Ngai Tahu Property hunting in Auckland
Nga¯i Tahu is chasing residential amd commercial property developments in Auckland and expects to push the button on one or two projects before year end.
Ngai Tahu Property has appointed David Kennedy as general manager for Auckland. He will start in the role in late August.
Chief executive Tony Sewell said Auckland was a natural extension given the amount of building work in New Zealand’s largest city.
Kennedy’s team would be supported from Christchurch.
Ngai Tahu wanted to be a substantial Auckland property player.
He did not expect a real collapse of property work in Christchurch and Canterbury for Ngai Tahu following on from a ‘‘spike’’ of activity due to the earthquake rebuild. Instead work would return to pre-2010-11 earthquake levels.
Ngai Tahu Property had been in talks with potential joint venture ‘‘investor’’ partners who were already involved in the Auckland market.
It was analysing commercial and residential opportunities, some driven by a massive undersupply of housing in an under-capitalised market, Sewell said. ‘‘Particularly around housing shortages and other matters in Auckland we see clear business opportunities.’’
‘‘The company has experienced successful growth in the South Island and is ideally placed to maximise the significant opportunities in the property development sector in Auckland,’’ he said.
Kennedy would lead the Auckland expansion, likely from a downtown office, and report back to the Christchurch property team. He had a rounded experience in the property sector, including his existing role with Auckland’s main rugby park.
‘‘David is currently CEO of Eden Park and was responsible for the Park’s $270 million upgrade in preparation for the Rugby World Cup,’’ Sewell said.
Prior to his current role Kennedy spent eight years with the Sky City Entertainment Group including roles with operations and public policy and corporate strategy. He was previously chief executive of St Lukes/Westfield NZ Shopping Centre.