Tourism Holdings had to rush thousands of camper vans across the Canadian border to circumvent reciprocal tariffs. Now, it’s warning of major US tourism setbacks.
Opinion by Anne Gibson
Anne Gibson, Property Editor for New Zealand's Herald, has been writing about real estate since 1985 and is a skilled and knowledgeable journalist with deep insights into property as well as other businesses.
Multitrillion-dollar American fund swoops on Māngere vineyard buildings; bladders blight rich-lister’s boatshed; garage-dwelling landlord seeks justice; Fletcher Living on next cladding steps: all in today’s Property Insider column.
An entity associated with multitrillion-dollar United States-headquartered BlackRock has bought Auckland’s ex-Villa Maria Estate buildings, previously owned by Marlborough wine business Indevin.
On Friday, it was revealed on Markets with Madison that Indevin no longer owned the former winery buildings.
He showed off how the premises had been re-purposed for campervan operations and said the tourism business spent $20 million on groundworks alone to create the new giant parking lot.
A title search of THL’s new HQ address indicated the owner.
Eden Villa Sub Limited Partnership owns 470 Oruarangi Rd, buying from Tomlinson Core Land, owned by Harrogate Trustee, whose directors include Indevin’s Greg Tomlinson.
Last August, that limited partnership was formed and the title was transferred, with a mortgage to the Bank of China (New Zealand).
Villa Maria – a BlackRock entity and Goodman Property Trust now own the ex-vineyard and buildings.
When it registered the limited partnership, the email was groupFBGREAFV@blackrock.com.
At the first filing in March, the email was changed to BlackRock-NZ@intertrustgroup.com.
Villa Maria has been a much-loved concert venue. Photo / Michael Craig
A BlackRock spokeswoman said from Sydney yesterday that the purchase was a joint venture between that business and Mayfair Group.
“Secured off-market via City Logistics Co, the asset offers strategic airport proximity and a significantly underutilised site coverage of 33%.
“Improvements were made to the site both before and post- acquisition. Tourism Holdings has consolidated its global headquarters on-site with the signing of a long-term lease – underscoring our confidence in New Zealand’s last-mile logistics sector.”
Research from CBRE in March said the transaction was for $63.5m, making it the third largest non-residential New Zealand sale in last year’s second half.
Next door on land where grapes once famously grew, Goodman Property Trust plans a $500m+ logistics and warehouse development on the ex-vineyard land.
Auckland Council’s rating valuation on the ex-Villa Maria address of 7ha is $39.5m.
The THL HQ is not the only BlackRock purchase lately.
Last April, a partnership managed and advised by global business BlackRock won consent to buy Auckland land in a $110m deal.
Tourism Holdings chief executive Grant Webster. Photo / Brett Phibbs
The name was not dissimilar to that on the THL HQ title.
Eden Puaki Drive Sub Limited Partnership won consent to buy 5.81ha of non-sensitive land at 20 Puaki Dr, Wiri.
That partnership is described as “funds managed and advised by entities associated with BlackRock, comprised of entities which are 90% overseas-owned”.
Bladder trouble at boatshed
Boatsheds with views: Malcolm Dick owns the smallest boatshed out of 17. He says that has flooding issues because it is so low on the water.
Owning one of Auckland’s iconic, historic boatsheds is not without its challenges.
Businessman Malcolm Dick wants to demolish one of the 17 all-in-a-row Ngāpipi sheds on the water in Ōrākei and rebuild.
His application is up for public input till later next month.
Last week, he talked to the Herald from Spain where he had walked part of the Camino with wife Jodie Dick. From there, he told how he paid about $800,000 for the smallest boatshed, which is set back from the water and the street.
The application is for the smallest of this line of boatsheds.
Due to that property having some land, it attracts those who need to relieve themselves, he said. People urinate around his shed, he complained.
“People come along and pee in the corner beside the boatshed, unfortunately.”
He wants the new shed to be higher up off the water so it’s not as affected by flooding or coastal inundation. He also wants to build a new boat ramp into the water.
Taking up more of the site would perhaps deter those with full bladders, although that was not used to argue in favour of the new scheme.
Landlord living in garage
A landlord living in a garage went to the Tenancy Tribunal to get his home out of a fixed-term agreement with a tenant so he could return there.
But the tribunal refused him.
The unusual circumstances occurred when landlord Graham Mark Shieff tried to get possession of his place back from the tenant.
The case went to the Tenancy Tribunal. Photo / Ross Setford
Suppression orders apply to her name, the property address and location.
Last August, Shieff told the tenant he needed to sell the property because he was moving to Australia.
She has two children who live with her full time and other children who come at weekends.
This was a stressful time for her because she then helped with open homes and presenting the property for sale.
She felt this was hard on her mental health, the decision said.
He got a conditional sale of the house, then suffered health problems resulting in two surgeries, so he had to withdraw the property from the market.
He then tried to get back possession to live there.
“The landlord cannot now move to Australia and now needs to move back into the premises, which were once his own residential premises. He claims that he is currently living in a garage and it is not suitable for his medical needs,” the April 8 decision said.
The tenant has been looking for suitable accommodation elsewhere because she wants to cooperate with the landlord, but has not found anywhere yet.
The usual legal position with a fixed-term contract is that the term of the contract will be applied strictly, and it is only in limited circumstances that a court or tribunal will interfere with it.
The tribunal dismissed his application, saying the tenant had cooperated with the landlord.
Both parties are suffering hardship, whether the fixed term was reduced or not.
“They are equally balanced and as such, I am not satisfied that the landlord’s hardship outweighs that of the tenant.”
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.
