1 00:00:00,960 --> 00:00:03,600 Speaker 1: You're listening to a sharse these podcast. 2 00:00:04,840 --> 00:00:09,000 Speaker 2: There's a global flight to quality in property, not just 3 00:00:09,080 --> 00:00:13,160 Speaker 2: retail or office industrials the same as well. So those 4 00:00:13,280 --> 00:00:16,919 Speaker 2: very best locations with high growth opportunities are the ones 5 00:00:16,960 --> 00:00:20,280 Speaker 2: that are really attracting the most interest from you know, 6 00:00:21,320 --> 00:00:24,880 Speaker 2: potential buyers, but also from tenants as well, whether it's 7 00:00:24,920 --> 00:00:25,880 Speaker 2: office or whether. 8 00:00:25,640 --> 00:00:28,560 Speaker 1: It's retail, and tenants are still competing hard for that 9 00:00:28,600 --> 00:00:30,160 Speaker 1: space absolutely absolutely. 10 00:00:30,280 --> 00:00:32,320 Speaker 2: You know, we still see significant demand at the Base, 11 00:00:32,360 --> 00:00:35,959 Speaker 2: which is a fantastic acid down on Hamilton. Likewise here 12 00:00:36,000 --> 00:00:38,320 Speaker 2: at Sylvia Park and Atland Mall as well, and you know, 13 00:00:39,120 --> 00:00:42,320 Speaker 2: just even with Drury, which is a greenfield land development, 14 00:00:42,320 --> 00:00:45,239 Speaker 2: we've got some fantastic new large format retailers that are 15 00:00:45,320 --> 00:00:47,360 Speaker 2: leading away in terms of wanting to be positioned there 16 00:00:47,360 --> 00:00:49,240 Speaker 2: because they can see the opportunity for the future. 17 00:00:49,360 --> 00:00:53,120 Speaker 1: We'll lease talk about Drury clearly some massive plans for 18 00:00:53,200 --> 00:00:56,960 Speaker 1: that space and the scale is just enormous and are 19 00:00:57,040 --> 00:01:01,360 Speaker 1: really sort of a big example of that multi use precinct. 20 00:01:01,640 --> 00:01:04,320 Speaker 1: Can you talk us through that site and really lay 21 00:01:04,319 --> 00:01:06,040 Speaker 1: out the vision for what that will become. 22 00:01:06,480 --> 00:01:08,520 Speaker 2: You know, Auckland has two areas where it can grow, 23 00:01:08,520 --> 00:01:10,920 Speaker 2: can even grow north or can grow south, And to 24 00:01:10,959 --> 00:01:12,800 Speaker 2: be honest, most of the growth is probably heading south 25 00:01:12,840 --> 00:01:14,920 Speaker 2: because that's where a lot of the population is in 26 00:01:14,959 --> 00:01:16,920 Speaker 2: the Golden Triangle and most of the growth around it is. 27 00:01:17,760 --> 00:01:20,800 Speaker 2: We have a fantastic site there of almost fifty hectares 28 00:01:20,800 --> 00:01:23,720 Speaker 2: of land which has been demarcated as the next town 29 00:01:23,800 --> 00:01:27,600 Speaker 2: center or the town for Drury, and you know, the 30 00:01:27,680 --> 00:01:30,200 Speaker 2: projections are that over time there will be almost sixty 31 00:01:30,200 --> 00:01:33,520 Speaker 2: thousand people living there. And it's a unique opportunity to 32 00:01:33,560 --> 00:01:35,640 Speaker 2: actually build a town from scratch. I mean, how often 33 00:01:35,640 --> 00:01:37,360 Speaker 2: do we get a chance to build a town from scratch. 34 00:01:37,520 --> 00:01:38,840 Speaker 2: So we want to make sure you do it right, 35 00:01:38,880 --> 00:01:40,319 Speaker 2: and we want to do a really good job, and 36 00:01:40,360 --> 00:01:43,520 Speaker 2: we want to make sure it has all the environmental considerations, 37 00:01:43,520 --> 00:01:47,160 Speaker 2: it's really well connected and really walkable for the people 38 00:01:47,200 --> 00:01:49,320 Speaker 2: that choose to live there. And so we've got this 39 00:01:49,440 --> 00:01:52,920 Speaker 2: unique opportunity where we're kicking off with large format retail. 40 00:01:53,440 --> 00:01:55,880 Speaker 2: We've got conditional deals that have been signed with Costco, 41 00:01:56,040 --> 00:01:59,320 Speaker 2: but also we've got Harvey Norman, Rebel, Brisco and New 42 00:01:59,320 --> 00:02:01,520 Speaker 2: World super m leading the charge. And then we've got 43 00:02:01,520 --> 00:02:03,920 Speaker 2: an opportunity over time to actually build out the full 44 00:02:03,960 --> 00:02:07,160 Speaker 2: town center, which will obviously be heavily retail focused, but 45 00:02:07,200 --> 00:02:10,400 Speaker 2: there were other uses offers a residential etc. That will 46 00:02:10,400 --> 00:02:11,919 Speaker 2: sit alongside that in medical as well. 47 00:02:11,960 --> 00:02:16,760 Speaker 1: Here in terms of working with local council also transport, 48 00:02:16,919 --> 00:02:19,360 Speaker 1: really thinking about all of those other pieces, how do 49 00:02:19,400 --> 00:02:21,440 Speaker 1: you go about doing all of that and how early 50 00:02:21,480 --> 00:02:23,360 Speaker 1: in the peace are you sort of thinking about those 51 00:02:23,440 --> 00:02:26,160 Speaker 1: dynamics as well as where the future population is going 52 00:02:26,240 --> 00:02:26,440 Speaker 1: to be. 53 00:02:26,720 --> 00:02:28,840 Speaker 2: So we bought that land almost ten years ago. When 54 00:02:28,840 --> 00:02:30,560 Speaker 2: we bought it was just farmland, so there was a 55 00:02:30,639 --> 00:02:37,440 Speaker 2: long zoning process, both with government and local government. To 56 00:02:37,480 --> 00:02:39,760 Speaker 2: their credit, they've all been really supportive of it. This 57 00:02:39,840 --> 00:02:42,800 Speaker 2: is one of those few developments where the infrastructure has 58 00:02:42,800 --> 00:02:45,800 Speaker 2: actually been put in place ahead of the development happening. 59 00:02:46,400 --> 00:02:49,959 Speaker 2: Central government's been amazing. They've built a train station which 60 00:02:49,960 --> 00:02:53,560 Speaker 2: is almost complete immediately adjacent to our site. They're upgrading 61 00:02:53,600 --> 00:02:56,760 Speaker 2: the motorway a dreary the surrounding roads have been upgraded, 62 00:02:56,880 --> 00:03:00,080 Speaker 2: which we're also contributing to to really make sure that 63 00:03:00,080 --> 00:03:02,880 Speaker 2: people can easily get around Drury and ready start to 64 00:03:02,919 --> 00:03:05,240 Speaker 2: develop it ahead of time. So we spend a lot 65 00:03:05,280 --> 00:03:07,640 Speaker 2: of time and dialogue with government and local government to 66 00:03:07,680 --> 00:03:10,960 Speaker 2: do that. You know, it's no secret that the government's 67 00:03:11,000 --> 00:03:14,560 Speaker 2: looking for a new hospital regional hospital location at Drury. 68 00:03:14,919 --> 00:03:17,000 Speaker 2: We'd love to be a part of that discussion as well, 69 00:03:17,080 --> 00:03:19,240 Speaker 2: but you know that's clearly a sort of public private 70 00:03:19,280 --> 00:03:23,120 Speaker 2: type partnership where you know, we may have the land 71 00:03:23,160 --> 00:03:26,040 Speaker 2: which is appropriate for a hospital, but they will have 72 00:03:26,080 --> 00:03:28,160 Speaker 2: to work in alongside us and we'll have to work 73 00:03:28,200 --> 00:03:32,040 Speaker 2: collaboratively to deliver that. Likewise, for counsel, you know they 74 00:03:32,120 --> 00:03:38,200 Speaker 2: want libraries, community facilities, sports areas, et cetera. We can 75 00:03:38,240 --> 00:03:41,440 Speaker 2: help facilitate that. Sometimes they can be quite interesting discussions 76 00:03:41,440 --> 00:03:44,240 Speaker 2: as you can imagine how you apportion everything. But you know, 77 00:03:44,280 --> 00:03:46,400 Speaker 2: I think if everybody's got the same focus, how do 78 00:03:46,440 --> 00:03:49,160 Speaker 2: we create something that's fantastic, then you're going to get 79 00:03:49,160 --> 00:03:49,760 Speaker 2: a great outcome. 80 00:03:49,800 --> 00:03:53,120 Speaker 1: Here I want to talk about residential. You mentioned that 81 00:03:53,160 --> 00:03:56,360 Speaker 1: at Drury investing involves for risk you might lose the 82 00:03:56,360 --> 00:03:59,040 Speaker 1: money you start with. We recommend talking to a licensed 83 00:03:59,080 --> 00:04:03,560 Speaker 1: financial advisor. We also recommend reading product disclosure documents before 84 00:04:03,600 --> 00:04:04,560 Speaker 1: deciding to invest.