on local property, week to 9 November 2003

7 November 2003

Shotover Jet Ltd has sold its interest in the Rainbow Springs Farm & Farm Show at Rotorua for $2.6 million, but not the adjoining Rainbow Springs operation. Shotover Jet chief executive Adrian Januszkiewicz said Rainbow Farm was successful but didn’t fit with the company’s focus on natural heritage tourism. Some of the proceeds will be used to build a new Rainbow Springs attraction, The Kiwi Encounter, opening at Christmas and showing a conservation programme in action and enabling visitors to see what Rainbow Springs is doing to ensure kiwis survive.

5 November 2003

Trans Tasman Properties Ltd is close to completing the takeover of its Australian offshoot, Australian Growth Properties Ltd, holding just under 96% of AGP yesterday.

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Snapshot on local property, week to 8 September 2002

6 September 2002

Auckland City Council is seeking expressions of interest for the next phase of planning for the eastern corridor. Transport planning manager Janine Bell said the council was expected to decide at the end of October if it will proceed with a more detailed assessment for the corridor, triggering a detailed assessment of how the corridor’s transport would be delivered — the exact route, inclusion of tunnels or bridges, the best way of accessing communities, environmental impacts & consultation. Ms Bell said the aim of this second stage was to be ready to start the statutory designation & resource consent processes by late 2003. Formal & detailed consultation would take place during this stage.

5 September 2002

Capital Properties NZ Ltd’s 1:3 renounceable rights issue was 87.4% subscribed at closing. The 12.6% shortfall was fully underwritten by Forsyth Barr Group Ltd. Proceeds will be used to retire debt to give the company more flexibility to acquire commercial properties.

National Property Management Ltd (owned by the manager of the National Property Trust) has acquired all the shares in Newmarket Property Management Ltd (manager of the Newmarket Property Trust). As a consequence, Jock Irvine, Neville Darrow & David Keys (managing director) have resigned from Newmarket’s management company, Richard Coon (Sovereign) has remained as a director, and Paul Dallimore (National chairman), Peter Rae and Barrie Downey (National directors) have been appointed as Newmarket Property Management directors.

2 September 2002

Auckland District Health Board is seeking registrations of interest for 20-year licences to run the 2000-space parking at Auckland Hospital and the 1500 carparks at Greenlane Clinical Centre. The board wants a substantial upfront licence fee from an operator who would take all revenue over the licence period. It also wants interested parties to include an option to build a 500-700-space carpark building or buildings at Auckland Hospital under a boot (build, own, operate, transfer) arrangement. The board wants replies by 20 September so it can compile a shortlist.

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Snapshot on local property, week to 20 October 2002

18 October 2002

Property For Industry Ltd’s operating surplus for the 9 months to September slipped 2.2% on rental income down by the same percentage, a result of divestments, to $16.2 million. Earnings/share fell from 4.6c to 4.3c. The industrial property investor will pay a steady third-quarter dividend of 1.35c/share with 0.3c imputation credit. PFI’s portfolio remains at 46 properties worth $207 million. Occupancy is 98%.

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