1H19 | Commercial-Industrial Property Indicator Reports | Issue #29

Please email Turley & Co people@turley.co.nz for first-half 2019 full reports Macro, Retail, Office and Industrial.  The full reports cite 65 transactions.

Our one-page indicator reports follow:

For prior period full reports Q3-4 2018: Reports x4 second-half 2018
Other free access information: Property Market Metrics

Strong retail spending growth in Hastings district July 19

Hastings retail is on a role with $76 million spent for the three months to June.

MarketView records a past quarter result 6.2 per cent up on last year and increase $4m over the three months to March.

Turley & Co Q1-2 2019 commercial-industrial market reports will publish shortly.  For our prior Retail Focus Report

Hastings District Council News | 23 July 2019

P Turley LinkedIn

The Value of Urban Trees by Turley & Co | BayBuzz Magazine | Jun 19

The published article is available on the BayBuzz website.

In terms of human benefits, increasing evidence indicates that trees considerably improve our mood, sociability, well-being and health. Trees are shown to help reduce stress, improve our attention capacity and assist illness recovery.

An article on human health effects in the American Journal of Preventive Medicine (2013) said there was a “convincingly strong” connection between 100 million Michigan trees decimated by an invasive beetle, and the coinciding increase of heart disease and pneumonia for populations nearby …

University of Washington research indicates larger trees on residential properties, as well as street trees, can add 3-15% to market values. Homes adjacent to “naturalistic parks and open spaces” transact at 8-20% greater market value than homes not near trees.

The Standard Tree Evaluation Method uses an assessment score and considers costs to buy and plant trees, as well as maintenance costs and tree age. The STEM valuation, in one example, assesses $9,000 for a Hastings single amenity tree 25 years of age.

The STEM and Melbourne valuation methods would determine the collective value of the Keirunga woodland trees of at least $2,000,000 if not $5,000,000, or possibly greater …

The Value of Trees by Turley & Co | BayBuzz Magazine | Mar 19

The published article is also available on the BayBuzz website. The Keirunga Oaks campaign page with links to Facebook and Change.org

Human sustain­ability cannot exist without environ­mental sustainability, and the value of trees extends considerably beyond their direct economic benefits …  Trees are also big business … Hawke’s Bay accounts for about 65% of NZ apple exports exceeding $700 million annually, forestry makes up about $5 billion (3% of GDP).

Notable and heritage trees are many decades in the making and not easily replicated.  When felled, they often leave a hole environmentally and socially, that is not easily backfilled.

The Havelock North Keirunga oaks have triggered the latest local debate Facebook.com/savethetreesHB  Council proposed felling about 46 oaks, many of which are over 80 years of age.

Hawke’s Bay Regional Council with Ngāti Kahungunu Iwi signed the Kahutia Accord to set out to plant 100,000 hectares of Hawke’s Bay land by 2030.  Read more in the article … [PDF above]

2H18 | Commercial-Industrial Full Property Market Reports | Issue #28

Our full biannual market reports below and published since 2005, are now a subscriber item.  Please contact us people@turley.co.nz or via our contact page for subscription details.

Our 2H18 full property market reports cite 61 transactions.

The below paid reports posted 28 Jan 19 Issue #28, require an access code contact us:

Other market information is free access at News | Reports

Overstated Risk Leads to 80 years Oaks in Peril | Council Plans to Fell ~90 Trees














Tim Whittaker photo Keirunga Oaks Autumn 2018

Stand-up for The Keirunga Oaks campaign: Facebook page and Change.org petition


P Turley Talking Point for Hawke’s Bay Today:

Hawke’s Bay Today | 26 Jan 19 | Overstated risk leads to 80-year-old oaks in peril
Turley & Co press – NZH.



“Hastings District Council’s proposed destruction of a Havelock North woodland by removing young oak trees, in the name of risk mitigation, is a shocker

Hastings District Council’s draft plan for Keirunga provides detail on the recommended removal, replacement and future management of the woodland known as the Arthur’s Path Gully. The proposal is to remove around 40 oaks and 50 other trees. Many of the trees were planted by George Nelson in the 1930’s. He gifted the land to the community …

Submissions to Council on the Keirunga oaks’ fate are now set to close 5 April.  By all means get in touch with trees enthusiast and oaks campaigner Pat Turley – 021 33 33 93 or pat@turley.co.nz


HDC Keirunga Gardens Draft Tree Management Plan | November 2018 



11 Jan 19 | Proposal to fell dozens of old oak trees ‘an absolute shame’ says former mayor



Sponsoring the Potts International Track & Field Meeting Hastings | 26 January 2019

Team Turley & Co is proud sponsor of the Men’s 100m Dash at the Potts Classic international athletes track and field meeting at Hawke’s Bay Sports Park Hastings Sat 26 Jan.  In action will be Olympian and international athletes with pole vaulting competition including Eliza McCartney and Rio Olympian Wilma Murto of Finland.  Shot put world champ Tom Walsh will be in the field.  Spanish Olympian discus thrower Sabina Asenjo-Alvarez will be there too, so it should be a good day out – Cancer Society gold coin donation for entry.

Turley & Co Men’s 100m Dash press:

Spanish Olympian Sabina Asenjo-Alvarez a boost for Potts Classic

Meeting information PDFs follow …

Other media:

Mother’s coaxing raised the bar for Finland pole vaulter Wilma Murto to make Rio

Kiwi shot put ace Tom Walsh energised by Jacko Gill’s return for season-opener

Olympic medallist Eliza McCartney: I’m back

Napier retail sector driving region’s growth

Hawke’s Bay Today | 13 Nov 18 | Napier retail sector driving region’s growth
Turley & Co press – NZH.

A new report from commercial-industrial valuation and property strategy firm Turley and Co indicates these gains are not spread evenly between Napier and Hastings.

“Prime retail rents in Napier are 40-50 per cent higher than Hastings and Napier’s pedestrian numbers are superior,” the report says.

“In the last 10 years the top three main-street Napier foot-traffic points declined 4 per cent, impressively in the face of big-box and online retail. Pedestrian numbers for Hastings’ best three main-street locations declined 34 per cent over the same period.

“CBDs, like shopping centres, periodically require format and design updates to remain successful. Palmerston North City, which is marginally bigger than Hastings, will invest $31m over the next six to eight years in CBD reformatting and streetscapes plus $25m on reworking the sports arena on the edge of its CBD.”

The $30m redevelopment of the Hawke’s Bay Opera House precinct was also expected to be good news for surrounding retailers, Turley said.

Turley & Co Retail Focus© Report | November 2018

CBDs Are Social Centres | A Hastings CBD History | BayBuzz Magazine

Retail Focus© Report | November 2018

Turley & Co Retail Focus© report recent Press page and links below:

Access free report:

“Whilst Hawke’s Bay is booming, retail fortunes remain mixed …  Collectively there are 37 shop vacancies being 7% of 510 shops surveyed … that is much improved on 51 vacancies [10%] in July 2015.

The Napier 2003-18 surveys confirm hospitality and cafes is unchanged at 14%, and banking and finance at 5% …

The Hastings shops mix change is moving slightly away from fashion retail to food and hospitality that is up 2% …

The Hawke’s Bay Opera House redevelopment involving a $30 million investment by HDC will undoubtedly have positive effects for this end of town and the city generally.”

CBDs Are Social Centres | A Hastings CBD History | BayBuzz Magazine

CBDs Are Social Centres | A Hastings CBD History | BayBuzz Magazine by Turley & Co

The published article is also available on the BayBuzz website.

Turley & Co LTP submissions Hastings CBD

Turley & Co Retail Focus© Report | November 2018

“Our town centres are the heart of our communities. Our CBDs are social history mirrors and their change and vibrancy tell a tale.

“CBDs, like shopping centres, require format and design adjustments to remain current, relevant and successful. Competitive pressures are significant, and when it comes to town places, people generally vote with their feet, and businesses follow.  For town centres, it is either a downward spiral or a self-perpetuating upward cycle.

“The mall and fountain with the railway create an east-west wall that solidly partitions the heart of Hastings – for three decades.  The rail-crossing and mall, and possibly Railway Road, should be re-opened to one-way car traffic through to Market Street.  This format could be adopted for the main block with replacement off-street parking very nearby.

“The most significant change for central Napier is the escalation of national and Australasian retail brands from one-third to just over a half. Shop numbers overall are almost unchanged …”

Big retail property portfolio in Hastings fetches $21 million

“The four properties had combined annual net rent of $1,359,100. The four leases had 2.5 to 7.5 years to run.  The highest rent and longest remaining lease term was for Briscoes and Rebel Sport at $644,920 a year with 7.5 years lease remaining.”

Turley & Co press – Dominion Post.

Hastings Park Mega Centre retail portfolio sells for $21m

“The sale is a significant bellwether and major vote of confidence in the Hawke’s Bay economy that is clearly rocking. The Park Mega Centre sale suggests, for the property category, Hawke’s Bay is tracking as well or better now than it was in 2017.”

“The properties, comprising the Clearance Shed, Briscoes/Rebel Sport, PETstock and Noel Leeming, reflected a 6.47 per cent yield for a combined annual net rent roll $1,359,100.”

Hawke’s Bay Today | 17 Sep 18 | Hastings Park Mega Centre retail portfolio sells for $21m
Turley & Co press – NZH.

10 Years Since GFC … Property Values in 2028 … | BayBuzz Magazine by Turley & Co

The published article is also available on the BayBuzz website.

“The digital tide is surging. Rapidly advancing digital technologies will continue to affect how retail, office, and industrial property is used and competitively leveraged.”

“In addition to low interest rates, key drivers of property value since the GFC include new earthquake standards, new trends in workspace design and utilisation, growth of online retail commerce, council re-zoning, growth in food processing, and ‘social’ CBDs.”

Work hasn’t even started on Napier’s Kmart, and it’s already wanting to expand

“The development, if it occurs, could be net positive for Napier as a further retail destination. Kmart Hastings’ performance and pedestrian numbers could be affected by a Napier Kmart.”

Stuff | 19 Aug 18 | Work hasn’t even started on Napier’s Kmart, and it’s already wanting to expand
Turley & Co press – Dominion Post.

Turley & Co 1H18 Commercial-Industrial Property Market Reports | Report 27

Napier City Council leasehold properties up for grabs

“Leasing industrial land had become unpopular because of the risk of high rent reviews” … “Where once leasehold land was an economical way to get access to land for business or a house, it was no longer.”

The Press | 6 Aug 18 | Napier City Council leasehold properties up for grabs
Turley & Co press – The Press.

Turley & Co 1H18 Commercial-Industrial Property Market Reports | Report 27

Hi-tech Sunfruit packs 120 million apples in less than 3 months

Hawke’s Bay’s horticulture industry is “booming.” … “One-hundred and eighty-one hectares of raw industrial land has been added to Hawke’s Bay supply in 2018, enough for around 360 developments of 0.5 ha land each.”

Hawke’s Bay Today | 30 Jun 18 | Hi-tech Sunfruit packs 120 million apples in less than 3 months
Turley & Co press – NZH.

Turley & Co 1H18 Commercial-Industrial Property Market Reports | Report 27

The Ruataniwha Roars | CHB Boom | BayBuzz Magazine by Turley & Co

The published article is also available on the BayBuzz website.

“Now, after more than five years of painful suspense over the proposed water storage scheme, the Ruataniwha is clearly awakened. The CHB economy is roaring.”


Turley & Co recent Press page and links below:

Hawke’s Bay Today | 9 Jul 18 | Report shows the Central Hawke’s Bay rural economy thriving

Report shows the Central Hawke’s Bay rural economy thriving

“The market is happily rocking to a very strong beat, with some residential property values almost doubling in five years,”

“Central Hawke’s Bay residential real estate sales averaged $62.2 million per year for the three years 2014-16. In 2017, transactions jumped to $107m, an increase of 72 per cent, while transaction numbers increased 50 per cent.”

Hawke’s Bay Today | 9 Jul 18 | Report shows the Central Hawke’s Bay rural economy thriving
Turley & Co press – NZH.

The Ruataniwha Roars | article for BayBuzz Magazine | July 2018