NZ Urban Development news from the media | 17 Nov 2020 | Kiwi Property Group pushes up first-half profit 47 per cent


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 24 November 2020.

Provided by Rockhopper Development Management & Advisory, a member of:                             

Kiwi Property Group pushes up first-half profit 47 per cent

Kiwi Property Group pushed up net profit after tax by 47 per cent to make $54.2 million in the six months to September 30.

The giant landlord which a few weeks ago opened 57 new stores at New Zealand's largest shopping centre at Sylvia park, will pay investors a 2.2cps interim dividend. Operating profit fell 8.4 per cent to $55.2m but the property portfolio enjoyed a valuation gain of $11.8m.

"While operating profit fell for the period, it's important to consider the result within the context of the lockdowns that took place in the first half. Looking ahead, we're focused on delivering a solid performance through the remainder of the 2021 financial year, capitalising on our diversified property portfolio and the successful opening of Sylvia Park Level 1," he said.

Summerset gets green light for controversial $150m Lower Hutt retirement village development

Large retirement village operator Summerset Group expects to start construction next year of a controversial $150 million village in Lower Hutt after receiving the green light from the Environment Court.

Summerset has received final consent from the Environment Court for the mulit-level buildings, one four-level apartment building and part of another with five levels and the rest one to three levels, which will house about 300 residents. The consent comes seven years after it first bought the 3.2 hectare site bordering the Boulcott’s Farm Heritage Golf Club from the club.

The then Hutt City Council Mayor Ray Wallace originally greeted the development announcement as fantastic news but later in 2018 with his deputy David Bassett put in a joint private submission opposing the design, as community opposition mounted.

Precinct Properties keeps its developments rolling with another $100m building in Wellington

Big inner city developer Precinct Properties is keeping its developments rolling, announcing another $100 million office building in Wellington.

The commitment comes after Precinct’s completion mid-year of its biggest property development, the $1 billion Auckland Commercial Bay office and retail development which included a 39-level tower.

Precinct is already constructing a $90.2m seven-level office building at 40 Bowen St, near Parliament, and the $100m companion building at 44 Bowen St is expected to start next year.

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