NZ Cap Rates Sample Q3-17 | 31 October 17

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Pace Bowler Appointed Associate | Kurt Richards | 17 October 17

Kurt Richards was recently appointed Associate Director.  He joined Turley & Co in 2011 after playing professional cricket overseas.  He is a Registered Valuer and property strategist.  Kurt recently acted as a valuer expert in a major valuation arbitration project.  He is involved in Havelock North Cricket Club.

NBR story – “Pace bowler appointed associate”

HB Today story – “Change of pace to property valuation for former bowler Kurt Richards”

Q3 – 2016 | PropertyMetrix | Report 9

Hawke’s Bay has recently seen “stunning” commercial-industrial property transactions. Quick sales at low yields shows the investment market is heated. Built property total sales values and numbers improved every quarter during 2015, with similar trending for 2016. Some retail occupancy has rebounded.

Observations:

  • Caltex Karamu Rd resale Sep 16 plus 84% (~$900k) on previous Feb 11 sale – refer to TCL for details.
  • Built Hawke’s Bay commercial-industrial property sales values and numbers improved every quarter during 2015, similarly trending for 2016.
  • Since 2007, there have been five occasions when built Hawke’s Bay commercial-industrial property quarterly sales values have totalled more than $50M – 4 times between 2007-08, and the 5th occasion Q4 2015. There is a strong change this will repeat in 2016, with data lagging.
  • Commercial-industrial land sales spiked in the second quarter of 2015, the first time since 2007 land sales have exceeded $10million in one quarter.

1H16 | Commercial-Industrial Property Market Reports | Report 23

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1H15 Commercial-Industrial Market Reports

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Q3-4 2014 | Full Commercial & Industrial Property Market Reports | Report 20

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Q3 – 2014 | PropertyMetrix | Report 6

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Metrics Commentaries Q3 – 2014:

  • Confidence is much improved on 2013 and NZ economic metrics are bolstering the outlook for most commercial-industrial property.
  • The charted commercial-industrial property sales peak Q2-08 at $82M was 61% lower 5.75 years later at $32M Q1-14 (transaction numbers peaked at 58 in Q2-08 and reduced 52% to 28 by Q1-14).
  • Large Format Retail activity has spiked:  Napier has seen Harvey Norman open at the Balmoral Centre and Noel Leeming expand its footprint into the adjoining Godfreys premises.  In Hastings, Noel Leeming is expected to relocate to The Park, The Clearance Shed has leased up a large portion of the former The Warehouse, and PK Furniture is moving into premises adjoining Warehouse Stationery.