Waikato Business News July/August 2018

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8 WAIKATO BUSINESS NEWS July/August 2018 Conversations with Mike Neale of NAI Harcourts Hamilton Almost everyone we talk to who either owns a commercial property or looking to redevelop one, makes comments about the increasing compliance costs and skyrocketing costs to redevelop - this comes in the form of central government legislation for seismic and asbestos compliance, plus ongoing Hamilton City Council consent requirements. These consent requirements come from the associated reports (traffic impact, acoustic etc), to the often-bureaucratic red tape that is often followed to the letter of the law, whereas a different approach would often provide a significantly faster and potentially better outcome for all parties. More rules do not in my opinion provide a better outcome as can be evidenced with several in what can only be described as awful residential developments (one in Tristram Street and one in Vialou Street comes to mind immediately) that were completed several years ago - but they conform to the rules. What is often not appreciated of this bureaucratic process is the additional cost to the end user due to time delay - every consultant and scaffolding provider is seeing the benefit to their business. It’s almost becoming too complex for building owners to manage buildings themselves. ASBESTOS – A SUPER 6 ISSUE Asbestos is an international problem and there is no doubt that it is a problem. The issue being that the legislation does not differentiate between the 3 main types (white, blue and brown) of asbestos which have markedly different risk factors. On 4th April 2016, new Asbestos regulations came into force under the Health and Safety at Work Act 2015. From 1 October 2016, importation of products containing asbestos was banned. As commercial and industrial property owners, buildings constructed before 1990 are likely to contain asbestos materials. Materials containing asbestos are not dangerous if they are in a good condition and remain undisturbed, however we are now getting requests from purchasers and tenants as to whether ‘at risk’ buildings have had an Asbestos Report undertaken. Typically, industrial buildings are likely to contain asbestos and it can be found in: • Roof ventilators • ‘Super Six’, ‘Super Eight’ roof sheeting • Skylight and manhole frames • Asbestos cement vent pipe and capping • ‘Super Six’, ‘Super Eight’ or architectural designed wall cladding • Vinyl floor tiles or sheet vinyl floor coverings • ACM woven fencing product Asbestos testing and removal is carried out by private service contractors. The Health & Safety at Work (Asbestos) regulations 2016 outline the functional requirements. Testing, removal and disposal of asbestos must be undertaken by a licensed practitioner due to the health dangers of the asbestos fibres. A SEISMIC ISSUE From 1 July 2017, the Building (Earthquake-prone Buildings) Amendment Act 2016 (the Amendment Act) came into effect. The purpose is to ensure that the way buildings in New Zealand are managed for future earthquakes is consistent across the entire country. This will also provide more information for people using buildings, such as notices on earthquake-prone buildings and a public register. Due to the new legislation, this means that the Hamilton City Council’s current Mike Neale - Managing Director, NAI Harcourts Hamilton. Earthquake-Prone, Dangerous and Insanitary Buildings Policy which became operative in 2006, is now redundant. As Hamilton’s geographical location is considered to be a medium risk of having a major earthquake, this means that building owners will have 25 years to upgrade their building after such time that the Hamilton City Council send them a formal notice. Council’s in medium risk areas, have 5 years to send out formal notification. Part of the new legislation is the introduction of ‘Priority Buildings’ within high and medium seismic risk areas. Such buildings are considered to present a higher risk due to their construction type, use or location. There are two key categories of priority buildings: • certain hospitals, emergency and education buildings • buildings that include parts of unreinforced masonry that could fall in an earthquake which are located with sufficient pedestrian or vehicle traffic that warrant being a priority, such as the central city area of Hamilton. Such priority buildings will need to have their seismic work carried out in a shorter timeframe. For Hamilton, these priority buildings, will need to be upgraded in 12.5 years from receipt of official notice. Hamilton City Council is still assessing which buildings will fall under this category. The legislative requirement is to be to a minimum of 34% NBS (New Building Standard), while government departments and often large corporate tenants may have a requirement to be above 67% NBS. The issue that we are facing is that many of our buildings will not have these types of tenants, but banks for new purchases are requiring 67% NBS or costs to get buildings to this level. Surely if the building is above 34% NBS and its insured, that should be sufficient for lending? at this point if your building sits in “no man’s land” of 34% - 67% then its highly likely that you will not be able to borrow on that particular asset. For further information on The Building Act 2004 – Refer to Subpart 6A—Special provisions for earthquake-prone buildings (http://www.legislation.govt.nz/act/ public/2004/0072/latest/whole.html) NAI Harcourts Hamilton Monarch Commercial Ltd MREINZ Licensed Agent REAA 2008 Cnr Victoria & London Streets, HAMILTON 07 850 5252 | hamilton@naiharcourts.co.nz www.naiharcourts.co.nz J1261P Waikato takes the crown in New Zealand Business Case League 2018 A team of 12 management students from the University of Waikato are relishing the sweet taste of victory in this year’s Student Development Society National Business Case League 2018. Waikato's case team were named national champions at the weekend following their outstanding performance in all three rounds of the university competition; held in Dunedin (April 14), Auckland (May 12) and Wellington (July 21). “We placed in the top three in every round, so we achieved our goal of being strong contenders at every stage,” says Dr Stephen Bowden, senior lecturer in management at Waikato Management School. Six universities vied against each other for top honours. In each round, teams are given a case of a real-life company to analyse. They then seek to come up with the best ‘real world’ business strategies in just a few hours, which they must present to a judging panel of business leaders. Victoria finished second overall in the league, Auckland finished third, Canterbury and AUT came fourth equal, while Otago placed sixth. Dr Bowden says the national competition empha- sises “real-world connections, teamwork and thinking on your feet - plus with small enough size that you get a lot of input from academic staff”. Waikato won the first round, maintaining its historic tradition of having never been beaten in Dunedin. They followed this with back-to-back third placings in Auckland and Wellington, securing enough points overall to reach the winner’s podium. The team of 12 winning management students from Waikato are: Round 1: Keegan Adams, Renee Butler, Honour Schuchardt, and Liam Whittaker. Round 2: Caitlin Langlands, Loren Morse, Brittany Oliver, and Elliot Rhodes. Round 3: Cathan Bowler, Kelcy Ballyntine, Robbie Mercer, and Te Aorangi Murphy-Fell. Waikato team member Liam Whittaker, who has just completed double degrees in Victorious management students from left, Renee Butler, Keegan Adams, Liam Whittaker, and Honour Schuchardt. management and law, says case competitions play an important role in “bringing to life all the business theory you’ve learnt in your degree.” You learn how to work in a group, think critically under pressure, and effectively communicate complex ideas to others – all of which are of paramount importance in the real world,” says Liam. He credits the Waikato team’s victory to several key factors: “Our lecturers at Waikato place a very strong emphasis on solution-orientated thinking and work-integrated learning. All the theory they teach us in class is with reference to real-world case studies, which highlights the practical nature of business. So, when you’re asked to present a viable business strategy for a company in a short timeframe, it’s not that intimidating because you’ve already been exposed to this style of lateral thinking previously.” “It also came down to the sheer work ethic and talent of the competitors, and the leadership and guidance of Dr Stephen Bowden.” Dr Bowden says Waikato Management School (WMS) has always been a trailblazer in this area, having launched New Zealand’s first university case competition in 1996 – and it’s still going strong today. WEL Group welcomes new group chief financial officer WEL Group (incorporating WEL Networks and Ultrafast Fibre) has welcomed Sue Tindal onto the executive team as its new group chief financial officer. Primarily an experienced corporate and institutional banker, Sue has a wealth of international experience in the financial services, energy and IT sectors having held numerous senior or chief executive roles in New Zealand, Australia, Asia and the United States. Sue held the position of group chief financial officer with Auckland Council for three years before resigning in December 2017. Sue says her decision to join the Hamilton-based WEL Group was driven by a conscious decision to leverage her skills, experience and passion for leadership development to “give back” to local communities. “WEL plays an essential role in the region’s economic and social development and it’s an exciting time as the business diversifies from a traditional lines company to multi-utility. This is a great opportunity to be part of a forward-thinking, innovative company which is focused on enabling its communities to thrive.” And while much of her career has been based in Auckland and overseas, Sue has strong connections with Waikato. “My maternal great-grandparents and grandparents farmed in the region, my mother and uncle were born in Hamilton, my uncle and aunt still live here, my daughter attended and graduated from Waikato University in 2004 and my nephew attended Wintec. It feels good to be here.” Sue is a Member of the Australian and New Zealand Institutes of Company Directors, a Fellow of Certified Practicing Accountants Australia Ltd (CPA), a Member of Global Women and a finalist in the Women of Influence Awards 2016. She is also an independent non-executive director of Mainfreight, an NZX top 20 listed entity.
WAIKATO BUSINESS NEWS July/August 2018 9 Heritage site confirmed for Hamilton CBD Awards One of Hamilton’s most significant heritage sites will embrace its history in October when it hosts the Hamilton Central Business Association’s 2018 CBD Celebration Awards. Entries are now open for the CBD Awards which will be held on the first floor of the former Hamilton Hotel. The 96-year-old heritage building on Victoria Street’s south end is set to be repurposed as part of the wider development site for the new Waikato Regional Theatre. I can’t think of a better way to celebrate the history and future potential of this beautiful building than by celebrating its neighbouring businesses, who are all contributing to a fantastic CBD The CBD Awards recognise and celebrate businesses that contribute to the vibrancy of Hamilton’s CBD and aim to showcase business excellence. General manager Vanessa Williams says having the 2018 awards in the old Hamilton Hotel is significant. “The venue is steeped in history and has seen many nights of celebration and glamour,” she says. “With the hotel soon becoming part of the new theatre development and the heritage features renewed, we wanted to remember it in its original form. I can’t think of a better way to celebrate the history and future potential of this beautiful building than by celebrating its neighbouring businesses, who are all contributing to a fantastic CBD.” Ms Williams says preparation for the venue is coming along well. “The first floor of the hotel, where the awards will be held, has been empty for some time, but is being recreated with the exceptional efforts of Foster Maintain who are working really hard to provide a celebration space befitting of the CBD. “It’s going to be a night to remember.” Ms Williams is encouraging CBD businesses to enter the awards as an opportunity to share their stories, celebrate achievements and be recognised for their success. “We have an impressive number of businesses in the CBD delivering excellent products and services locally, nationally and internationally,” she says. “It’s also important for the wider public to know that Hamilton has these fantastic businesses and to be proud that there is such a high calibre group of them in the central city.” There are two main awards businesses can enter, the CBD Success Awards or the CBD Best Awards. The CBD Success Awards will announce a winner in each business category: retail, tourism and hospitality, professional services, trade services, and social enterprise. The CBD Best Awards recognises businesses making a significant contribution to the CBD. All entries are judged by a panel of 12 Hamilton business leaders and announced at the awards evening on Wednesday 3 October. The Success and Best awards categories were introduced in 2017, and Ms Williams says the revamped format attracted a record number of entries. “We were pleased to see how well the award categories worked last year and we’re hoping for another record number of entries this year.” The CBD Celebration Awards is sponsored by The Breeze, Waikato Times and Foster Maintain, with support from Gothenburg Restaurant and Primo Vino for catering, Moving Media for photos and video, sound and lighting by SBI Productions and venue design and decoration by Royal Laboratorie. The historic Hamilton Hotel is the site for the Hamilton Central Business Assocation’s 2018 CBD Celebration Awards. Experience care as it should be, experience the Braemar way. Braemar Hospital is one of the largest private surgical hospitals in New Zealand, and it’s here in Hamilton. With more than 100 world class specialists, 10 state-of-the-art operating rooms, 84 beds including 32 private rooms, at Braemar you’ll receive the highest level of care. Choose the very best. Choose Braemar. braemarhospital.co.nz Waikato Branch – Upcoming events/courses At the Institute of Directors we’re on the pulse of governance. Connecting, equipping and inspiring directors through thought leadership and our extensive network, professional governance courses, events and resources. 23 August 2018 CPD: 2 points 10-11 Relationship April 2018 between ethics and culture CPD: 14 points IoD Speaker Leadership – Nick Conference Dangerfield, Director, Boardroom 360 SKYCITY 12.00pm Auckland – 2.00pm, FMG Stadium Waikato 16 May 2018 CPD: 2 points Governance 12 September in a 2018 private equity investment context CPD: 2 points Speaker: Lessons for Peter directors Tinholt, from Oriens recent Capital failures 12.00pm Speaker – 2.00pm, Ross Buckley, FMG Stadium Executive Waikato Chairman, KPMG 5.00pm – 7.00pm, FMG Stadium Waikato To register, please contact: Megan Beveridge, Branch Manager Waikato.branch@iod.org.nz, 021 358772 or www.iod.org.nz Waikato branch is kindly sponsored by: J1121P
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