2 4
Acquisitions and Disposals
TGH continually reviews its property
portfolio to ensure that all its investments
are providing appropriate returns.
While a number of acquisition
opportunities were presented in 2012,
only two (adjacent to The Base) met
TGH’s investment criteria. Both these
properties were secured to strategically
enhance the land holdings at
,
for additional access, and control of the
state highway frontage. There were also
minimal property disposals throughout
the year, so the portfolio remains
relatively unchanged.
Investment and Management
71 rent reviews were completed during
the fnancial year which resulted in
additional revenue of $0.8 million,
providing an uplift of 5.4% over prior
rentals. Total occupancy for 2012
was 98% (2011: 97%) at year end.
Occupancy were maintained at high
levels throughout the year as industrial
and retail vacancies were flled.
Profile
is one of only a few super
regional shopping centres in New
Zealand due to its scale of offer, high
presence of anchor tenants and that
it draws a signifcant proportion of its
patronage from other regions outside of
Hamilton
is now the country’s largest
retail development comprising of
signifcant large format retail, food and
hospitality, a large DIY offer, an outlet
centre and a specialty retail shopping
mall including a cinema complex.
During the year a further 41 tenants
signed lease agreements and
commenced trading at
including 34 tenants in
ith the
completion of stages 3 and 4, bringing
the total number of retailers within the
mall to 103. In addition to
here
are 77 large format tenants (including
outlet stores) bringing the total
tenancies at
to 180. A further
7 new tenants are planned to open by
Christmas 2012.
Joris de Bres
‘Qualitative step forward’
earns special award
In the 2011 Diversity Awards, the
ave a special
award to TGH. In making the award, the
Commission recognised the design of
nd in particular its new mall,
which had been embedded
with cultural reference points including
whakatauki (proverbs), niho taniwha
(tribal patterns), pou (carvings) and the
Waikato River. It also noted that
was the frst mall in New Zealand to
establish bi-lingual signage throughout
its public areas.
Only one special award per year is made.
Race Relations Commissioner Joris de
Bres made an unaccompanied visit to
o see for himself what had
been done.
“I was pretty impressed with the
integration of Te Reo andWaikato-
Tainuitanga into the look and feel of the
complex, both inside and out. It’s the
naturalness of the bilingual signage from
the carpark right through to the utilities
that’s very striking.”
De Bres says it all feels ‘deceptively
normal’. “Whether you’re a local or a
visitor, it’s immediately familiar and yet
it’s unusual. That’s the sense you have.”
Combined with a similar approach in
its hotels, de Bres feels TGH is breaking
new ground.
“Athough there is now some bilingual
signage in some supermarkets, I can’t
think of another commercial operation
with a general customer base like it, in
terms of scale and overall integration of
Te Reo into the building.”
“It’s a qualitative step forward for
recognition of Maaori language and
culture in both commerce and broader
New Zealand. National recognition
was warranted, and we hope it will
encourage others to follow suit.”
Property
asset value
($M)
Occupancy
(%)
2012 2011 2012 2011
Retail 311 248 100 98
Rural 78 74 100 100
Public 64 61 95 98
Industrial 42 40 100 93
Offce 34 35 94 98
Total 528 458 98 97
Investment Property
Portfolio Summary
Investment
Properties
Comprising 78% (2011: 71%) of TGH’s
total assets, investment property has
had positive growth in value and cash
fow in a relatively fat market over the
past year. A high proportion of strong
tenants with good quality covenants
provide a signifcant contribution to
both rents revenue and long term
leases. Ground leases provide further
stability as tenants have a shared
interest in retaining their tenancies
and renewing beyond the initial lease
expiry date. Our property values in
the retail sector have been boosted
signifcantly by the capital investment
in the fnal stages of
,
The values of all other property sectors
have remained relatively static.
2012
2011
Net lettable
area (sqm)
81,171 67,332
Number of
tenancies
180
139
Occupancy
100% 98.1%
Car Parks
2,860 2,017
Pedestrian
count
7.1m 5.5m
Vehicle Count
3.6m 3.0m
key statistics
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