RaceCafe..#1...Tipsters Thread.... Share Your Fancies For Fun...Lets See Who The Best Tipsters Here Are.
crustyngrizzly

HRNZ buildings for sale.

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I thought I read somewhere that HRNZ had bought the offices they were now in.  Maybe my memory is playing tricks on me.  I certainly remember they intended to buy the premises they are in now, that is why they took a lease where they did rather than renting one of the NZ Metro buildings where there was no option to purchase. 

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18 minutes ago, lamour said:

I thought I read somewhere that HRNZ had bought the offices they were now in.  Maybe my memory is playing tricks on me.  I certainly remember they intended to buy the premises they are in now, that is why they took a lease where they did rather than renting one of the NZ Metro buildings where there was no option to purchase. 

HRNZ pay $170k annually plus out goings and gst.

The lease runs thru to 2024 with 2 rights of renewal both for 5 years.Lease includes 15 car parks.

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What idiot made the decision to sign that lease. It would have been considerably cheaper for them to have stayed at Lincoln Road and upgraded the building to meet earthquake requirements

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14 minutes ago, Stables said:

What idiot made the decision to sign that lease. It would have been considerably cheaper for them to have stayed at Lincoln Road and upgraded the building to meet earthquake requirements

Speaking of idiots please tell us how much it would have cost to do the earthquake strengthening?

Also please tell us the amount they got from the sale of Lincoln Road?

I don't know the answer to either question and I need to in order to make an informed decision

You must know because you have determined that they would have been financially better off staying as opposed to moving

If you don't know the answers to both questions then you mare just full of hot air

Mikie

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6 hours ago, Mikie said:

please tell us how much it would have cost to do the earthquake strengthening?

Site specific, structural engineering and also construction reports would need to be evaluated for rough ballpark figures to be calculated. Then the neccessary building approval fees added amongst other things. 

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6 hours ago, Rusty said:

$1,015,000 less any commission owed. 

They must have got an EQC payout for the damage also I would think.  Anyone know how much that was?

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9 hours ago, Rusty said:

Site specific, structural engineering and also construction reports would need to be evaluated for rough ballpark figures to be calculated. Then the neccessary building approval fees added amongst other things. 

Thanks Rusty

From the silence Stables doesn't know the answers

Therefore how can he make an informed opinion without having knowledge of the facts

Methinks he thinks that criticism is good for criticism's sake

Mikie

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32 minutes ago, Mikie said:

Thanks Rusty

From the silence Stables doesn't know the answers

Therefore how can he make an informed opinion without having knowledge of the facts

Methinks he thinks that criticism is good for criticism's sake

Mikie

Stables is all good mate, anyone and everyone can have their say and form their own opinion. 

I only relayed information what is publicly available online. 

 

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1 minute ago, Rusty said:

Stables is all good mate, anyone and everyone can have their say and form their own opinion. 

I only relayed information what is publicly available online. 

 

I have no problems with people forming an opinion, but if the person forming the opinion doesn't know all (or any) of the facts their opinion is really just an off-the-cuff comment isn't it?

If he had said "Why did HRNZ sign a lease at $170k a year when they could have done this for $xxxx, and they only sold Lincoln Road for $xxxx" then their opinion would be worth a bit more

Just saying

Mikie

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2 hours ago, Stables said:

I had no reason to answe Mikie, they were already answered for me. I think if I had a close look at many of your posts I would find several unsubstantiated statements

You mean you did not know yourself and that is my point. Additionally they were not all answered as no one has posted what the earthquake strengthening would cost

As far as my posts go I disagree, find one

Mikie

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14 hours ago, Stables said:

You've got your knickers in a twist Mikie, do you live somewhere around the Manawatu, or perhaps in Templeton

No, I don't live in either area

I just find it stupid that you are happy to make a statement referring to people as idiots when you don't know any facts behind a decision. If you had said that it was an idiotic decision because it would have only cost $xxxx to do the strengthening work then I might have agreed with you. I don't know what the strengthening work would have cost so I can't tell whether the decision to move and lease was a good one or not

Mikie

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I believe it was an idiotic decision to move from a perfectly good office, which was owned by them to move to a rented facility costing $170,000 a year to rent. It will take them only 6 years to have used up the income from the sale of their building and from what I understand the cost of upgrading was less than $300,000. Two years rent at their new property. (which is set up like Fort Knox by the way)

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Stables, you might be right here. On the surface it doesn't look great does it. The relocation. 

I don't have an opinion on the move, either way. I don't know enough about it all, other than the paintings of the horses on their front fence kicked arse and whoever decided to paint over it (when HRNZ still owned the property) wasn't a horse lover. 

Although a large component of the decision making process, the mere cost of the earthquake strengthening, wouldn't have been the only aspect to consider. 

At the time of the earthquakes, was the building adequately insured? If not, what was the shortfall?

What would be the cost to getting it to 67%NBS if it wasn't already at that standard? 

Other factors would have been the cost of commercial rates (currently over $8k p.a), commercial insurance, maintenance such as BWOF costs etc and even if the land was freehold or mortgaged to the hilt, and if the latter, under what conditions?

It is possible that HRNZ may not have been able to afford to stay there... and in the same breath, they may not have been able to afford a rented office at $170k p.a either! 

Like I say I don't know enough about all the facts and figures. But what I do know is that HRNZ may not need to worry about having an office at all within 12-18 months from now. 

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32 minutes ago, Stables said:

Your comments may be valid Rusty, however I find your last sentence rather Cryptic

All the sentences may possibly be valid. Especially the last one! 

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1 hour ago, Rusty said:

Stables, you might be right here. On the surface it doesn't look great does it. The relocation. 

I don't have an opinion on the move, either way. I don't know enough about it all, other than the paintings of the horses on their front fence kicked arse and whoever decided to paint over it (when HRNZ still owned the property) wasn't a horse lover. 

Although a large component of the decision making process, the mere cost of the earthquake strengthening, wouldn't have been the only aspect to consider. 

At the time of the earthquakes, was the building adequately insured? If not, what was the shortfall?

What would be the cost to getting it to 67%NBS if it wasn't already at that standard? 

Other factors would have been the cost of commercial rates (currently over $8k p.a), commercial insurance, maintenance such as BWOF costs etc and even if the land was freehold or mortgaged to the hilt, and if the latter, under what conditions?

It is possible that HRNZ may not have been able to afford to stay there... and in the same breath, they may not have been able to afford a rented office at $170k p.a either! 

Like I say I don't know enough about all the facts and figures. But what I do know is that HRNZ may not need to worry about having an office at all within 12-18 months from now. 

Great answer Rusty

Thank you

Mikie

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2 hours ago, Stables said:

Please elaborate

I am pretty sure that he means that the way things are going at the moment there might not be any racing in 18 months

Probably a little tongue in cheek but things aren't great

Mikie

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