Blue room

Timothy Manning linked to Fiji Casino Development in National Business Review NZ

Extract from NBR Article:

” ‘Manning syndicate backs Fiji casinos’

David Williams

Auckland Property Developer Tim Manning is leading an Asian syndicate backing Fiji’s ambitious $US200 million casino project.

NBR first linked Mr Manning and Singapore based Nico-Franken, to the project in June. Mr Manning confirms the deal this week, which sees his company HGW International take a 50% stake in the casino developer One Hundred Sands and Mr Manning and Norwich Properties general manager Brad Worthington join the board.

The Casino Project involves two sites – near Nadi and Suva – with the former site featuring 250 slot machines, 40 tables, a 1500 seat convention centre, a Hotel with up to 600 rooms, bars and restaurants.

A development site near Denarau Island should be confirmed next month. “We’ll be building in the first quarter of next year quite easily.” he says.

Mr Manning will not say where his syndicate investors are based, or how many there are, and is coy about his own financial involvement in the project.

He’s confident a deal can be struck with Fiji’s government over $US100,000 monthly penalty payments.”

For the full article go to: http://www.nbr.co.nz/article/manning-syndicate-backs-fiji-casinos-149946

Property Developer Tim Manning planning a $4 million peak makeover

Auckland Developer Tim Manning planning a $4 million Peak Makeover

Up to $4 million will be spent redeveloping Queenstown’s tired looking Coronet Peak Hotel. New owner Tim Manning who developed the local Greenstone Terrace housing complex – says he’ll upgrade the Arthurs Point hotel to four-star standard and sell of its 82 rooms to individual owners.

The Auckland based developer has also co-opted Asian-based hotel chain Swiss-Belhotel International to run the property. Tim Mannings Norwich Properties brought the hotel, originally built in the 1970’s, in a mortgagee sale after both the ownership and operating companies went bust. It’s believed Manning paid about $5 million.

Manning believes his timing couldn’t be better. “As the market comes up you need new product.” The whole hotel will be upgraded he says, “It’s just very tired.” One wing will be refurbished late this year and the other in time for next year’s ski season. “We’re going to use local tradesmen, local architect, local planners.” Manning will put the rooms expanded from 78 to 82 – into separate titles. Manning aims to sell each room, with its own car park, to owners who’ll earn returns from hotel proceeds and get a few free weeks’ stay each year. The developer says he hasn’t finalised sale prices.

Manning says he chose Swiss-Belhotel International after putting the management rights out to international tender. “The reason I chose them is their e-commerce and e-marketing is second to none. And because we’re probably going to sell in Asia, it’s good they’re an Asian brand.”

Based in Hong Kong, the company – which has rebranded the Swiss-Belresort Coronet Peak – operates 51 hotels and has another 70 under construction. More than half its hotels are in Indonesia but it’s also in the Middle East, China, Vietnam, Malaysia and Australia. Tim Manning says it’s also nice to deal with the company’s kiwi owner Gavin Faull.

Faull who brought the company in 1999 with a Hong Kong partner, had involvement with Queenstown hotels 30 years ago when he was chief executive if Kingsgate International.

Opening his first New Zealand hotel in Queenstown is a huge vote of confident in the resort, he says “It’s the most together tourism city in NZ.” Faull expects the room rates, after the upgrade, will average $100-$120 which he says is very good value.

Online article at: http://www.scene.co.nz/manning-plans-4m-revamp-of-queenstown-hotel/311380a1.page

Auckland Must Change to Adapt to the Population Growth that’s Essential to its Prosperity

With only days remaining before submissions close on Auckland’s draft Unitary Plan, we should all take a deep breath and try not to panic. Hasty decisions and fear of change will not help our city’s future. Discussion must turn to a realistic, evidence-based conversation. We cannot place a glass bubble over the city and guard it from change.

The first draft of the Unitary Plan attempts to do all things for all people. But there is no single right answer. It tries to achieve several desirable but conflicting outcomes, such as protecting heritage across large areas of the city whilst seeking to maximise density in development. Something has to give. Blanket character overlays discouraging large parts of Auckland from development will add an extra compliance burden to the development of housing in areas where there is market demand. Development needs to happen where people want to live.

The protection measures also affect business areas in need of maintenance and refurbishment.

Areas including Dominion Rd, Parnell Rise and Ponsonby Rd will be affected by earthquake strengthening requirements. Many buildings will require significant upgrades made more complex by the blanket heritage protection measures. The Government is reviewing building standards. Make no mistake, Auckland will not be immune to this policy change.

Property owners need the flexibility to manage the buildings that make our city function. Offices, industrial facilities, retail strips and malls are the infrastructure of business in New Zealand. There is no doubt the council’s targets for density are in serious jeopardy thanks in part to the backlash against intensification. We must not allow those resisting change to damage the potential of our city to grow.

Development has stalled over the past five years – a flow-on effect from the global financial crisis. First and foremost, we need to get development moving and allow young people the chance to live in their own home.

The plan needs to encourage quality intensification; well-designed terraced housing will help achieve density targets. Clear yet flexible guidelines which encourage innovation, efficiency and quality urban design are crucial. The proposed height limits for housing in residential areas are nothing new – the majority of these are from Auckland’s former district plans. It is worrying that certain areas in Auckland are not open to welcoming in new residents.

The Unitary Plan needs to achieve density targets – if certain areas are no longer viable for increased development, then further areas on the city outskirts must be developed. Appropriate greenfield land must be opened up and enabled. And let’s not forget about business land. We need to ensure there are appropriate provisions for the development of business land to service increasing demand.

We need offices, factories, distribution centres, supermarkets and shopping malls to cater to this new growth. Auckland has to be prepared for population growth. There is no doubt people are migrating from around New Zealand to urban areas. We cannot build a wall around the city and keep people out. If this plan ignores market realities, it will not succeed.

The city must change if it is to be a desirable, thriving place to live, work and enjoy in the future. Population growth is essential to the prosperity of Auckland. The Property Council has advocated for some time on the need to realistically manage increased population growth and achieve density as prescribed in the Auckland Plan. We are prepared to work to help achieve this goal.

When you submit your views on the Unitary Plan, do not forget we wanted and voted for a unified approach to city planning five years ago. Now is not the time to put the handbrake on change.

Source: http://www.nzherald.co.nz/opinion/news/article.cfm?c_id=466&objectid=10886885

Auckland’s 39,000 Homes Target ‘Hard to Believe’ – Timothy Manning Property NZ

Auckland has almost no chance of reaching a housing accord’s target of 39,000 new houses in the next three years, a property developer says.

The accord, announced on Friday by the government and the Auckland Council, allows for the fast -tracking of certain developments while the city waits for its unitary plan to take effect in three years.

It has set “aspirational” of 9000 new homes next year, 13,000 the year after that and 17,000 in 2016.

Building consents in the city remain in the doldrums, with fewer than 5000 being issued in the year to March, equating to only three new houses per 1000 people.

Building boom unlikely

And developer Tim Manning of Norwich Properties says it is extremely unlikely the city will be able to reach the lofty targets included in the housing accord. He says the accord is a good one and will give a boost to property development in the city, particularly by speeding up the consenting process. But whether the industry can achieve a big increase in new building activity will come down to factors beyond the control of the government or the council.

“I find it hard to believe it can be realistic. Where on earth is this going to come from? “The lack of supply is so entrenched with so many reasons, that to say all those will go away and they’ll build 39,000 houses in the next three years is hard to figure out.

Mr Manning says a new build rate of about 6000 houses a year in Auckland is more likely.

One of the major roadblocks is the ability to source finance for big residential property developments.

“The banks have got money and they’re happy to lend but the ratio they’re willing to lend to is not where it was so you still need a big chunk after the bank. The number of places you can get it from has declined,” he says.

“With most of the finance companies gone there aren’t many options for getting $10 million to 20 million. You can try private individuals but they are buying land to land bank and doing their own thing. This is one of the key handbrakes to new supply.”

Limited capacity

Another issue is whether the construction industry has enough capacity to lift the building rate in such a short time, Mr Manning says. “I don’t think so. All the labourers are heading to Christchurch. You’ve got Mainzeal missing and two or three more you hear are a bit wobbly. The sector needs to build up its resources again.

“A lot of those big contractors are just buying low-margin work to keep their staff going. They only have to have a couple of jobs go pear-shaped and they have no slack in their balance sheets. It’s precarious.” Although the market is difficult, Mr Manning has high praise for Auckland mayor Len Brown, who negotiated the accord with Housing Minister Nick Smith.

“The Auckland Council has been most proactive and helpful, more than I’ve seen in 25 years. There’s absolutely been a change in attitude, it’s really positive.” “When you ring them and say you’ve got this idea they’re responsive to that. It’s obviously come from Len Brown, who’s told them ‘you have to work with developers rather than against them’.”

Source: http://www.nbr.co.nz/article/aucklands-39000-homes-target-hard-believe-developer-nk-p-140059

Tim Manning NZ Recognizes Property Values Still Climbing – Especially in Auckland

New Zealand property values continued to rise in April to be 4 percent above their peak of late 2007 as Auckland again recorded strong gains, according to state valuer Quotable Value.

National property values increased 1.3 percent in the three months ended April 30 to $431,967, the same pace as in the three months through March. Values have gained 7.1 percent over the past year.

Property values in greater Auckland climbed 12 percent to $628,205 in the latest 12 months and in Christchurch they rose 9.4 percent to $418,829, though growth across all main urban areas was relatively strong, rising 8.8 percent to $495,488.

“The increase in nationwide values is now being driven by all the main centres, not just Auckland and Canterbury,” Kerry Stewart, QV operations manager, says.

“Buyers are showing more optimism and confidence, although are still being careful in their decision making. The exception to this is in parts of Auckland, where demand is so high that there is little opportunity to delay making offers.”

The figures come a day after the Reserve Bank said in its financial stability report that it is preparing to impose limits on high loan-to-value home mortgages, which could pose a significant risk to country’s financial stability.

“Further price escalation will worsen the potential damage that could result from a housing downturn following an economic or financial shock,” governor Graeme Wheeler said yesterday.

The QV figures show Wellington house values were 2 percent higher than a year earlier, and Dunedin property values rose an annual 4.8 percent.

Source: http://www.nbr.co.nz/article/property-values-still-climbing-%E2%80%93-especially-auckland-wb-139889#.UYs1OweCpD8.email

Swiss-Belhotel sign Queenstown property

By Emma Gardiner on August 21, 2013

Swiss-Belhotel is set to make its entry into New Zealand with the signing of a resort outside Queenstown.

Swiss-Belhotel International Chairman, President and owner, Gavin Faull, a New Zealander by birth, said he is proud to bring the rapidly growing brand ‘home’.

“Swiss-Belresort Coronet Peak Queenstown is the closest resort to the Coronet Peak ski field and this lends an exclusivity that is perfect for well-heeled international travellers and aspiring skiers and snowboarders,” Faull told HM.

Swiss-Belhotel International is doing a full rebrand of the property and planning to raise its rating to four stars. This will include the introduction of additional conference and meeting space and outdoor hot tubs as well as upgrades to leisure facilities including spa and sauna, petanque, volleyball, croquet, badminton, ski waxing and drying rooms as well as Queenstown’s only ten pin bowling alley.

The resort’s location provides easy access to the Onsen Hot Pools – a natural geothermal hot tub connected to the Shotover River which itself offers an extensive range of water sport activities.

The launch of Swiss-Belresort Coronet Peak Queenstown brings the Hong Kong-based group’s portfolio to more than 120 hotels, resorts and projects ranging from 2-star to 5-star classifications across Asia, the Pacific, China and the Middle East.

Online article at:  http://www.hotelmanagement.com.au/2013/08/21/swiss-belhotel-sign-queenstown-property/

Tim Manning comments on Swiss-Bel Queenstown

Norwich Properties and Tim Manning – New Zealands most experienced property developer is thrilled to have engaged Swiss-Bel as the operator or its latest Hotel in Queenstown. It plans to work with Swiss-Bel to roll out further hotels around New Zealand to complement their 120 hotels in Asia to date. Tim Manning likes doing deals with Kiwis, especially successful ones and Tim is very excited about the partnership of Swiss-Bel Resort Queenstown.

Swiss-Belhotel rebrands ski resort in New Zealand

TTGasia – Article by Hannah Koh, Queenstown,

Published August 22, 2013

SWISS-BELHOTEL International will take over the management of Coronet Peak Hotel and rebrand it as the company’s first New Zealand property, the Swiss-Belresort Coronet Peak.

The upscale resort is situated within the ski playground Coronet Peak and was previously running under independent management.

Swiss-Belhotel is set to fully rebrand and launch extensive upgrading on the property to meet four-star standards, and will add extra conference and meeting space as well as outdoor hot tubs.

Swiss-Belresort Coronet Peak general manager, Marcus Kennan, said the resort would remain operational throughout the refurbishment process. “We are lucky we can close different accommodation wings of the hotel and carry out work, without impacting the guests staying with us. Total scheduled completion date is the end of March 2014.”

Gavin Faull, chairman, president and owner of Swiss-Belhotel International said in a press release: “Swiss-Belresort Coronet Peak Queenstown is the closest resort to the Coronet Peak ski field and this lends an exclusivity that is perfect for well-heeled international travellers and aspiring skiers and snowboarders.

“Queenstown is an immensely popular destination in both the summer and winter months, with June to September seeing droves of snowboarders and skiers descend upon Coronet Peak’s 280 skiable hectares and extensive, state-of-the-art snowmaking installations…This guarantees a long season.”

The resort offers 75 rooms and a range of leisure facilities including a spa and sauna, pentaque, volleyball, croquet, badminton, ski waxing and drying rooms, Queenstown’s only ten-pin bowling alley and an après-ski restaurant and bar.

Online article at: http://ttgasia.com/article.php?article_id=21568

Auckland’s 39,000 Homes Target ‘Hard to Believe’ – Tim Manning

Auckland has almost no chance of reaching a housing accord’s target of 39,000 new houses in the next three years, a property developer says.

The accord, announced on Friday by the government and the Auckland Council, allows for the fast -tracking of certain developments while the city waits for its unitary plan to take effect in three years.

It has set “aspirational” of 9000 new homes next year, 13,000 the year after that and 17,000 in 2016.

Building consents in the city remain in the doldrums, with fewer than 5000 being issued in the year to March, equating to only three new houses per 1000 people.

Building boom unlikely

And developer Tim Manning of Norwich Properties says it is extremely unlikely the city will be able to reach the lofty targets included in the housing accord.

He says the accord is a good one and will give a boost to property development in the city, particularly by speeding up the consenting process.

But whether the industry can achieve a big increase in new building activity will come down to factors beyond the control of the government or the council.

“I find it hard to believe it can be realistic. Where on earth is this going to come from?

“The lack of supply is so entrenched with so many reasons, that to say all those will go away and they’ll build 39,000 houses in the next three years is hard to figure out.

Mr Manning says a new build rate of about 6000 houses a year in Auckland is more likely.

One of the major roadblocks is the ability to source finance for big residential property developments.

“The banks have got money and they’re happy to lend but the ratio they’re willing to lend to is not where it was so you still need a big chunk after the bank. The number of places you can get it from has declined,” he says.

“With most of the finance companies gone there aren’t many options for getting $10 million to 20 million. You can try private individuals but they are buying land to land bank and doing their own thing. This is one of the key handbrakes to new supply.”

Limited capacity

Another issue is whether the construction industry has enough capacity to lift the building rate in such a short time, Mr Manning says.

“I don’t think so. All the labourers are heading to Christchurch. You’ve got Mainzeal missing and two or three more you hear are a bit wobbly. The sector needs to build up its resources again.

“A lot of those big contractors are just buying low-margin work to keep their staff going. They only have to have a couple of jobs go pear-shaped and they have no slack in their balance sheets. It’s precarious.”

Although the market is difficult, Mr Manning has high praise for Auckland mayor Len Brown, who negotiated the accord with Housing Minister Nick Smith.

“The Auckland Council has been most proactive and helpful, more than I’ve seen in 25 years. There’s absolutely been a change in attitude, it’s really positive.”

“When you ring them and say you’ve got this idea they’re responsive to that. It’s obviously come from Len Brown, who’s told them ‘you have to work with developers rather than against them’.”

Source: http://www.nbr.co.nz/article/aucklands-39000-homes-target-hard-believe-developer-nk-p-140059

Tim Manning Recognizes Property Values Still Climbing – Especially in Auckland

New Zealand property values continued to rise in April to be 4 percent above their peak of late 2007 as Auckland again recorded strong gains, according to state valuer Quotable Value.

National property values increased 1.3 percent in the three months ended April 30 to $431,967, the same pace as in the three months through March. Values have gained 7.1 percent over the past year.

Property values in greater Auckland climbed 12 percent to $628,205 in the latest 12 months and in Christchurch they rose 9.4 percent to $418,829, though growth across all main urban areas was relatively strong, rising 8.8 percent to $495,488.

“The increase in nationwide values is now being driven by all the main centres, not just Auckland and Canterbury,” Kerry Stewart, QV operations manager, says.

“Buyers are showing more optimism and confidence, although are still being careful in their decision making. The exception to this is in parts of Auckland, where demand is so high that there is little opportunity to delay making offers.”

The figures come a day after the Reserve Bank said in its financial stability report that it is preparing to impose limits on high loan-to-value home mortgages, which could pose a significant risk to country’s financial stability.

“Further price escalation will worsen the potential damage that could result from a housing downturn following an economic or financial shock,” governor Graeme Wheeler said yesterday.

The QV figures show Wellington house values were 2 percent higher than a year earlier, and Dunedin property values rose an annual 4.8 percent.

Source: http://www.nbr.co.nz/article/property-values-still-climbing-%E2%80%93-especially-auckland-wb-139889#.UYs1OweCpD8.email

Auckland Council “Loot Sharing” Plan Slammed

A property developer has spoken out against Auckland Council’s plan to tax increases in the value of land from rezoning or redevelopment. The council’s proposal for “shared land value uplift,” buried in an addendum to the mammoth Auckland unitary plan, is a tool the council is considering for “enabling affordable neighbourhoods,” the document says.

“A number of countries provide scope for local councils to obtain part of the land value uplift from landowners when land is rezoned for more intensive use for example, rezoning from rural to urban land use or rezoning from a low to a higher density).” The revenue generated could be used to develop affordable housing or to fund infrastructure and amenities, the document says.

But Auckland-based property developer “Tim Manning says taxing land value increases would make development more expensive and drive it out of the city to other regions. The proposal ignores that getting land rezoned can be an expensive process, including holding costs such as interest payments if there is debt, he says. “You have really got to work at this; you need to hire planners and planning barristers, do traffic reports and impact assessment reports to show this land is better off residential than commercial or rural.”

The real problems are the small number of large developers, the lack of land available for residential subdivision and the tight supply of funding, Mr Tim Manning says.

Councillor Cameron Brewer says there would be “enormous contestability and difficulty” in accurately calculating a property’s new value after rezoning has taken place.

Source: http://www.nbr.co.nz/article/auckland-council-%E2%80%98loot-sharing-plan-slammed-nk-p-138395