1 00:00:05,880 --> 00:00:09,000 Speaker 1: Kyoda. I'm Chelsea Daniels and this is the Front Page, 2 00:00:09,440 --> 00:00:16,680 Speaker 1: a daily podcast presented by the New Zealand Herald. From 3 00:00:16,680 --> 00:00:21,239 Speaker 1: the ongoing downfall of high flying developers to promises of 4 00:00:21,360 --> 00:00:24,880 Speaker 1: Swedish meat balls, this year is set to be one 5 00:00:24,960 --> 00:00:29,320 Speaker 1: to watch when it comes to property news. Major developments 6 00:00:29,320 --> 00:00:32,240 Speaker 1: are getting underway after the passing of the Fast Track 7 00:00:32,280 --> 00:00:36,000 Speaker 1: Approval Act, while some projects that have been under construction 8 00:00:36,120 --> 00:00:40,600 Speaker 1: for years are close to completion. But after a few 9 00:00:40,720 --> 00:00:44,080 Speaker 1: years of a tough lending landscape and issues in the 10 00:00:44,080 --> 00:00:47,680 Speaker 1: construction industry, I'll be closer to getting back on track. 11 00:00:48,159 --> 00:00:51,400 Speaker 1: Today on the Front Page ends at Herald, property insider 12 00:00:51,479 --> 00:00:55,280 Speaker 1: An Gibson joins us to share her property predictions for 13 00:00:55,400 --> 00:01:05,320 Speaker 1: twenty twenty five. And let's start with perhaps a big 14 00:01:05,400 --> 00:01:08,560 Speaker 1: property story of twenty twenty five that's going to be continuing. 15 00:01:08,680 --> 00:01:11,400 Speaker 1: The Deval Group. You've spoken to us about them before. 16 00:01:11,880 --> 00:01:13,960 Speaker 1: When are they expected to be before the court. 17 00:01:14,080 --> 00:01:16,960 Speaker 2: So there's a number of dates that are set to 18 00:01:17,840 --> 00:01:23,200 Speaker 2: have court appearances with Charlotte Clark, the chief executive of Duval. 19 00:01:23,840 --> 00:01:27,440 Speaker 2: And this is action that the Financial Markets Authority and 20 00:01:27,680 --> 00:01:31,120 Speaker 2: PwC is taking against them. So ready we've got a 21 00:01:31,120 --> 00:01:34,160 Speaker 2: February date that's due for an update on the clerk's 22 00:01:34,360 --> 00:01:38,679 Speaker 2: legal position getting legal aid. We've got the receiver's PwC 23 00:01:38,920 --> 00:01:41,920 Speaker 2: to provide an update to the court in March, and 24 00:01:41,959 --> 00:01:45,160 Speaker 2: it's not till June that we've got the more substantive 25 00:01:45,280 --> 00:01:49,800 Speaker 2: three day hearing due. So that's going to be I 26 00:01:49,800 --> 00:01:54,240 Speaker 2: think one of the larger stories for this year because 27 00:01:54,280 --> 00:01:56,200 Speaker 2: there is so much action on that front, and also 28 00:01:56,280 --> 00:01:59,960 Speaker 2: the amount involved. So John Fisk, one of the receivers 29 00:02:00,120 --> 00:02:04,600 Speaker 2: PwC said two hundred and thirty seven point six million 30 00:02:04,720 --> 00:02:10,320 Speaker 2: OD and the report that PwC issued also expressed concern 31 00:02:10,520 --> 00:02:12,920 Speaker 2: about irregular accounting entries. 32 00:02:13,320 --> 00:02:15,400 Speaker 1: I was going to say that about the money. I 33 00:02:15,440 --> 00:02:19,240 Speaker 1: saw one story last week about one entity alone owing 34 00:02:19,360 --> 00:02:22,440 Speaker 1: four point six million dollars in taxes to IRD. So 35 00:02:22,600 --> 00:02:24,920 Speaker 1: is there just a massive paper trail that they're working 36 00:02:24,960 --> 00:02:25,640 Speaker 1: through at the moment. 37 00:02:25,880 --> 00:02:26,000 Speaker 3: Oh. 38 00:02:26,040 --> 00:02:28,840 Speaker 2: I think that was really interesting. When John Fisk talked 39 00:02:29,120 --> 00:02:33,359 Speaker 2: about the duval entities last year, I think he compared 40 00:02:33,400 --> 00:02:36,280 Speaker 2: them to something like spaghetti from memory. He said there 41 00:02:36,280 --> 00:02:39,440 Speaker 2: were so many interconnections, there were so many entities. I 42 00:02:39,440 --> 00:02:42,960 Speaker 2: think there's more than sixty companies. It's a very complex 43 00:02:43,280 --> 00:02:48,560 Speaker 2: where it's a very complicated receivership and statutory management. Nothing 44 00:02:48,639 --> 00:02:50,880 Speaker 2: is really clear there yet. At the moment. 45 00:02:55,400 --> 00:02:57,679 Speaker 4: We were looking at the social media, this guy was 46 00:02:57,720 --> 00:03:01,040 Speaker 4: saying things like, you know, hates the thing that sharpens 47 00:03:01,080 --> 00:03:03,720 Speaker 4: my blade kind of thing, and posting pictures of himself 48 00:03:03,760 --> 00:03:06,480 Speaker 4: next to his Rolls Royce with duval one number plate 49 00:03:06,560 --> 00:03:06,760 Speaker 4: on it. 50 00:03:07,000 --> 00:03:10,640 Speaker 5: Business Desk property editor Maria Slade has been following Duval 51 00:03:10,800 --> 00:03:14,440 Speaker 5: closely since her first article in twenty twenty one raised 52 00:03:14,520 --> 00:03:15,960 Speaker 5: concerns this is. 53 00:03:15,960 --> 00:03:20,000 Speaker 4: Not normal behavior for a property developer who's just trying 54 00:03:20,000 --> 00:03:21,960 Speaker 4: to get on with the business of building houses. 55 00:03:22,040 --> 00:03:29,400 Speaker 1: You know, are you surprised by how fascinated people are 56 00:03:29,480 --> 00:03:30,400 Speaker 1: in this case? 57 00:03:30,560 --> 00:03:33,680 Speaker 2: No, not really, because of the fact that the clerks 58 00:03:33,760 --> 00:03:36,320 Speaker 2: were very high profile in terms of the life style 59 00:03:36,440 --> 00:03:39,000 Speaker 2: that they were living in the image that they projected 60 00:03:39,000 --> 00:03:43,400 Speaker 2: of highly successful property people. It's interesting too that also 61 00:03:43,520 --> 00:03:47,920 Speaker 2: we're still getting updates from Kenyon Clark talking about him 62 00:03:47,960 --> 00:03:51,080 Speaker 2: not living in fear, finishing his book, wanting to get 63 00:03:51,120 --> 00:03:54,640 Speaker 2: his passport back, wanting to hold the FMA and PwC 64 00:03:54,720 --> 00:03:57,680 Speaker 2: to account. So it's kind of this battle that's going on, 65 00:03:57,800 --> 00:03:59,680 Speaker 2: and I think it's got all the elements of a 66 00:03:59,680 --> 00:04:03,800 Speaker 2: store that people are interested in, and the unusual thing 67 00:04:03,880 --> 00:04:06,680 Speaker 2: to me is that most property developers are not like 68 00:04:06,720 --> 00:04:09,560 Speaker 2: that at all. This does fulfill a certain image that 69 00:04:09,600 --> 00:04:12,880 Speaker 2: people may have, but it's not actually the reality. This 70 00:04:13,000 --> 00:04:13,840 Speaker 2: is exceptional. 71 00:04:14,000 --> 00:04:16,479 Speaker 1: It sounds like something that could be turned into a 72 00:04:16,520 --> 00:04:18,800 Speaker 1: Netflix mini series at some point, doesn't it. 73 00:04:18,839 --> 00:04:23,080 Speaker 2: Well, there was a documentary being made called The Property 74 00:04:23,120 --> 00:04:26,600 Speaker 2: Developers and it was going to go into season two. 75 00:04:26,680 --> 00:04:29,400 Speaker 2: We haven't seen season one. When I talked to the 76 00:04:29,400 --> 00:04:32,600 Speaker 2: producers of that last year, they talked about an international 77 00:04:32,640 --> 00:04:36,160 Speaker 2: platform purchasing the rights to that. Seems fairly unlikely at 78 00:04:36,160 --> 00:04:39,800 Speaker 2: the stage, but you know, good surprise on the upside. 79 00:04:39,920 --> 00:04:43,880 Speaker 1: Let's move on to developments. The Fast Track Approval Act 80 00:04:44,000 --> 00:04:47,120 Speaker 1: passed last year. How many projects are we expecting to 81 00:04:47,120 --> 00:04:48,719 Speaker 1: see get kick started from that? 82 00:04:49,240 --> 00:04:52,200 Speaker 2: Well, there were exactly one hundred and forty nine approved 83 00:04:52,320 --> 00:04:54,919 Speaker 2: in the legislation that was passed before Christmas. There were 84 00:04:54,960 --> 00:04:58,120 Speaker 2: more than three hundred applications made. Now I'm gradually working 85 00:04:58,160 --> 00:05:00,200 Speaker 2: my way through the list. It's quite a daunting but 86 00:05:00,240 --> 00:05:02,880 Speaker 2: the first two which I found really interesting were a 87 00:05:02,920 --> 00:05:06,280 Speaker 2: revelation that there was a project and to develop the 88 00:05:06,760 --> 00:05:09,480 Speaker 2: heart of devport for more than four hundred million dollars 89 00:05:09,520 --> 00:05:13,080 Speaker 2: by Peninsula Capital, which is headed by Beerige Spencer. And 90 00:05:13,200 --> 00:05:15,479 Speaker 2: the second one is a court of a kilometer high 91 00:05:15,520 --> 00:05:19,160 Speaker 2: tower on the waterfront the downtown project Nati Fato or 92 00:05:19,279 --> 00:05:23,240 Speaker 2: Rachai and also precinct properties together on that so they're 93 00:05:23,279 --> 00:05:28,280 Speaker 2: talking about retail, apartments, offices, and a big civic component 94 00:05:28,400 --> 00:05:31,520 Speaker 2: of that too. So that's just two of those. But honestly, 95 00:05:31,560 --> 00:05:34,240 Speaker 2: when I look at the list, it is a fascinating list. 96 00:05:34,279 --> 00:05:37,279 Speaker 2: It's everything from wind farms to power stations, to golf 97 00:05:37,320 --> 00:05:39,400 Speaker 2: courses to you name it all in there. 98 00:05:42,640 --> 00:05:46,159 Speaker 5: This is the very spot hundreds, maybe even thousands of 99 00:05:46,200 --> 00:05:49,520 Speaker 5: shoppers will flock to every day. That's because it's the 100 00:05:49,560 --> 00:05:54,600 Speaker 5: site of New Zealand's first ever I Care constructions finally begun, 101 00:05:54,680 --> 00:05:57,920 Speaker 5: with the initial earthworks very much underway, but don't get 102 00:05:57,960 --> 00:06:01,560 Speaker 5: too excited just yet, with doors only set to open 103 00:06:01,680 --> 00:06:03,000 Speaker 5: in twenty twenty five. 104 00:06:04,680 --> 00:06:06,240 Speaker 1: Now, I'm going to move on to something that I 105 00:06:06,279 --> 00:06:08,039 Speaker 1: know a lot of people have been asking me about. 106 00:06:08,120 --> 00:06:10,320 Speaker 1: Probably a lot of people have been asking you about 107 00:06:10,320 --> 00:06:15,359 Speaker 1: as well. We've been waiting for IKEA for decades and 108 00:06:15,440 --> 00:06:17,920 Speaker 1: it's nearly here. What's the latest you've heard there. 109 00:06:18,200 --> 00:06:21,520 Speaker 2: Well, so Ikea have announced that they will open in 110 00:06:21,560 --> 00:06:24,400 Speaker 2: the final quarter of the twenty twenty five calendar year, 111 00:06:24,560 --> 00:06:28,000 Speaker 2: and it does look very likely in that late last 112 00:06:28,080 --> 00:06:31,760 Speaker 2: year they issued an update showing that about a quarter 113 00:06:31,920 --> 00:06:35,600 Speaker 2: of the exterior cladding is on this huge warehouse and 114 00:06:35,960 --> 00:06:37,960 Speaker 2: just on the other side of the railway lines from 115 00:06:38,040 --> 00:06:41,240 Speaker 2: Sylvia Park. So Nayla Love the biggest builder in New 116 00:06:41,320 --> 00:06:44,200 Speaker 2: Zealand in terms of workloads. It was, of course working 117 00:06:44,240 --> 00:06:48,040 Speaker 2: on the christ Church Cathedral. They are moving at pace 118 00:06:48,320 --> 00:06:53,040 Speaker 2: on that site. So let's hope that Ikea does open 119 00:06:53,080 --> 00:06:54,839 Speaker 2: in the final quarter of the year. You're right, there's 120 00:06:54,839 --> 00:06:56,640 Speaker 2: a huge amount of interest in it. It will be 121 00:06:56,680 --> 00:06:59,680 Speaker 2: fascinating and it will bring a new concept to New Zealand, 122 00:06:59,680 --> 00:07:02,560 Speaker 2: that concept of the themes and the rooms where you 123 00:07:02,720 --> 00:07:05,120 Speaker 2: kind of go into another zone, don't you when you 124 00:07:05,160 --> 00:07:07,680 Speaker 2: walk through an ik shop. Don't I had this experience? 125 00:07:07,760 --> 00:07:09,880 Speaker 2: But you know, oh, could my bathroom look like that? 126 00:07:09,960 --> 00:07:12,800 Speaker 2: Could my kitchen really hum in that way? 127 00:07:12,920 --> 00:07:13,160 Speaker 1: Wow? 128 00:07:13,240 --> 00:07:16,320 Speaker 2: Look at that bedroom design. I could change mine around 129 00:07:16,400 --> 00:07:18,600 Speaker 2: and you know, so they're really good at that kind 130 00:07:18,600 --> 00:07:22,600 Speaker 2: of experiential aspect and we get what the meatballs as well. 131 00:07:22,600 --> 00:07:24,320 Speaker 1: Which is very pod That was going to be my 132 00:07:24,440 --> 00:07:28,680 Speaker 1: next question, and the Swedish meatballsolutely so there is an 133 00:07:28,720 --> 00:07:32,440 Speaker 1: Ikea in Adelaide. Actually I can't remember when we got 134 00:07:32,440 --> 00:07:35,440 Speaker 1: that when I was growing up, but the meatballs were 135 00:07:35,440 --> 00:07:39,840 Speaker 1: obviously a massive draw card. And you're right that experiential 136 00:07:40,000 --> 00:07:43,040 Speaker 1: kind of shopping experience as well. There are literally arrows 137 00:07:43,040 --> 00:07:46,080 Speaker 1: on the floor to guide you through each and so 138 00:07:46,240 --> 00:07:50,080 Speaker 1: even if you're not looking at kitchen appliances, you will 139 00:07:50,120 --> 00:07:53,440 Speaker 1: be seeing them as you make your way towards the meatballs. 140 00:07:53,480 --> 00:07:56,520 Speaker 2: I had a fascinating experience with the ike executives a 141 00:07:56,560 --> 00:07:58,400 Speaker 2: couple of years ago when I was interviewing them and 142 00:07:58,520 --> 00:08:01,440 Speaker 2: they wanted to ask me about I care experience, and 143 00:08:01,520 --> 00:08:03,000 Speaker 2: you know, said, look, I have been to a number 144 00:08:03,040 --> 00:08:06,040 Speaker 2: of overseas because it's very interesting from a property perspective. 145 00:08:06,040 --> 00:08:08,680 Speaker 2: In fact, I have visited that one Adelaide. It's beautiful. 146 00:08:08,760 --> 00:08:11,000 Speaker 2: And they wanted to know from me what did I buy, 147 00:08:11,200 --> 00:08:13,120 Speaker 2: and I said, well, look, to be honest, to things, 148 00:08:13,560 --> 00:08:16,960 Speaker 2: piller case, you know, internal linings that are really cheap 149 00:08:17,000 --> 00:08:20,520 Speaker 2: and really good, and pigs. Because I was traveling internationally 150 00:08:20,600 --> 00:08:22,840 Speaker 2: so it was like these things could fit in the suitcase, 151 00:08:23,000 --> 00:08:26,000 Speaker 2: no useful. Hey, you know what, we're still using those things. 152 00:08:39,160 --> 00:08:41,520 Speaker 1: Are there any other big brands making a move our 153 00:08:41,600 --> 00:08:45,040 Speaker 1: way this year? I have been personally advocating for something 154 00:08:45,080 --> 00:08:47,280 Speaker 1: like Audi to enter the market, but I know that 155 00:08:47,320 --> 00:08:50,400 Speaker 1: my wishes are probably not going to be cast. 156 00:08:50,720 --> 00:08:54,760 Speaker 2: Wow, very good question. There is the second largest retail 157 00:08:54,840 --> 00:08:58,160 Speaker 2: development in Auckland at the moment after I Care. Actually 158 00:08:58,280 --> 00:09:03,040 Speaker 2: is the new Tesla showroom at Westgate mark Gunton's development. 159 00:09:03,120 --> 00:09:06,440 Speaker 2: Now that is huge. The Mecky Center is eighteen thousand 160 00:09:06,559 --> 00:09:10,240 Speaker 2: square meters. Are drove past it this week, unbelievable. You 161 00:09:10,320 --> 00:09:12,880 Speaker 2: go for a long way down the street before you 162 00:09:13,000 --> 00:09:15,480 Speaker 2: finish passing that building. So the building is up, it 163 00:09:15,559 --> 00:09:18,360 Speaker 2: will open this year. I know we already have Tesla outlets, 164 00:09:18,400 --> 00:09:21,320 Speaker 2: but this is a whole new level just down the 165 00:09:21,440 --> 00:09:25,680 Speaker 2: road from Tesla really quite absolutely opposite the Costco is 166 00:09:26,400 --> 00:09:29,200 Speaker 2: a twenty four to seven kmart, the biggest in New Zealand. 167 00:09:29,200 --> 00:09:31,800 Speaker 2: That's going to be opening. So you know, these sorts 168 00:09:31,800 --> 00:09:33,960 Speaker 2: of things. It sort of shows also a level of 169 00:09:34,000 --> 00:09:37,800 Speaker 2: confidence in Westgate, but also in that economy, people still 170 00:09:37,840 --> 00:09:41,480 Speaker 2: spending buying the electric vehicle, you know, going into kmart 171 00:09:41,600 --> 00:09:44,400 Speaker 2: kind of like one end of the retail experience to 172 00:09:44,480 --> 00:09:46,640 Speaker 2: the other. But I think Westgate is a really good 173 00:09:46,679 --> 00:09:49,160 Speaker 2: example with all the new data centers going up there 174 00:09:49,200 --> 00:09:52,160 Speaker 2: of growth and confidence in the economy. 175 00:09:52,520 --> 00:09:55,359 Speaker 1: On the other side of the equation, there's the developments 176 00:09:55,400 --> 00:09:58,959 Speaker 1: that have flopped or gone stagnant. Let's start with c 177 00:09:59,240 --> 00:10:02,640 Speaker 1: Skate without a part building on Auckland's Customs Street that's 178 00:10:02,720 --> 00:10:05,480 Speaker 1: essentially abandoned. Is there any movement there? 179 00:10:05,640 --> 00:10:08,040 Speaker 2: Yes, it's really unfortunate. At the moment, we had an 180 00:10:08,200 --> 00:10:13,600 Speaker 2: article about a young person scaling the crane of seascape 181 00:10:13,920 --> 00:10:17,480 Speaker 2: at night and hanging by one hand from it. So 182 00:10:18,040 --> 00:10:22,480 Speaker 2: August two, China Construction. Actually the builder there won their 183 00:10:22,520 --> 00:10:27,760 Speaker 2: building disputes tribunal ruling when they demanded thirty three million 184 00:10:27,800 --> 00:10:31,400 Speaker 2: from Shundi Customs. That's the developer. So we've had no 185 00:10:31,679 --> 00:10:35,480 Speaker 2: work on that site for many months, or the trades 186 00:10:35,880 --> 00:10:39,040 Speaker 2: businesses have pulled away from there, taken their tools with them. 187 00:10:39,160 --> 00:10:42,040 Speaker 2: We're just hoping at the stage that will resume, that 188 00:10:42,200 --> 00:10:45,440 Speaker 2: the impasse between the builder and the developer will be 189 00:10:45,600 --> 00:10:49,400 Speaker 2: resolved and that the people will return to the site 190 00:10:49,440 --> 00:10:52,280 Speaker 2: and finish it. It's clad up to I think somewhere 191 00:10:52,320 --> 00:10:55,600 Speaker 2: about level thirty five and you know it's fifty seven 192 00:10:56,320 --> 00:11:00,760 Speaker 2: levels tall. It is a terrible thing for Auckland to 193 00:11:00,800 --> 00:11:03,520 Speaker 2: have a building that big sitting idle for that long. 194 00:11:03,600 --> 00:11:06,800 Speaker 2: It's also very bad for the structural components on the 195 00:11:06,840 --> 00:11:09,440 Speaker 2: site to be exposed to the weather for that length 196 00:11:09,480 --> 00:11:12,040 Speaker 2: of time. Buildings are made to be closed, and they're 197 00:11:12,080 --> 00:11:14,440 Speaker 2: made to be used. They're made to be worked and 198 00:11:14,480 --> 00:11:16,560 Speaker 2: lived and they're not designed to be left open to 199 00:11:16,600 --> 00:11:23,200 Speaker 2: the elements like this. And what is it about construction 200 00:11:23,280 --> 00:11:25,079 Speaker 2: Because I'm looking at the liquidations. 201 00:11:25,360 --> 00:11:28,000 Speaker 1: Construction as an industry leads all industries. 202 00:11:28,040 --> 00:11:30,760 Speaker 3: Why yes, where the canary and the coal mine. Unfortunately, 203 00:11:30,840 --> 00:11:34,559 Speaker 3: because essentially as soon as interstrates start going up to 204 00:11:34,640 --> 00:11:38,400 Speaker 3: consume it, confidence comes down. Therefore people stop investing. People 205 00:11:38,440 --> 00:11:42,640 Speaker 3: haven't spending the money. So private investors who are building 206 00:11:42,720 --> 00:11:46,440 Speaker 3: the likes of shopping malls, retail restaurants and are like 207 00:11:46,520 --> 00:11:48,439 Speaker 3: those projects immediately dry up. 208 00:11:52,840 --> 00:11:55,120 Speaker 1: And there's been a lot of woes in the construction 209 00:11:55,280 --> 00:11:57,240 Speaker 1: sector in the last few years. A lot of builders 210 00:11:57,280 --> 00:12:00,319 Speaker 1: and developers have gone under. You report it on another 211 00:12:00,440 --> 00:12:05,040 Speaker 1: apartment developer declaring insolvency just last week. Where are things 212 00:12:05,080 --> 00:12:07,439 Speaker 1: at now? Are we seeing some stability or even to 213 00:12:07,480 --> 00:12:09,959 Speaker 1: pick up in new builds yet or do you anticipate 214 00:12:10,000 --> 00:12:10,960 Speaker 1: that will happen this year? 215 00:12:11,360 --> 00:12:15,240 Speaker 2: I said in a column about the future twenty twenty five, 216 00:12:15,360 --> 00:12:18,800 Speaker 2: zero powers to predict what I do see every day 217 00:12:18,880 --> 00:12:21,439 Speaker 2: as a number of insolvencies on the company's office. Now, 218 00:12:21,480 --> 00:12:25,920 Speaker 2: these are usually the shareholders themselves calling in the liquidators, 219 00:12:26,080 --> 00:12:30,120 Speaker 2: Unable often to pay tax bills, unable to repay big loans. 220 00:12:30,960 --> 00:12:34,520 Speaker 2: You know, it's a really serious situation. Often what's occurred 221 00:12:34,600 --> 00:12:39,280 Speaker 2: is the is the building has been finished and been sold, 222 00:12:39,880 --> 00:12:45,160 Speaker 2: but the financial fallout may still mention COVID man that 223 00:12:45,240 --> 00:12:48,319 Speaker 2: has a tale that is just unbelievable, the COVID lockdown 224 00:12:48,320 --> 00:12:53,000 Speaker 2: and the pandemic. It's in virtually every receiver's liquidators report 225 00:12:53,080 --> 00:12:56,000 Speaker 2: that I'm reading at the moment. And the worst thing 226 00:12:56,120 --> 00:12:59,120 Speaker 2: is too I think that in land revenue they talked 227 00:12:59,160 --> 00:13:02,760 Speaker 2: about going full throttle, but also in land revenue are 228 00:13:02,880 --> 00:13:07,160 Speaker 2: often a creditor, and the building suppliers are often creditors, 229 00:13:07,280 --> 00:13:12,160 Speaker 2: as are many consultants and trades, and that is really concerning. 230 00:13:12,200 --> 00:13:15,280 Speaker 2: That really does hit hard, and I don't see any 231 00:13:15,320 --> 00:13:17,600 Speaker 2: let up at the stage. I wish I did what. 232 00:13:17,679 --> 00:13:22,000 Speaker 1: Do you think will be the big property trends this year? 233 00:13:22,080 --> 00:13:24,120 Speaker 2: In Well, I think the focus will really be on 234 00:13:24,160 --> 00:13:27,080 Speaker 2: a number of things. One will be that seascape tar 235 00:13:27,480 --> 00:13:31,480 Speaker 2: that is a very unusual situation, both parties out of China, 236 00:13:31,640 --> 00:13:35,280 Speaker 2: very little control by New Zealand authorities to do much there. 237 00:13:35,320 --> 00:13:38,520 Speaker 2: I do think dval will be interesting because of the 238 00:13:38,600 --> 00:13:43,000 Speaker 2: number of court fixtures, dates, hearings, callovers whatever you refer 239 00:13:43,080 --> 00:13:45,400 Speaker 2: to them as. I think that will be ongoing. There's 240 00:13:45,480 --> 00:13:48,840 Speaker 2: actually a tremendous amount of development going on in Auckland 241 00:13:48,840 --> 00:13:51,240 Speaker 2: at moment despite the downturn in the economy. If you 242 00:13:51,280 --> 00:13:53,680 Speaker 2: look at the skyline you see a lot of cranes, 243 00:13:53,880 --> 00:13:57,959 Speaker 2: so what expect continuation of quite substantial amounts of work 244 00:13:58,200 --> 00:14:02,120 Speaker 2: and when it when it all comes down, Really a 245 00:14:02,160 --> 00:14:04,480 Speaker 2: lot of people are talking about the decline and interest 246 00:14:04,559 --> 00:14:08,120 Speaker 2: rates and that giving the economy, you know, a bit 247 00:14:08,120 --> 00:14:10,520 Speaker 2: of a follow up really, I'm yet to see that 248 00:14:10,800 --> 00:14:13,960 Speaker 2: hugely in the market at the stage. I think for 249 00:14:14,080 --> 00:14:18,240 Speaker 2: me it's very much a projects based year and I'll 250 00:14:18,280 --> 00:14:21,760 Speaker 2: be really interested to look out for new projects. Walworths 251 00:14:21,800 --> 00:14:25,120 Speaker 2: has announced although I've applied for a huge expansion of 252 00:14:25,160 --> 00:14:28,040 Speaker 2: a distribution facility at Woodie, which I'm yet to write about, 253 00:14:28,080 --> 00:14:31,200 Speaker 2: but you know that shows, you know, an agglomeration of 254 00:14:31,480 --> 00:14:36,120 Speaker 2: their distribution operations, so Supermarket's really doing well. You know, 255 00:14:36,160 --> 00:14:37,760 Speaker 2: those will be the sort of themes that I think 256 00:14:37,800 --> 00:14:38,600 Speaker 2: we'll see this year. 257 00:14:38,800 --> 00:14:44,000 Speaker 1: Thanks for joining us, Ann, You're welcome. That's it for 258 00:14:44,040 --> 00:14:47,120 Speaker 1: this episode of the Front Page. You can read more 259 00:14:47,160 --> 00:14:51,840 Speaker 1: about today's stories and extensive news coverage at enzadherld dot 260 00:14:51,880 --> 00:14:55,520 Speaker 1: co dot MZ. The Front Page is produced by Ethan 261 00:14:55,680 --> 00:14:59,400 Speaker 1: Seals and Richard Martin, who is also our sound engineer. 262 00:15:00,040 --> 00:15:04,360 Speaker 1: I'm Chelsea Daniels. Subscribe to the Front Page on iHeartRadio 263 00:15:04,560 --> 00:15:08,000 Speaker 1: or wherever you get your podcasts, and tune in tomorrow 264 00:15:08,200 --> 00:15:10,320 Speaker 1: for another look behind the headlines.