Kiwi Income Property Trust is one of the country's largest landlords, owning real estate worth about $2 billion, geographically diversified and spread across the commercial and retail sectors. Last year, the trust opened the Sylvia Park shopping centre at Mt Wellington.
How would you describe 2007?
Astrong year for the trust with the overall property market in good shape. We have an occupancy level across the portfolio of over 99 per cent, good demand for both office and retail space and solid rental growth.
What was the trust's big achievement?
Undoubtedly the highlight has been the successful delivery of Sylvia Park. All retail space is leased, the project was delivered on time and on budget and the centre is trading exceptionally well. The other highlights are strong investor returns and the trust's portfolio of retail and office assets reaching $2 billion.
And greatest disappointment?
Watching New Zealand's culture of negativity and its tall poppy syndrome blossom. We are breeding a nation of politically correct under-achievers. We should be encouraging success and celebrating winning and giving things a go. The other disappointment was I didn't spend enough time fishing!
What will be the major challenges?
High interest rates and an increasingly competitive market will be the challenges. This market is likely to continue. Kiwi is well-placed to meet these challenges with our high occupancy levels and good demand for space across the portfolio driving rental growth.
What was the most interesting business story of 2007?
Auckland International Airport.
Where are you for the holidays and what are you reading?
Cooks Beach in the Coromandel and reading Ireland Awakening by Edward Rutherford. It's an epic novel about Ireland, starting in the 17th century and about a foot thick so should last me for at least a week.
