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  1. #31
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    Sep 2004
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    Fukuoka, , Japan.
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    725

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    Sylvia Park almost full as retailers rush for shops

    Friday October 20, 2006
    By Anne Gibson


    Sylvia Park will not be finished until next winter but its owners say it is already 91 per cent leased.

    A group of middle-sized stores have signed up for 7880 sq m of the $388 million Mt Wellington shopping centre and negotiations are well advanced for the last part of the park.

    Angus McNaughton of Kiwi Income Property Trust said yesterday lease agreements had been signed for more than 84 per cent of the shops.

    The 21,300 sq m stage three was 79 per cent leased by projected net rental income and the 9700 sq m stage four was 61 per cent leased on the same basis, he said.

    Sylvia Park has not been without problems and detractors. Design issues with disabled access, criticism from influential financial investors about the amount of risk being taken on by such a large project and questions surrounding how well some stores were trading have dogged the centre since its winter opening.

    At its opening, Transit NZ threatened to shut some access routes if shoppers caused more traffic jams.

    Stage one with 22,700 sq m and two with 14,200 sq m were fully leased when they opened earlier this year. Stage one opened on June 8 but threw Auckland traffic into chaos as shoppers stormed the Mt Wellington site.

    The Warehouse Extra had offered cheap television sets and curiosity about the new centre drew thousands and clogged the Southern Motorway and other roads.

    The centre will have 201 shops when it is finished spread over 6.7ha of indoor space or 67,000 sq m. Stage four will have 2700 sq m of office space.

    The park will have 30,300 sq m of major tenants like The Warehouse Extra, 10,200 sq m of "mini-majors" and 24,700 sq m of specialist stores.

    Stage two opened without major traffic issues, causing the rival Newmarket Business Association to crow about a lack of interest in the park.

    If the trust expands the park with more offices, it could spend up to $538 million on its site.

    Units in Kiwi Income yesterday closed up 1c at $1.35.

    COMING SOON

    Sylvia Park's stage three

    Opening second quarter next year:

    Bookseller Borders, 2200 sq m.

    Dick Smith Electronics Powerhouse 1990 sq m.

    Clothing and sports good store Kathmandu 890 sq m.

    Gastro-pub Garrison 540 sq m.

    Stage four

    Opening mid-next year:

    EziBuy 1290 sq m.

    Noel Leeming 900 sq m.

    The Baby Factory 610 sq m. Sylvia Park almost full as retailers rush for shops

    http://www.nzherald.co.nz/section/st...ectid=10406745
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  2. #32
    Member
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    Nov 2001
    Location
    wellington, , .
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    273

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    I see 5.5m shares in APT changed hands at $1.11 today, one institution bailing to another. Great buying at a discount to NAV and portfolio 6-7% under-rented in a very tight office market.

    Disc: Added 23,304 APTGB and 8500 APT ords today.
    ( Now hold 71,304 APTGB's and 30,071 APT ords )
    nelehdine

  3. #33
    Member
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    Oct 2003
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    , Auckland , New Zealand.
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    337

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    Very impressive, neleh. Hope you're reinveting the distributions. If so, you'll be creaming it as the years go by.

  4. #34
    Member
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    Nov 2001
    Location
    wellington, , .
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    273

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    Hi lawso ... yep all up in my property stocks I receive about $15k a year in dividends. Nice to be able to add 10,000 PFI or KIP or APT a year just thru putting those divs back into the market.

    I see Bollard left rates alone this morning, good news for property companies. Good value here as APT and KIP are trading at discounts to NAV and the PFI premium is at a historically quite small level around 12c.

    Be nice to have 100,000 of each of the three stocks ....
    nelehdine

  5. #35
    Member
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    Oct 2003
    Location
    , Auckland , New Zealand.
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    337

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    How about MGP, neleh? I first bought them two years ago @ 101c, now 130, and a good yield. I have about 25,000, to go with my bigger holdings of PFI and the parcel of Ozzie LPTs through an Australian Unity property growth fund. I've referred to these in my recent posting on Investment Strategies, "Painless and Profitable".

  6. #36
    Member
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    Nov 2001
    Location
    wellington, , .
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    273

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    Any APT holders out there able to confirm that the shares are trading ex-div today ... I see from the recent qrtly that the record date is 02/11 ... nice to see the shares at 115 xd ... VERY nice !! ..... still great value !!
    nelehdine

  7. #37
    Member
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    Nov 2001
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    wellington, , .
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    273

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    Just noticed that KIP have acquired the 50% of the National Bank Centre on Queen St that they didn't own. 8% yield is pretty attractive in this market. Might have to buy a few more ...
    nelehdine

  8. #38
    Member
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    Nov 2001
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    wellington, , .
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    273

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    APT,PFI and KIP all very firm , might all 3 be about to hit new higs simultaneously ...
    nelehdine

  9. #39
    Senior Member
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    Sep 2004
    Location
    Fukuoka, , Japan.
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    725

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    Property trust rolling in Sylvia Park rents

    Saturday November 18, 2006
    By Anne Gibson


    Property investor and developer Kiwi Income Property Trust cited rent from its Sylvia Park shopping centre in Auckland as one of the factors which helped it to push up half-year net earnings almost 9 per cent.

    The trust yesterday declared a $29.7 million after-tax profit in the six months to September, up from $29 million the year before.

    Excluding realised gains, this was an increase of 8.7 per cent over the period last year, the company said. Its rental income rose by 7 per cent to $47.5 million after strong rent reviews, an active leasing period and Sylvia Park's contribution.

    Kiwi's accounts showed it spent $337 million on Sylvia Park, buying the land and developing it. Costs in September last year stood at $149.3 million.

    Angus McNaughton, chief executive of the trust's manager, said the first two stages of the Mt Wellington shopping centre traded well. The centre is projected to bring in $6.2 million rent between next June and March. McNaughton said when the third and fourth stages were finished next year, the centre would meet its full potential.

    Sean Waring, chairman of the trust's manager, said the trust's outlook was positive and property sector fundamentals were expected to remain resilient, underpinned by solid rental and leasing deals across the trust's retail and office portfolios.

    "The office portfolio will continue to benefit from low vacancy levels and solid demand for office space. Any softening of retail sales will be buffered by the high occupancy levels at the trust's retail centres and the rental increases built into the majority of the trust's retail specialty leases," Waring said.

    The manager's fees rose considerably, from $3.4 million total fees in the September 2005 half-year to $5.1 million in the latest half-year. McNaughton said the increase was partly because the value of Kiwi's total portfolio had increased and partly due to a $1.1 million performance fee for the half-year.

    Kiwi unitholders will get a gross interim dividend of 4.75c on December 15.

    http://www.nzherald.co.nz/section/st...ectid=10411351
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  10. #40
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    Join Date
    Mar 2006
    Location
    Timaru, , New Zealand.
    Posts
    39

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    This Happy Camper is pondering Kermadec Property Fund at the moment.

    Judging by the comment re: KPF on this forum it would seem that they are struggling to register a blip on the radar screen.

    Cheers

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