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CARRUS<br />
Supporting its clients through<br />
the Covid crunch<br />
THE CARRUS BRAND<br />
HAS BEEN synonymous<br />
with land development<br />
for more than 30 years<br />
in the Bay of Plenty and<br />
throughout the North<br />
Island.<br />
Land developers are the pioneers<br />
of the building industry, literally<br />
the foundations from where urban<br />
development begins and on which so<br />
many other businesses throughout the<br />
real estate sector rely.<br />
“Land developers see and often<br />
experience changes in the market<br />
before anyone else,” said Carrus<br />
managing director Scott Adams.<br />
Having been through several property<br />
cycles, Carrus know only too well the<br />
“curse of the 8” – eg, 1988, 1998 and<br />
2008 – where NZ’s economy took<br />
financial beatings. Just like any other<br />
business, land developers are forced to<br />
take stock of their financial position and<br />
have to make crucial decisions that can<br />
affect other businesses that are part of<br />
the real estate supply chain.<br />
“Carrus have recognised that its business<br />
relationships are the most important<br />
ingredient when battling through a<br />
recession, especially the long-term<br />
relationships with residential builders,”<br />
said Adams.<br />
Fortunately, Carrus is able to provide<br />
assistance to its buyers in the building<br />
industry, when working capital<br />
and access to credit can become<br />
compromised.<br />
Carrus has developed its way through<br />
recessions before: In the aftermath of the<br />
1987 share market crash, founder Sir Paul<br />
Adams re-positioned the business. The<br />
biggest player in the pre-Zespri kiwifruit<br />
industry, Paul re-focused into residential<br />
land development as he realised<br />
there was a great potential for urban<br />
development in the Bay.<br />
Carrus set a high standard for subdivision<br />
streetscape, where previously there<br />
hadn’t been any. Impressive entrance<br />
walls, elegant streetlights, quality<br />
landscaping and wider roads with<br />
mountable kerbs all contributed to a<br />
better living environment. Sections<br />
were quickly gobbled up in new Carrus<br />
subdivisions as the local economy took<br />
off again.<br />
Carrus thrived throughout the mid-1990s<br />
undertaking multiple developments<br />
across the Bay, only pausing to catch<br />
its breath at the end of the millennium<br />
during a financial crisis that saw a<br />
meltdown of several of New Zealand’s<br />
main trading partners throughout Asia,<br />
resulting in a weakened Kiwi dollar.<br />
This, combined with high interest rates,<br />
and the El Nino and La Nina drought<br />
patterns impacting agriculture, all led<br />
to New Zealand falling on hard times.<br />
Again, Carrus did not falter, recognising<br />
that this was not just a good opportunity<br />
“Carrus have recognised that its<br />
business relationships are the most<br />
important ingredient when battling<br />
through a recession, especially<br />
the long-term relationships with<br />
residential builders.” - Scott Adams<br />
THE LAKES, TAURANGA.<br />
30 | YEAR BOOK <strong>2020</strong>
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