48 ISSUE Specialists THE TEAM 1 Industrial LEASED BUILDINGS FOR SALE 2 VACANT BUILDINGS FOR SALE 2 INDUSTRIAL FOR LEASE: TAURANGA 3 INDUSTRIAL FOR LEASE: MOUNT MAUNGANUI 5 Commercial RETAIL SPACE FOR LEASE 6 TELFER YOUNG Investment Drivers – Childcare Properties 7 BDO TAURANGA AML/CFT – A Laundry List of Compliance Measures! 10 OFFICE SPACE FOR LEASE 11 HOBEC Anti-Money Laundering and Counter Financing of Terrorism Act 2009 13 ASSOCIATED NEWS AN ASSOCIATED REALTY LIMITED SPECIALIST PUBLICATION For enquires call us on 07 571 0716
As a locally owned and operated business, we’re committed to real people and real service.
Our deep commitment to client service is matched by our in-depth knowledge of the issues that affect both individual businesses and entire industries. Our team are all here to form a true partnership and go the extra mile for our clients, so you can be sure that your passion, innovation and vision are all backed by BDO. 110%.
BDO Tauranga
“Accountancy and Business Advice when and where it suits you”
Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Adrian has been involved in the commercial real estate industry for twenty five years and has been the Principal of Associated Realty for the last twenty years.
Over that period he has gained a wealth of experience and has increased his knowledge by researching the commercial property market in Australia and the United States.
He has now limited his role to managing the company and guiding Alan and Tony with lease and sale appraisals. In his spare time, he enjoys running, cycling and kayaking.
Adrian continues to have a great passion for commercial property and keeps a careful eye on the rental rates in the industrial, office and retail sectors.
Adrian Knowles Licensed Real Estate Agent (REAA 2008)
Alan joined Associated Realty in 2000 after previous careers in secondary education, life insurance and dairying. Tauranga’s commercial and industrial market has grown a lot since then with the opening up of new zones at Papamoa and Tauriko as inner city commercial areas have become mature.
Alan has gained experience in all aspects of the market, but as a preference prefers industrial leasing and sales. Recent successes in industrial sales include the sale of both vacant and leased industrial buildings, with the most recent being the sale of a substantial property in Hull Road. He is convinced that industrial and commercial property represents the ideal investment for an investor, offering a good yield well above interest rates and a hedge against inflation. He has taken his own advice and owns industrial property himself.
In his spare time, Alan is still scuba diving after 40 years in the sport, and still catching his share of crays. He is still also heavily involved in target shooting and maintaining his master grading in Small bore and A grading in Full bore shooting. He is looking to competing in the Oceania Championship later this year in Sydney.
Alan Dickson Licensed Real Estate Salesperson (REAA 2008)
Tony’s career in the real estate industry spans over 30 years when he joined Bay of Plenty Real Estate Limited in Tauranga as a Salesperson specialising in placing home purchasers into their first homes. Tony’s switch to Commercial and Industrial sales and leasing occurred when he first joined Associated Realty’s Rotorua office in 1993.
Along the way Tony has gained extensive experience and knowledge of all aspects of marketing, leasing and sales of commercial and industrial property, he provides his clients an exceptional level of expertise and service.
Tony has been a keen motorcyclist for many years, and rides a Yamaha FJR Sports Tourer in his spare time. For quality advice, service and results contact Tony. To view properties that Tony is currently marketing visit www.primecommercial.co.nz/profile/agent/27060.
Tony Doms Licensed Real Estate Agent (REAA 2008)
www.associatedrealty.co.nz
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LOCATION SIZE SQM PRICE $
Tukorako Drive 192 230,000
Devonport Road 107 600,000
Pillans Road 247 1,200,000
Jellicoe Street 1099 1,800,000
Vacant buildings for sale
Leased buildings for sale
TO BE AUCTIONED (UNLESS SOLD PRIOR)9 Triton Avenue, Mount Maunganui
WELL LOCATED PROPERTY WITH CORNER PROFILE
The tenant has a substantial fit-out which is advantageous from a tenant retention perspective. Annual rental $87,940 plus GST per annum. Next right of renewal October 2021.
LOCATION PRICE $ RENTAL $ YIELD %
Tukorako Drive 135,000 9,007 6.67%
Tukorako Drive 190,000 11,919 6.30%
Maleme Street Offers 343,054 -
Greerton 8,000,000 410,000 5.10%
Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Industrial for leaseTAURANGA SIZE sqm RENTAL $/SQM
Hynds Road, TaurangaGround floor, open plan office or showroom with another enclosed space, which could be storage. Small warehouse space of approximately 50 sqm behind, serviced with a roller door at the rear of the building. Offices are air conditioned and include full facilities. Car parks are to the rear of the building.
100 $18,000 $180.00
Cypress Street, TaurangaGood clean unit compromising of an office, workshop, service facilities including a shower two car parks and an extended mezzanine. Also includes a 30 sqm part enclosed mezzanine. Rate per sqm excludes mezzanine
110 $13,000 $118.00
Amber Crescent, TaurangaA standard format industrial unit in the early part of the Judea Valley. Compromising of a workshop, office, smoko room, secured yard area and three car parks.
112 $16,500 $148.00
Koromiko Street, TaurangaA mid-size unit located at Koro Court compromising of a workshop, office, staffroom and amenities. This unit has been almost completely rebuilt after being fire-damaged and is now presented in ‘like-new’ condition. Low impact tenant preferred.
131 $19,500 $149.00
Courtney Road, TaurangaEach unit comprises of a workshop, staffroom, office and two on site car parks. Being at the outside end of the building these units will command excellent business exposure.
180180
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Third Avenue, TaurangaSpacious premises comprising of a workshop, service facilities, storeroom plus an annexed secured room and the two car parks. The landlord is looking for a tenant with a passive business use with light traffic movement so there is minimal impact on the front retail tenancy. There is no office included in the premises.
193 $24,000 $125.00
Cypress Street, TaurangaThis is a very tidy space. In addition there is 55 sqm of mezzanine storage.
300 $29,700 $99.00
Glenlyon Avenue, TaurangaA good clear-span workshop with high-bay lightening plus one large office, one small office, staffroom, mezzanine and six car parks, good wide carriageway for vehicular access.
314 $30,750 $98.00
www.associatedrealty.co.nz
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Industrial for leaseTAURANGA SIZE sqm RENTAL $/SQM
Hotuhotu Street, Tauriko, TaurangaThis building is to be constructed. Two tenancies each with exclusive facilities and corner profile.
360 TBA TBA
Whiore Avenue, TaurangaA stand-alone building to be constructed with direct access of Whiore Avenue with exposure to State Highway 29. Comprises of a clear span workshop with three full height roller doors, reception, meeting room, staffroom, dual service facilities including a shower and four offices, and plenty of yard space.
567 $78,500 $139.00
Chadwick Road, TaurangaLocated on the western side of Chadwick Road directly in front of the department of corrections complex.
733 TBA TBA
Maleme Street, TaurangaA good high stud clear span tenancy with dual full height roller doors, manager’s office and generous size staffroom and shared service facilities. Has excellent access with a drive-round facility. Plenty of on site parking.
740 $70,300 $95.00
Whakakake Street, TaurangaUnder construction and due for completion in early 2019. Each tenancy comprises of 8.3 metre stud height, 5m high roller doors, security fencing, office, workshop ana amenities. There is also container de-vanning area.
9851,000
$125,000$115,000
$127.00$115.00
Whakakake Street, TaurangaThis is a new building yet to be constructed. Can be adapted to suit tenant.
2,010 NEG NEG
Whakakake Street, TaurangaA brand new building. It is not a road frontage site, so street appeal is not a factor. Good truck access and all the appeal of a new building which meets all current building standards.
2,032 $253,000 $124.50
Whakakake Street, TaurangaModern high stud warehouse with 9 roller doors, workshop with a small gantry crane. The admin comprises of two offices and mezzanine.
2,334 $246,050 $106.00
Paerangi Place, TaurangaBrand new food grade factory building with warehouse, cool store, offices and canopy.
3,588 $530,159 $148.00
Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Industrial for leaseMOUNT MAUNGANUI SIZE SQM RENTAL $/SQM
Newton Street, Mount MaunganuiA good solid industrial building positioned in one of the city’s leading commercial streets. Comprising of an expansive clear-span workshop, office, showroom area and mezzanine. Access to the workshop is provided by the three roller doors.
737 $77,000 $105.00
Newton Street, Mount MaunganuiThe former Pedler’s building, becoming vacant for the first time this century. The building will be available from 1 February 2019, possibly mid January. Includes a showroom in front of approximately 200 sqm, a warehouse behind of approximately 500 sqm. Accessed by three roller doors. The rear sealed yard is security fenced and could be used for additional parking to the six parks in front of the building. An additional 108 sqm of mezzanine floor is included.
740 $95,000 $128.00
Enterprise Drive, PapamoaA superb stand-alone building compromising of a large clear span workshop, managers office, foremans office, staff/locker room and service facilities. The yard is fully security fenced and concrete paved. In addition to this there is a 300 sqm chiller positioned in the workshop which is available for purchase or lease by the incoming tenant, otherwise it will be taken away before the commencement date.
580 $61,000 $105.00
www.associatedrealty.co.nz
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al Retail for lease
Local Knowledge, National CoverageContact either Alastair or Paul for specialist knowledge
Cameron Road, TaurangaTwo adjoining shops with good frontage to Cameron Road right in the heart of Greerton Village. Shop 5 has an exclusive WC and shop 4 has the use of a common WC. Shops can be leased collectively or individually.
109118
$26,000$28,000
$240.00$240.00
Cameron Road, TaurangaA new development under construction comprising of two shops in a stand alone position with independent access off the Courtney Road entrance.
158 $43,450 $275.00
Chadwick Road, TaurangaA good little retail shop in a strong Chadwick Road location. The premises comprises of retail space, shared service facilities and one exclusive care park at the rear. The landlord will be undertaking some refurbishment on the building.
80 $16,000 $200.00
Chapel Street, TaurangaShared retail position. Ideal for a technology retail business seeking a massive business profile from a corner position. The business must be compatible with anchor tenant cartridge world. For an additional $9,000 a generous size office can included.
40 $12,000 $300.00
Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Recently an article in the NZ Herald had the headline - Early childhood teacher shortage means teachers can get ‘whatever they want.’ This article focussed on the lack of qualified teachers. With this partly due to the increase in the number of centres and partly to the falling number of trainees.
The article stated that early childhood enrolments grew by only 1.4% in the three years to last year, but the number of services grew by 7% and qualified teachers increased by 11.7%. The article can be found at www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12150297.
It is an industry which has undergone a lot of change and expansion with the number of childcare centres nationally having grown over the last fifteen years or so as a result of government policies such as 20 Hours Early Childhood Education (ECE). ECE services provide early childhood education to three, four and five-year-olds for up to a maximum of six hours per day for 20 hours per week per child without charging fees.
As with any investment property, the potential value is determined by the overall quality of the improvements, location and the sustainable income which is driven by the quality of service. Privately operated licensed childcare facilities are common throughout the Tauranga area and New Zealand. Originally, establishments tended to be developed within existing residential buildings. But over the last ten to fifteen years, many purpose built facilities have been constructed for this type of use.
To obtain a license for a childcare centre, the property has to meet a number of requirements. These include minimum standards both in terms of building and outdoor space, construction standards in terms of size, building requirements, health and safety standards, food and drink facilities, laundry and sanitary requirements, lighting, ventilation, noise and heating, fire protection, sleeping facilities, safety and hygiene.
Ministry of Education guidelines state that childcare facilities cover several types of facilities including:
• Kindergartens (free)• Play centres• Te Kohanga Reo• Childcare centres• Home based services (family day centre)• Pacific Island Early Childhood centres• Playgroups
Our research shows the following approximate distribution of child care facilities in Tauranga:
The spread of centres should be sensitive to demographic data such as the proportion of young families within a given area.
Rentals on childcare facilities are generally calculated on the basis of a rental rate per licensed child per annum. In general terms, it has been our experience that converted residential dwellings tend to lie between $1,500 and $2,000 per child, whilst purpose-built facilities tend to lie between $1,750 and $2,750 per child. The market is now dominated by purpose-built facilities rather than converted dwellings. Factors which affect rent include:
• The level of landlord provided fit out• The number of licensed children• The space provided per licensed child• The age of the facility• The location and level of competition from other centres
In general terms sales evidence of childcare centres tend to show similar levels of return to the wider market for commercial property. However, there is a propensity for such developments to be sold shortly after construction and then to have leases in place which are of a longer term than the wider market in general. As an investor, one issue to consider is that often such properties contain businesses which are newly established in the locality and as such do not yet have a wide client base in the suburb they are now operating in.
If you would like to obtain a valuation for rental, market or insurance purposes on a childcare property, please feel free to contact one of TelferYoung Tauranga’s commercial team. As a nationally distributed brand, our (locally owned) firm has access to information on childcare centre sales, leasing and cost data from throughout the country.
www.associatedrealty.co.nz
8 Retail for leaseLOCATION SIZE SQM RENTAL $/SQM
Devonport Road, TaurangaThe street frontage is 8 metres wide. Excellent premises with a high seismic rating.
233 BY NEG BY NEG
Devonport Road, TaurangaA brilliant little shop with a long and successful trading history with the current tenant who is expanding into larger premises. Located at the Devonport Road end of Piccadilly Arcade.
24 $12,000 $500.00
Devonport Road, TaurangaA rare opportunity to secure a completely refurbished shop right in the red square. Shared facilities. Sublease arrangement to be put in place.
50 $39,000 $600.00
Devonport Road, TaurangaThis is a very spacious retail shop with an 8 metre frontage to Devonport Road and mall entrance. It is in a good strong location and the landlord can provide additional infrastructure services should a hospitality tenant requires this. One car park is available for additional rent. The premises includes an additional 40 sqm mezzanine floor.
157 $36,000 $230.00
Devonport Road, TaurangaHigh pedestrian location in one of Devonport Road’s busiest locations, up to four stacked car parks available at $780 pa each.
124 $50,000 $404.00
Devonport Road, TaurangaExcellent medium size shop presented in like new condition. The building has been refurbished and seismically strengthened to a very high standard. The space comprises of a showroom, stock room and service facilities.
120 $50,000 $417.00
Devonport Road, TaurangaAn excellent array of shops in the Goddards Centre.
203992233
$5,910$11,724$23,125$58,200
$300.00$300.00$250.00$250.00
Devonport Road, TaurangaHigh pedestrian count location, well presented, suspended ceiling, new paint. Please note building is on the earthquake prone building register.
120 $50,000 $417.00
Devonport Road, TaurangaDouble frontage shop in the very best of Devonport Road benefiting from very strong pedestrian traffic.
230 $69,000 $300.00
Devonport Road, TaurangaWide frontage retail shop predominantly showroom area with pedestrian access off Devonport Road and trade and staff access via the rear at First Avenue. Premises could be reconfigured into two shops also. Includes two car parks and this could be increased to four for additional rent.
511 $100,000 $196.00
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Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Devonport Road, TaurangaGreat corner profile from this CBD fringe location. The premises comprise of an expansive retail showroom, staffroom plus two on site car parks. Viewing is strictly by appointment only.
698 $110,040 $158.00
Jellicoe Street, Te PukeProminent ground floor space positioned at the south end of Jellicoe Street. The space features a 12 metre wide street frontage and compromises of a showroom area, office, storeroom, document room all in great condition with good lighting and carpet. Plenty of street and on site parking available.
140 $28,020 $200.00
Jellicoe Street, Te PukeBulk retail conversation to the three individual retail tenancies each with its own service facilities, exclusive mezzanine and three dedicated car parks. The building is of modern construction and each shop will have a street frontage in excess of 7.5 metres. There is rear access via the rear row. Proposed scheme plan is on file.
243360382
$40,000$50,000$55,000
$165.00$139.00$144.00
Piccadilly Arcade, TaurangaTidy shop with high passing pedestrian traffic. Floor area could be increased to include shop next door.
48 $21,811 $455.00
Piccadilly Arcade, TaurangaTidy shop with high passing pedestrian traffic. Floor area could be increased to include shop next door.
47 $21,190 $450.00
Red Square, TaurangaPrime Red Square location in the very best part of the CBD. The building has been upgraded to a high modern standard, with other stand-out retail businesses.
118 $45,000 $382.00
Te Puna Road, TaurangaRental shown is a base rental and excludes ceilings and lighting. The shop can be constructed to turn-key format in consideration for a rental rate per sqm of $295 net.
110 $29,700 $270.00
Wharf Street, TaurangaBuilding is currently undergoing an external upgrade. The facilities are shared in common with other tenants in the building.
104 $35,000 $337.00
Whiore Place, TaurangaNew development on corner of Whiore Place and Taurikura Drive business. Users can include larger appliances, furniture builders merchant, garden centres and the like.
941592561
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Willow Street, TaurangaThe building has undergone an internal refurbishment and is looking excellent, shared facilities.
109136144
$25,267$32,177$32,357
$232.00$237.00$225.00
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www.associatedrealty.co.nz
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al AML/CFT – A Laundry List of Compliance Measures!
By Janine Hellyer, Director, BDO Tauranga Ltd
If you’ve had any dealings with a lawyer recently you will no doubt already have encountered New Zealand’s anti-money laundering laws.The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 has been around a while (since 2013) but its application was fairly limited (mainly affecting the banks) and it was ‘business as usual’ for most businesses and professionals.
But times have changed and governments worldwide have been moving to strengthen their commitment to monitoring financial activity. The aim is to reduce or eliminate money laundering, thereby cutting off the source of funds to finance international terrorism. (In New Zealand alone, it is estimated that $1.35 billion from the proceeds of crime is laundered through businesses every year.)
In 2017 the New Zealand parliament passed an amendment to bolster the existing law. This amendment extended the act to apply to lawyers, conveyancers, accountants, real estate agents, sports and racing betting agencies and businesses that deal in high value goods (eg art and antique dealers, motor vehicle dealers, boat dealers and jewellers).
The amendments are being implemented progressively, with lawyers and conveyancers coming into the regime from 1 July 2018. Accountants are required to comply with the new rules from 1 October 2018, real estate agents from 1 January 2019 and the remainder will be in from 1 August 2019.
So what’s covered?
These entities are required to comply only if they provide certain specified services eg acting as a formation agent, providing a registered office or business address, providing real estate conveyancing services, managing client funds and buying or selling high value items. These services are defined very widely and the act casts a wide net, capturing a vast swathe of entities and individuals.
Customer Due Diligence
If the business provides one of these specified services to a customer it is required to carry out Customer Due Diligence (‘CDD’) on that customer. This is all about verifying the identity of those you do business with and knowing your client. The client’s risk profile will determine the level of CDD required – Simplified, Standard or Enhanced. Each has different levels of information required with Enhanced the most comprehensive. Simplified CDD will apply to very few customers as it is limited to banks, insurers, local authorities, government organisations and the like, so Standard is effectively the starting point.
The risk profile is assessed by reference to the nature of the entity (trusts and companies being considered inherently riskier), country of residence of the beneficial owners, the background of the individuals involved (eg a ‘politically exposed person’), the nature of transactions etc. It is necessary to trace back through the ‘layers’ of companies, trusts and partnerships to find the individuals who are the beneficial owners and those who control the entity. A beneficial owner is always a natural person.
While the risk assessment may be somewhat subjective you can expect that a conservative (more rather than less) approach is likely to be the norm.
What information do you have to provide?
At the least you can expect to have to provide proof of your identity and residential address. You will need to show the originals or certified copies may be acceptable in some cases. Documents proving address must be less than 3 months old, on letterhead and in English. For trusts you will need to provide more detail including copies of trust deeds and details of beneficiaries. If Enhanced CDD is required you will be asked to provide details of the source of wealth; this could include obtaining copies of historic Sale & Purchase Agreements, Gift Deeds, or copies of wills or legal correspondence for inheritances received.
So, having already provided this information to your lawyers and sharebrokers, you can now expect another round of requests for information to prove your identity and residential address and, in some cases, to prove the source of your wealth. This may be so even where you are a long standing client or customer of the firm you are dealing with.
If you would like to find out more about the AML/CFT and how this may affect you, please contact our office and we will be happy to assist.
Disclaimer: This article is general in nature and should not be treated as professional advice. It is recommended that you consult your advisor. No liability is assumed by BDO Tauranga Ltd for any losses suffered by any person relying directly or indirectly upon the article above.
Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Aviation Avenue, Mount MaunganuiSeldom found in Mount Maunganui, a good little open plan office suite all air conditioned, carpeted, including tea making facility and exclusive WC facility. Includes one car park.
60 $15,000 $250.00
Alach Street, TaurangaThese industrial grade office suites comprise of two inter-linked offices with shared access to a large common area and facilities. This is an ideal space for low budget office accommodation.
50each
$11,000each
$103.00
Cameron Road, TaurangaPartial serviced office, has use of two meeting rooms, kitchen, locker room and board, car park included.
12 $6,660 $555.00
Cameron Road, TaurangaPart of the hub which is leased out as the individual offices. Each office is provided with an on site car park, storage locker plus the shared use of two meeting rooms and service facilities.
16 $8,760 $548.00
Cameron Road, TaurangaThis premises is in a prominent position on Cameron Road above Warehouse Stationery. The space will be fully refurbished and reconfigured to include an open plan office, two enclosed offices, meeting room, kitchenette/staffroom and new high-wall air conditioning. The premises includes five on site car parks. Five more may be available at a later date for $30 pw.
167 $36,740 $220.00
Cameron Road, TaurangaA brand new high spec building with basement parking available for $20 per week per park. Access via Cameron Road. Lift and pedestrian access.
348 $54,000 $155.00
Cameron Road, TaurangaOlder first floor space in a strong city fringe location. Pedestrian access off Cameron Road and First Avenue. The premises have a generous Cameron Road frontage. The space is in good order, carpeted, data-cabled and air conditioned. It comprises of open and enclosed office areas. Five car parks are included.
524 $125,600 $240.00
Chadwick Road, TaurangaAn excellent suite available in the award winning Chadwick House. Includes a spacious open plan office, and a large enclosed office with cityscape views and good natural light. The space is carpeted, air conditioned and includes data cable with modern decor. Shared access to a common meeting room on ground floor. Includes two on site car parks.
50 $12,000 $240.00
Courtney Road, Tauranga
This space is an office centre in park like surroundings close to the Gate Pa shopping centre. It includes excellent access to Cameron Road and Fraser Street. It is yet to be constructed.
500 to 3000
from $125,000
$250.00
Devonport Road, Tauranga
Choice of inner-city two offices in the Goddards Centre with shared facilities
12
14
$2,400
$2,880
$200.00
$206.00
Devonport Road, Tauranga
This suite is set up complete with a good quality office fit-out in place including individual offices and meeting rooms. The suite has its own kitchenette and shared service facilities, all air conditioned and carpeted. Car parks are available by negotiation.
205 $50,000 $244.00
www.associatedrealty.co.nz
12 Office space for leaseLOCATION SIZE SQM RENTAL $/SQM
Devonport Road, Tauranga
Complete set up including spa pools and multiple rooms. A turn key operation ready to go. Also includes a two bedroom apartment on the second floor unique opportunity for someone in the adult entertainment industry.
254 $29,500 $115.00
Devonport Road, Tauranga
A central city office suit with excellent harbour views and up to 5 on site covered car parks are available. Can be converted to suit tenants needs.
264 $66,000 $250
Devonport Road, Tauranga
This first floor office space was seismic strengthened in 2015. One car park goes with this tenancy.
77 $20,700 $268.00
Devonport Road, Tauranga
First floor rear tenancy, all open plan with kitchen and service facilities. Former gym with infrastructure still in-situ. Cassette air conditioned and there is parking at the rear by negotiation.
211 TBA TBA
Durham Street, TaurangaThis space can be refurbished to suit and includes shared facilities with shower. Parking including.
157 $30,687 $195.00
Durham Street, TaurangaThis space can be refurbished to suit and includes shared facilities with shower. Configured as a mix of open and enclosed spaces with meeting room.
310 $65,135 $210.00
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Ask around, we’re proud of our reputation.Our specialist property advice will help you buy and sell with confidence.Georgina Smith
Money laundering is the method by which people attempt to disguise the proceeds of their criminal activities. Usually this is achieved by intertwining the proceeds of criminal activities into the financial system through integrating the laundered funds into the legitimate economy by entering into numerous and complex financial transactions with the purpose of disguising the true origins of the funds. One method money launderers are able to achieve this, is through using the services provided by solicitors, accountants and real estate agents. Therefore, these professionals have been referred to as ‘gatekeepers’, as they provide services which can be used to assist the entry of illegal funds into the legitimate economy and provide the impression of legitimacy. Real estate is particularly prone to be used by money launderers to move large amounts of funds in a single transaction without alerting any suspicion through the purchase of real estate. Real estate also offers criminals a legitimate income to mix with illegal proceeds. This means that the ‘gatekeepers’ can assist criminals to create a façade of legitimate wealth.
In response to criminals using the ‘gatekeepers’ as a way to create a legitimate appearance of wealth, the Anti-Money Laundering and Counter Financing of Terrorism Act 2009 (“AML/CFT Act”) has now been introduced to require certain professions, including real estate agents, to verify the identity of their clients before providing their services.
From 1 January 2019, real estate agents will be required to complete Client Due Diligence (“CDD”) to verify the identity of their clients in accordance with the AML/CFT Act once a ‘business relationship’ begins. For real estate agency work, the business relationship commences when the vendor signs an agency agreement with the agent. If the real estate agent is not able to verify the identity of their client through CDD, they will be unable to act for them in relation to their real estate. As a client, the information you will be required to provide depends upon whether you are entering into an agency agreement as an individual, trust or a company.
For individuals, the agent must collect the full name of the client, date of birth and proof of residential address. Therefore, as a client you will need to provide either your Passport, New Zealand Firearms Licence or New Zealand Driver’s Licence. Along with your proof of ID you will need to provide the agent with an original document with your residential address such as a bank statement or utility bill.
For companies, the agent will need to gather the above information for all individuals that have an effective control of the company and those who are acting on behalf of the company. Therefore, each Director of the company will need to provide the above information as well as every individual with more than a 25% shareholding in the company.
In circumstances where Trusts are involved, all trustees and settlors will need to provide the above information as well as a copy of the Trust Deed. The agent will also need to record the trust’s source of wealth or funds. Therefore, to aid your agent with this, you should advise your agent who the trust’s accountant is. Additional information may also be required for the beneficiaries and appointers of the trust.
In cases where the client is a trust, company or if individuals are overseas, the CDD process can sometimes take weeks to complete. Therefore, we recommend that if you are planning to engage real estate agency work, you should contact your agent as soon as possible to have the CDD process completed.
Disclaimer: This article is general in nature and should not be treated as professional advice. The above list is not exhaustive and is indicative only. Your agent will assist you with the specific CDD requirements in relation to your situation.
Anti-Money Laundering and Counter Financing of Terrorism Act 2009
By Emily Merrill, Law Clerk, Holland Beckett
www.associatedrealty.co.nz
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LOCATION SIZE SQM RENTAL $/SQM
Eleventh Avenue, TaurangaComprising of a reception area, open plan office kitchen, two meeting rooms, storeroom, service facilities including shower and five on site car parks. Superb central location.
174 $42,215 $243.00
Fraser Street, TaurangaA two-room suite located in a house conversion property. This suite is data cabled, carpeted, air conditioned, has a hand basin and is security alarmed. The suite has the common use of service facilities and on site car parking. The space is consented for medical but is also suitable for an office. Rent includes rates and insurance.
2x rooms (37 sqm gross)
$15,600 $422.00
Fraser Street, TaurangaVery smart conversion with five offices including an open office. There are four designated car parks on site including two covered car parks. Very well appointed air-conditioned premises in a very high demand location.
166 $33,500 $202.00
Fraser Street, TaurangaThis premises was the former Contours Gym in the Fraser Cove shopping centre positioned close to warehouse stationery and other keynote business entities. The space is air conditioned, mostly open plan and serviced by pedestrian and elevator access. Very smart space which can be configured to suit tenant’s requirements. Rent to be assessed based on fit-out required.
710 BY NEG BY NEG
Grey Street, TaurangaPredominantly open plan plus one enclosed office, meeting room, kitchen, dual facilities. Air-conditioned, alarmed and data-cabled. Semi furnished with desks and meeting room table. Two parking buildings nearby.
136 $25,821 $190.00
Grey Street, TaurangaBuilding is completely refurbished including new elevator cars. The owners will look at proposals to provide spaces from small office suites of 130 sqm to full floors of 500 sqm.
130 to
500
$32,000 to
$125,000
$200.00
Hamilton Street, TaurangaSettler style premises near new and well located in the city fringe area. There is a mix of open and enclosed areas with estuary and cityscape views. Includes 13 on site car parks. This a-grade space becomes available in April 2018.
491 $171,050 $349.00
Jellicoe Street, TaurangaProminent ground floor space positioned at the south end of Jellicoe Street. The space features a 12 metre wide street frontage and comprises of a showroom area, office, storeroom, document room all in great condition with good lighting and carpet. Plenty of office street and on-street parking available.
140 $28,020 $200.00
Owens Place, TaurangaThis premises comprises of ground floor reception and lobby area of 40 sqm and a first floor open plan area of 143 sqm. Well located - adjacent shopping complex and Bayfair Shopping Mall.
183 $34,000 $186.00
Pillans Road, Tauranga
An ultra-modern stand-alone building comprising of an open office, conference room, fully equipped service facilities including shower. Includes two spacious open areas that could be utilised as further office spaces with minimal upgrading and an electronics room. The exterior design includes multiple access points, secure courtyard, four car parks plus further stacked parking at one side of the property. Prominent corner position.
241 $60,000 $249.00
com
mer
cial Office space for lease
Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Sixteenth Avenue, TaurangaSingle office with shared access to a meeting room plus limited reception such as meet and greet. The space is consented for health related businesses, ideal for a medical consultant. Static car park is not included in the rent, there are plenty of on-street parks in the area.
50 $15,340 $307.00
Sixteenth Avenue, TaurangaSingle office with shared access to a meeting room plus limited reception for meet and greet. The space is consented for health related businesses; ideal for a medical consultant. Static car park is not included in the rent however there is plenty of on-street parking.
50 $15,600 $312.00
Spring Street, TaurangaThis quality CBD office is a strong commercial presence from its prominent corner position. The internal fit-out provides for open plan office, meeting room, a client reception area and shared service facilities. Parking can be arranged on adjoining site for an additional $35 per week per park.
103 $25,000 $243.00
Spring Street, TaurangaThis space is open plan ground floor plus an internal mezzanine and kitchenette.
107 $24,075 $225.00
Spring Street, TaurangaHigh quality first floor office premises located on the prominent Spring Street and The Strand corner which provides stellar harbour and cityscape views. The space comprises of board room, meeting rooms and open plan office area, kitchen, passenger lift, air conditioning, sprinkler system and 8 car parks.
432 $141,260 $327.00
The Strand, TaurangaA rare opportunity to occupy Harbourside House and enjoy major benefits of a waterfront premises right in the CBD. The space is fully air conditioned and comprises of two open plan office areas, five enclosed offices, staffroom and four on site car parks.
152 $37,240 $245.00
The Strand, TaurangaBrand new ready for occupation. This tenancy will be complete with WC facilities, elevator and pedestrian access, open plan, interior. Superb harbour views.
236 $75,300 $320.00
Third Avenue West, TaurangaCompletely renovated and refurbished to as new standard. Includes multiple rooms, kitchen, service facilities, all self-contained the space is zoned commercial but engineered for residential. Very good quality space in an excellent city fringe location.
117 $25,000 $214.00
Tukorako Drive, Mount MaunganuiA good modern looking open plan office with reception waiting area, own service facilities and one car park. Landlord will install floor coverings and repaint the interior.
50 $12,000 $240.00
Wharf Street, TaurangaExcellent ground floor suite with front and rear access and three on site car parks. The space is predominantly open plan. Landlord will repaint the interior and requires a minimum of a 4 year lease term with a redevelopment provision after a period of secure tenancy.
94 $26,608 $283.00
Willow Street, TaurangaThe building has undergone an internal refurbishment and is looking excellent, shared facilities. Mix of open and enclosed areas including meeting rooms.
93177
$19,614$36,387
$210.00$205.00
com
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cialOffice space for lease
Near new 240 sqm of A-Grade office space constructed in 2015. This office space has brilliant layout with generous open plan offices and meeting room, and is air-conditioned and data-cabled. The stand-alone corner site provides dual access points and ample car parks. For full particulars call without delay.
Warehouse 193 sqm all clear span with excellent quality service facilities and a separate enclosed room which was previously an armoury.
This tenancy is at the rear of the site and is ideally suited for a low-impact business use of dry storage, includes 2 car parks.
These spaces are available individually or collectively – you choose.
THE ULTIMATE CITY FRINGE OFFICE BUILDING
HOME / OFFICE PLUS OPTIONAL WAREHOUSE
Associated Realty Limited, Harbourside House, The Strand Extension, Tauranga, PO Box 13197, Tauranga, New Zealand
Office - Home 117 sqm premises have been completely renovated and refurbished to ‘as new’ standard and includes multiple rooms, brand new service facilities, all self-contained with independent pedestrian access. The space is zoned commercial, engineered and consented for residential. Ideal home and office environment, parking is included.
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