14
making it a great shopping experience.
Despite some turnover during the
year, at balance date we were at 99%
occupancy.
We refined the master plan for
as we do every year, and were
successful in obtaining amended
resource consents for the rest of the
centre. There will be ongoing capital
expenditure but at a more measured
fashion. Last year we’d envisaged
first floor retailing, a multi-level car
park, offices, more large format retail
and a comprehensive health facility
orWhaanau Ora. We also planned
an auto precinct, but with recent
vehicle testing regulatory changes
we’ll proceed with a modified version
of the concept. We also re-considered
the multi level car park and first floor
retail of Te AWA and concluded that,
given the current economic climate
and the amount of capital involved it
will take more time to commit to that
portion of the development.
Hamilton Riverview Hotel
This joint venture with Hamilton
City Council comprises the
and the
. We
continue to see ongoing support from
key customers including Fonterra,
Gallagher Group, The University of
Waikato and AgResearch, as well as
sports teams that included Super 15
rugby, international cricket and ANZ
Cup netball. The business has captured
more market share but overall the
Hamiltonmarket remains subdued
particularly the corporate sector.
Residential subdivisions
After many years we are coming to the
end of our Huntingdon development,
with 11 sections still to be sold. The
long termpartnerships we established
withMalcolmMacDonald, Lugton
Real Estate, CKL Surveyors, Norris
Ward, and Ellice Tanner have been
beneficial to all parties. We are
looking to retain a presence in the
Hamilton residential market beyond
this, and hope to carry over some of
these partnerships into a 700 section
development at Rotokauri over the
next decade.
Other properties
Our underlying property investment
portfolio is sound, though, other than
positive movements in valuation
for
and Ruakura there has
been no other significant movement
in property values. We continue
to manage both our assets and our
relationships with all our tenants,
including the Crown and Crown
TGH owns
nearly
of commercial
and retail
property in
Hamilton’s CBD
14
ha
Our strength,
above all, is our
commitment
to making it a
great shopping
experience.
agencies. We undertake rent reviews
using independent valuers and reach
agreement in a professional manner.
Since our balance date is 31 March,
our farms were partly affected by the
drought. We are uncertain of the full
effects beyond that, but there will
certainly be an impact on next year’s
volumes and earnings.
We have nearly completed a re-
development of our Bryce Street
precinct in the Hamilton central
business district (CBD). TGH has
refurbished the street-front site,
moving our staff into that building
along with new tenant
. As
our operations have grown it became
increasingly difficult to maintain
effective and efficient working
arrangements. Our tribal CEO and her
staff have moved into our old office at
4 Bryce Street, and
chartered accountants, have taken the
tenancy at 2 Bryce Street. The precinct
layout and landscaping have also been
improved.
Wintec, Hamilton.
