COMMERCIAL PROPERTY with Andrew Hiskins, Colliers North Shore
Shore City latest in overseas investment trend
Favourable macroeconomic conditions are encouraging overseas buyers into New Zealand’s commercial property market, as demonstrated by recent significant asset sales – including the recent sale of Westfield Shore City.
The 14,139m2 Shore City mall was sold to Aviva Investors Asia Pacific Property Fund for $83.5m through John Goddard and Andrew Reed of Colliers International’s international sales division. Colliers International has also won the property management contract for the shopping centre, following a competitive process against other major property managers.
The transaction represents the largest commercial property asset sale in New Zealand this year, and illustrates the increased interest in New Zealand property among offshore institutional investors seeking global diversification.
Westfield Shore City was the fund’s first purchase in New Zealand, complementing existing holdings across Asia and Australia. Buying into New Zealand allows the fund to achieve further diversification across the Asia-Pacific region through exposure to New Zealand as a new market.
New Zealand’s transparent tax and legal system, and absence of conveyance duty and capital gains tax along with the availability of appealing investment opportunities, are among the reasons overseas investors are looking at our market as they seek to reinvest capital following the global financial crisis.
Changes at Colliers International North Shore
Colliers International has appointed Andrew Hiskens to lead its Auckland investment sales division, based on Queen Street. Hiskens moves to the CBD following 11 successful years as head of Colliers International North Shore.
Hiskens remains a shareholder and managing director of Colliers International North Shore, with Jimmy O’Brien, who has been promoted to general manager, responsible for day-to-day leadership of the franchise.
Jimmy O’Brien is in his sixth year with Colliers North Shore and is a regular member of Colliers’ ‘high performers club’ of top producers nationwide. He has led the North Shore industrial team since early 2008, notching up a successful track record which includes the sale of 10-12 Rothwell Ave, Albany, for $13.9m – the largest industrial sale on the North Shore last year.
“With his experience as head of industrial in our North Shore office, Jimmy is well placed to continue to drive our unrivalled sales and leasing operations across North Shore industrial, office and retail property,” says Colliers’ Auckland managing director, Charles Cooper.
Prior to joining Colliers International, O’Brien had a successful career in sales, marketing and manufacturing. As a director of his own business for 22 years, he built up a vast network of contacts in the property industry.
Colliers International’s strong-performing North Shore franchise is a recent winner of Franchise of the Year in Colliers International’s annual awards.