Investment Services, New Zealand

First NZ Properties Limited

First NZ Properties Limited was incorporated in 1995 and has 367 Shareholders.First NZ owns two properties: 15 Sheffield Crescent, Christchurch and 110 Symonds St, Auckland.

Investment is through the purchase of shares in the Company. Shareholders have benefited from good capital growth and minimum dividends of 10 cents per share, per annum, which are paid bi-annually.

15 Sheffield Crescent is on a large industrial site close to Technology Park in Christchurch. The building is predominantly industrial high stud warehouse space. The building is occupied on a 10 year lease from November 2014 by NZ Yarn Ltd who operate a processing plant converting wool into yarn for export. The yarn is used in the manufacture of carpet and the processes used by NZ Yarn have unique capabilities that allow them to be competitive and produce a quality product that is in high demand.

110 Symonds St, Auckland was purchased in September 2012. This twin towered, multi storey office building has multiple tenancies.

Over the years there have been a number of changes in the composition of the properties in First NZ Properties Ltd which have provided an opportunity for capital gains for investors. The Manager has been proactive in identifying opportunities in the market to sell and replace properties to optimise the returns to investors in both capital gains and cash returns.

Update – June 2018

110 Symonds Street

As we noted in the 2017 Annual Report we had an indication from Vocus Communications that they would not be looking to renew for a further term.

The lease terminates on 31 May 2018 and they will vacate.

The vacant areas will undergo refurbishment and upgrades including ceiling grids, lighting & flooring. The completion of this work will provide a high level of quality space enhancing our ability to secure quality long term tenants.

The costs associated with this work, inducements & legal costs & the reduction in rental income will impact the dividend payment.

As per the dividend policy 40% will be paid in November with final payment in May 2019.On this basis we have forecast a Gross Dividend of 20 cents per share for the 2019 year.

Annual reports |2016 | 2017 | 2018 |

Secondary Market Listings :Click here to access more detail on the availability of shares in First NZ Properties Limited.

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