John Dakin. Photo / Greg Bowker
John Dakin, chief executive of the Goodman Property Trust's manager, is a fan of the Herald who is developing the $1 billion Highbrook business park at East Tamaki. He talks about the year, rugby holidays and cars.
How would you describe 2007?
The rising interest rate environment
combined with continued strong yields in the investment market have made growth through acquisitions difficult.
The trust has benefited immensely from having our own development business which has driven our growth and strong performance over the year.
This, combined with a quality customer base, has been a big advantage to investors seeking reassurance in the wake of continued instability in the finance sector. Investors - understandably - want to be confident they are getting high quality yield-based investments.
What was the company's greatest achievement?
Acquisition by the trust of a 50 per cent in Highbrook, New Zealand's largest business park development and successfully completing the associated $275 million capital raising. The inaugural Goodman family day at the zoo was also a big highlight.
And greatest disappointment?
Attending the quarter final in Cardiff.
What will be the main challenges in 2008?
We are positive about 2008 but if predictions of a slowing economy eventuate this will be a challenge for all businesses.
Within the property sector managing within a relatively high interest rate environment will continue to make on-market acquisitions challenging.
What was the most interesting business story of 2007?
Events in the United States have been fascinating, with the fallout in credit markets and then our own sub-prime crisis with the collapse within the New Zealand finance sector.
Where are you going for the holidays?
Coromandel Peninsula and looking forward to it.
What will you be reading?
The New Zealand Herald (of course), a few good novels and one or two autobiographies.
What was your first car and what are you driving now?
A classy Hillman Hunter was the first. Now it's mostly a year 2000 Peugeot, other than when property tours are required over development sites when the family four-wheel-drive gets a run - a Toyota Prado.
