Vet king’s Kiwi venture
The Lanes to be retail heartland
ORMEAU-based National Veterinary Care (NVL) is expanding across the ditch – buying seven clinics in New Zealand.
The foray is its first presence in a $NZ1.5 billion (about $1.44 billion) market that has about 500 veterinary clinics.
Managing director Tomas Steenackers said the NZ clinics would be able to benefit from its marketing strategies and wellness program Best for Pet and clinical staff training.
NVL is paying $NZ8.33 million for the clinics, which it expects to deliver annual revenue of $NZ8.4 million and pre-tax earnings of $NZ1.67 million.
The clinics are in Auckland, Wellington and Christchurch.
Mr Steenackers said the NZ market offers significant opportunities to NVL.
The country has 4.6 million companion pets, a greater number than the entire New Zealand population.
He said plans to move into its first international market began a few months ago.
Mr Steenackers said the clinics offered a high standard of care and were the right fit.
“It takes about the same to fly there as South Australia,” he said.
“When we look at acquiring clinics, it is not about having 200 million but about having the right ones.”
The company has also purchased a clinic in north Queensland, paying $1.36 million including $300,000 deferred cash.
The clinic is expected to de- liver $1.24 million in annual revenue and $300,000 in pretax earnings.
NVL listed last August, has since snapped up 45 clinics in Australia and New Zealand and five business-to-business firms, as well as opening a training facility at its headquarters at Ormeau and starting the Best for Pet program.
It is due to report its results on Monday. PROPERTY developer Sunland Group has revealed plans for a new $100 million retail precinct in Mermaid Waters.
It will be part of its flagship $850 million, 42ha masterplanned community at The Lakes.
The new leisure-lifestyle retail village is called The Lanes.
It will feature 17,135sq m of laneways with cafe and dining, a green market square and showrooms, connected by a waterfront promenade and extensive green space.
The Lanes is designed by architectural firm Benoy, and will also include entertainment precincts, a hotel and outdoor amphitheatre for community events.
Sunland managing director Sahba Abedian said the 2.1ha precinct will adjoin the existing retail centre owned by Sunland and will provide around 100 retail tenancies and 780 parking spaces.
“Mermaid Waters is the geographical heart of the Gold Coast,” Mr Abedian said.
“Our vision for The Lanes is to create an expansive lakefront retail village where beautiful green spaces are interwoven with urban laneways, sophisticated food markets and unique retail and leisure experiences.”
He said the design is a mix of “both high street and village retail”.
Construction is expected to start late 2017, pending approval, for completion in 2020.