Affordable Housing, Mixed Use Office and Retail – Riddiford Street, Newtown, Wellington Key Leasor clients: ANZ, Instant Finance,  Architects: Guardian. Engineers: Dunning Thornton. Project Team Guardian: In-house Contractors. The Brief: The building occupies a corner site in the centre of Newtown’s shopping precinct, a mixed use area with high demand for affordable housing making it economic to unit title the flats for renters wishing to own. Project Realisation: Dan’s strategy with this building was to refurbish the tenancies, increase the rents to market and generally utilise the space in the building more efficiently to improve the value from NZD 2.2 million to NZD 2.9 million. More specifically, he assessed that by unit titling the residential part of the commercial building, each apartment would then sell on residential yields rather than commercial cap rates (thereby increasing value by another NZD 700,000 while still being able to provide residential properties at prices below the Wellington medium). That aim was realised and Āhei repeated the process for several other projects like it such as on top of the National Bank building on Main St, in Lower Hutt. The building had a ratable value of $5,000,000 in 2021.

Client representation, acquisition negotiation, due diligence& finance arrangement

Add-value boutique accommodation plans proposal (now altitude boutique apartments).

Retail lease management& negotiation

Location: ANZ Historic Building, 4 Kitchener St, Martinborough, 2007.

Project Area, Type & Proposal: 452 sq m, Retail, Office and Accommodation – Historic Building Restoration.  ∙ Development Role: Conduct Due Diligence, Arranged Finance, Planned Best Use, Managed Project, Planned Unit Title  Apartment Upgrade, Negotiated with Authorities, Co-ordinated Leasing. 

Capital, Project and Transaction Value: $1,100,000, Capital Allocation, $2,095,000 ColliersProject Valuation Jul 2007 and $7,385,000 Total Developer Transactions.

Key Tenants: ANZ, Harcourts