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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