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Newsroom
an hour ago
- Business
- Newsroom
NZME declares peace, Stuff and TradeMe declare war
The battle to control NZ Herald owner NZME ended on Tuesday with shareholders endorsing a peace deal – just as major rivals Stuff and TradeMe joined forces to form an audacious new competitor. NZME shareholders voted former National cabinet minister Steven Joyce onto its board, replacing outgoing chair Barbara Chapman, and approved corporate raider Jim Grenon as another new face. Incumbent director Sussan Turner won re-election and re-joined two continuing, existing directors. By agreement Joyce will be made chair, and a sixth director, digital commerce expert Bowen Pan will be appointed. The votes ended three months of a power struggle, initiated by Canadian-NZ private equity investor Grenon for what he promised to be better financial results and improved journalism at NZME's New Zealand Herald site and newspaper. Grenon's campaign started by seeking appointment of himself plus three more of his nominees and the removal of all incumbents. But it ends with his sole accession to the board, three incumbents continuing, and Joyce as a peacemaking chair. Chapman and director David Gibson were the fall guys. Grenon is now a 13 percent shareholder but his first push for control has been partly stymied. Curiously, he won the fewest votes for his appointment (86 percent) and most against (14 percent) of the four resolutions put to the meeting. Joyce won the backing of 93 percent of votes cast. The new board members received a sobering trading update from chief executive Michael Boggs at the annual shareholders meeting. Boggs' forecast for the balance of NZME's financial year was subdued, compared with relatively upbeat words as late as a results briefing in February, when he confirmed a 2024 net profit of $12m but overall loss, after write-downs on the value of newspapers, of -$16m. 'Unfortunately, the market remains volatile and economic commentators have softened their outlook from what was expected earlier in the year.' Later, he noted: 'The market is not improving as much as we originally expected – it remains volatile and therefore we are taking a cautious yet optimistic approach.' The business had done better in the first four months this year than last and remained 'well placed' to deliver improved full year results, but he emphasised downturns in the latest business and consumer confidence surveys. He said NZME had made the equivalent of $12m in annualised savings already this year, including $4m saved from a round of 30 redundancies in its editorial departments. Boggs noted a delay expected in a recovery in house prices – 'again, later than predicted' – which could be crucial to forecasts for NZME's OneRoof real estate listings portal. In February, NZME announced a strategic review of OneRoof, possibly seeking investment, a part sale or separation in advance of a market listing. It suggested shareholders would be updated at this annual meeting, but outgoing chair Chapman said an update would now be made at the half-year results in August. The silence on the future of OneRoof spoke particularly loudly on Tuesday because the number one property site in the market, TradeMe, chose that very morning to announce it had bought half of Stuff Digital, the nation's biggest news site. As OneRoof has used its partnership to promote housing and real estate content and link to its homes for sale, TradeMe will now take over Stuff's property section and leverage what is bound to be more real estate content on that site. The deal, which is subject to standard conditions being met, will therefore pit the Herald-One Roof combo against Stuff-TradeMe. The latter partnership starts as number one in each of its component online markets. TradeMe's investment will also be a big boost to Stuff, which while profitable according to owner Sinead Boucher, would have been pressured over the past two years in the same vein as declining print and digital ad revenues suffered by NZME. Stuff also took on the added cost of producing 3News nightly for Warner Bros Discovery following Newshub's demise – a multimillion dollar outlay likely to have sustained reduced initially forecast margins, possibly into the red. The sum paid by TradeMe has not been disclosed and both businesses are private companies. But for Boucher and Stuff a substantial inflow of capital right now will greatly improve prospects for the company she bought from Nine Entertainment five years ago for $1. 'This is the first time since the management buyout of Stuff five years ago that I have accepted an equity partner into the business,' she said. 'It was important to me that we found the right partner at the right time in our growth strategy, protecting our fiercely independent media business which is loved and trusted by millions of New Zealanders.' The Stuff mastheads division, covering its newspapers, subscriber news sites The Post, The Press and Waikato Times, plus the Neighbourly and Events businesses, remain fully owned by Boucher. For NZME, its rivals' marriage will not have been a surprise, having been publicly mooted since at least March. But it will be no less challenging, particularly if the NZME strategic review being conducted by Jarden recommends seeking separation and outside investment. The review's objective of realising OneRoof's 'full potential' just got harder. TradeMe chief executive Anders Skoe said the Stuff deal would enable house vendors and agents 'reach an even wider pool of prospective buyers' and 'generate the highest quality property market insights.' Stuff has an audience of 2.3m unique readers a month, 400,000 higher than in the Nielsen online ratings for April, and One Roof, according to the Herald, trailed TradeMe by, 32,000 – 747,000 to 779,000. While Chapman's final speech as chair saluted OneRoof for going 'from strength to strength, delivering significant year-on-year growth', at least one new board member has not always been so convinced. New NZME board member Jim Grenon. Photo: NZME presentation New director Grenon, in a war of words conducted by letter during his contest for board places, threw doubt on OneRoof's actual success over the past four years, saying it had achieved just 40 percent of its targets. In a letter from March 6, Grenon said OneRoof 'missed the most relevant ebitda margin target by a significant degree' as late as the 2024 financial year. 'OneRoof's 2024 financial performance is a recent example of management over promising and ebitda confusion,' he noted, coming in at just half what he calculated should have been $4.8m in operating profit. He questioned, too, how costs for OneRoof had been allocated in NZME's books. He joins the board now with the main competitors gearing up to push back against OneRoof. The new NZME board is also expected to create an editorial advisory board, with blogger and lawyer Phillip Crump nominated as its first member and possible chair, to help improve the Herald's journalism. Grenon and Crump are both of the centre right, Crump a favoured appointee by the coalition Government to both the NZ on Air board and Waitangi Tribunal.
NZ Herald
13 hours ago
- Business
- NZ Herald
Media Insider: NZME shareholder meeting - Steven Joyce set to become chair, Jim Grenon to join board; what to expect at today's meeting
All eyes will then be on the new-look board's first strategic moves, including the future direction of property portal OneRoof; whether the company wants to resurrect talks with Stuff to buy its paywalled websites, including The Post and The Press; and the establishment of an NZME editorial board 'to assist and advise the editorial team'. Joyce will - subject to shareholders confirming him and Grenon as new directors, as expected - take the reins as chair from Barbara Chapman, who will retire at the end of the ASM. NZME owns the NZ Herald, NewstalkZB, BusinessDesk and OneRoof; inset: NZME chair Barbara Chapman and shareholder Jim Grenon. Chapman, a former chief executive of ASB, has been subject to much of the wrath of some agitating shareholders over the past several months. Grenon, who now holds 13% of the company, is today expected to meet, for the first time, the NZME executives who have felt the brunt of his criticisms of the company over the past three months. He has highlighted concerns over the financial performance and operation of the company. 'It is concern about operational aspects of NZME that is driving this change,' he told the Herald in a statement in March. 'The editorial content is very much a side issue, but the quality of the journalism does impact everything else in the business and is also the board's ultimate responsibility. 'The new board intends to improve on the journalism, with an emphasis on factual accuracy, less selling of the writer's opinion and appealing to a wider political spectrum.' Influential major shareholder Roger Colman will also be at the ASM today, from Australia, as will be minor shareholder and former National Party leader Don Brash, from Tauranga. The meeting starts at 2pm. 'Best media board in Australasia' Colman said yesterday the new-look board would be the best media board in Australasia, citing the experience of the likes of Joyce, Horrocks, Turner and Pan. He said it was important to thank Grenon and NZME's biggest shareholder, Australian fund Spheria Asset Management, without whom the board changes would not have happened as quickly. Former National Party Cabinet Minister Steven Joyce. Photo / Nick Reed Now, he is keen to ensure the directors work in unison. 'It is important that these board members' relationship with Jim, and Jim's relationship with existing board members, is up to scratch. 'Everybody's on good behaviour - it's a question of how this is going to work, right?' NZME announced in March that Jarden was undertaking a strategic review of its property platform OneRoof. The media firm, which also owns the NZ Herald, Newstalk ZB, BusinessDesk and a suite of music stations and regional news titles, said it had launched the review to accelerate OneRoof's growth and realise its 'full potential in delivering value for shareholders'. Opportunities included the potential separation of OneRoof 'to enable raising external capital, either public or private, to surface its value'; 'potential pathways to value recognition and monetisation'; consolidation opportunities; and 'additional resourcing and extra capacity opportunities'. 'A progress update on this independent review will be provided as part of NZME's half-year results later in the year.' Editorial board NZME has already announced an editorial board will be established. Lawyer, blogger and former ZB Plus editor Philip Crump, who had originally been touted as one of Grenon's board directors, will be a member of the board. The scope of the board, including exactly how it will operate, and other members, have yet to be announced. Former National Party leader Don Brash. Photo / George Novak Meanwhile, Brash, whose group Hobson's Pledge had an advocacy advertisement turned down by NZME last year, told the Herald on Monday that he was planning to attend today's meeting. 'Whether I ask questions, I guess depends a bit on how the AGM evolves. 'I mean, clearly I'm pleased with the changes which have been announced. I've been subscribing to the Herald for a long, long time, and we were very disappointed - I was very disappointed personally - by the fact that we had some difficulty getting some advocacy ads run in the Herald. 'We thought they were legal and accurate. I'm hopeful that the change will make them more open to running advocacy ads as long as there's no legal problem.' He said he was aware NZME had changed its policy, so that advocacy ads could run in future inside the newspaper, rather than on the front page or 'wrapping' the newspaper. 'The unwillingness to carry ads on the front page always amuses me. You're happy to carry ads for an Australian appliance company day after day.' He said he may well reinforce the point that advocacy ads should be permitted. 'It is important that voices can be heard as long as they are in fact legal. 'We don't want anything obviously illegal or inappropriate but I don't think anything Hobson's Pledge has said or is likely to say will be breaking the law.' Brash said he was intending to book a full-page advocacy ad in the Weekend Herald next Saturday - it was not connected to Hobson's Pledge and would be announced later in the week. A newspaper 'for everybody' Amplifying Brash's comments, Colman said a newspaper had to be 'for everybody'. 'There's a pendulum - it swings left to right at various elections all the time. Sometimes the conservatives are in power, sometimes the progressives are in power. The paper's got to cover all bases.' Roger Colman addresses the NZME shareholders meeting in 2024. Photo / Sylvie Whinray This was especially important, he said, given that NZME still employed a substantial percentage of journalists, especially in the wake of the closure of Newshub and other industry cutbacks. He estimated NZME had doubled its percentage of the overall number of New Zealand journalists as a result of the cutbacks at other newsrooms. In the normal course of events, media wouldn't take a lot of interest in NZME's annual shareholder meeting. However, there is still considerable interest in what unfolds today, and NZME expects to accommodate at least half a dozen reporters as well as cameras at the ASM. Meanwhile, Brash believed Joyce would make a good chair. The pair had worked together when Brash was leader of the National Party, and Joyce was in leadership roles for the party, including as general manager and election campaign director. 'He wasn't at that point in parliament, but he was a very effective executive director of the National Party, and we worked together very well,' said Brash. 'I had left Parliament before he came in [as an MP] in 2008. I left in 2007 so we didn't actually serve in the Parliament together, but my impression is he was a very competent minister.' Brash has bought 1000 shares in NZME. This allows him to attend the ASM. 'As a shareholder, I hope he runs the company well. I'm a very modest shareholder, I don't have any particularly strong views about his chairmanship. I'm sure he will do a good job - he's a very competent guy, and of course, he's been in the media himself prior to going to politics. 'In a sense, the developments that have taken place in the last few weeks may make it less important for me to make a public statement. 'I'm pleased with what's happened, and if I say anything at all, it will be in support of what's happened.' Editor-at-Large Shayne Currie is one of New Zealand's most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME. Watch Media Insider - The Podcast on YouTube, or listen to it on iHeartRadio, Spotify, Apple Podcasts, or wherever you get your podcasts.
The Spinoff
20-05-2025
- Business
- The Spinoff
Housing market in holding pattern as budget day looms
With a number of policies already in place, the government looks set to give housing short shrift on Thursday – though speculation continues about an end to the foreign buyer ban, writes Catherine McGregor in today's extract from The Bulletin. Budget unlikely to deliver new housing spend With Budget 2025 set to be unveiled tomorrow, economists are warning not to expect a major new push on housing. 'They are already looking at the housing market in lots of other ways,' said Kelvin Davidson, chief economist at Cotality (formerly CoreLogic), pointing to a suite of supply-side initiatives such as the Going for Housing Growth programme, self-certification for builders and RMA reform. In the meantime, the housing market remains relatively subdued – a cooling that has opened up opportunities for first-home buyers. Speaking to OneRoof's Catherine Masters, Brad Olsen of Infometrics noted that tight fiscal settings mean any additional housing spend would likely be 'tinkering around the sides'. Davidson echoed the sentiment: 'The market's functioning OK.' Foreign buyer ban in the spotlight While housing may be absent from the budget's main stage, speculation continues to swirl around one politically charged topic: the potential lifting of New Zealand's foreign buyer ban. Introduced in 2018 under Labour, the ban prevents most overseas buyers from purchasing residential property, with exceptions only for Australians and Singaporeans. Now, agents in the luxury market are hoping budget day brings a change, with some even claiming they've heard from politicians that a reversal is imminent, OneRoof's Masters reports – though Act's David Seymour said 'there is no decision I'm aware of'. Still, pressure is mounting, particularly with the surge in applications under the revamped golden visa programme. US publication Bloomberg News (paywalled) quotes one agent reporting a 'tremendous amount of pent up demand' from wealthy Americans eyeing New Zealand as a haven. Many of them are already paying premium prices – up to $30,000 a week – to rent luxury properties here, reports RNZ's Rachel Helyer Donaldson. The surge in high-end rentals is the result of an emerging 'try-before-you-buy' strategy among clients awaiting clarity on the foreign buyer rules, an agent said. Renters told they have power – but do they? Outside of the luxury enclaves, the current rental market is described by many as a 'renter's market', with national rental listings at a 10-year high and landlords reportedly offering incentives such as a free week's rent or grocery vouchers. But the idea that tenants have their pick of great properties is far from the full story, writes Gabi Lardies in The Spinoff this morning. Tenants 'are in no position of power at all', said Angela Maynard of the Tenants Protection Association, citing the reinstatement of 90-day no-cause evictions as a major rollback of renter rights. Laura Drew of Community Law Wellington added that while rent increases may be slowing, poor-quality housing and a power imbalance remain entrenched. The term 'renter's market', she suggested, offers little comfort to those stuck in unsafe housing or locked into unaffordable fixed-term leases. Market hamstrung by planning and code constraints, says developer Even as the government touts its deregulatory reforms, many in the building sector argue that core structural issues remain unaddressed. The most high-profile critic is Ockham Residential co-founder Mark Todd, who just gave a fascinating interview to OneRoof's Diana Clement about why our planning rules continue to stifle the development of high-quality, high-density housing in New Zealand. It's not the RMA holding things back, but the Building Code, Todd argued. The code is 'an absolute regulation clusterfuck', he said – but most property developers like it that way. 'The Building Code as it is suits them, because they have no interest in building quality compact cities – they're in thrall to sprawl – and making the RMA a false bogeyman suits them too.'
NZ Herald
20-05-2025
- Business
- NZ Herald
Auckland Council to release new property valuations in early June
She said the Valuer-General had requested a few areas for final review, but the council was confident that final sign-off would be achieved before June 9. 'We believe the thoroughness of this work will give Aucklanders confidence that the revaluation process is robust. It means ratepayers receive rates that are fairly calculated,' Heath said. The new CVs will be used to set rates, signalled by the council for a 5.8% rise, from July 1. The new valuations were set as of May 1 last year, but their release has been pushed back from late last year to May of this year, and now early June. Thousands of Auckland ratepayers could find their rates chopping and changing this year because of the late release of the valuations. This is because many ratepayers will object to their new values past July 1, leading to ratepayers paying the rates struck on July 1 and higher or lower rates if their objection to the council is successful. At the last revelation in 2021, more than 9000 objections were made to the council. At the time of the new valuations on May 1 last year, OneRoof figures show Auckland's average property value was $1.31m. This is marginally less than the average property value of $1.37m when Auckland CVs were last taken in June 2021. Between the two sets of CVs, average Auckland property prices peaked at $1.58m in January 2022 and fell to 2021 levels by the latest valuations in May last year, according to OneRoof figures. This would indicate little change between the 2021 and 2024 CVs. The revaluation exercise does not change the total amount of rates revenue the council collects, but helps distribute rates fairly between ratepayers. Under an allocation mechanism, properties whose value has risen by more than the overall average increase or decrease will pay more in rates than the general rates increase this year, proposed to be 5.8%. The opposite is true for valuations below the overall average. Their rates will fall relative to the general rate increase.
NZ Herald
07-05-2025
- Business
- NZ Herald
Society Insider: Steve Owen swaps houses in $56m property deal; are Smith & Caughey's and Faradays teaming up?; Ido Drent's property development success
Steve Owen is moving from Mission Bay to Westmere, after a multimillion-dollar property deal. The Rawene Ave, Westmere, house gained notoriety in 2016 when it was rented by Hollywood actors Jason Statham and Rosie Huntington-Whitely. Powell and Hunter sold it in 2020 for more than $17m to Auckland businessman Yin Li and wife Elaine, with the house sale registered under Yin Li's company Virtuous. The recent sale price was reported by OneRoof as more than $20m. In turn, the Lis bought Owen's home in Mission Bay, in the multimillion-dollar deal. The Rawene Ave property is regarded as one of Auckland's finest. It was once rented by actor Jason Statham and has sold for more than $20 million as part of a $56m property deal. The view from Steve Owen's new Rawene Ave property in Westmere. Owen has owned the Mission Bay property on Ronaki Rd for more than a decade. It's known as one of the area's best homes. Last week, Bayleys agents Sarah Liu and Nick Gilbert told OneRoof they had brought the parties of Rawene and Ronaki together to work out the details of the deal. Steve Owen has sold his house on Ronaki Rd, Mission Bay, and will be moving to Westmere. Photo / Simon Devitt Owen's multi-level, five-bedroom modernist mansion on Ronaki Rd was designed by architect Lawrence Sumich of Sumich Chaplin Architects in Newmarket. The mid-level entertaining area flows on to a pool and a panoramic outlook of Rangitoto. Another Sumich-designed mansion on Ronaki Rd, with a similar look, feel and outlook to Owen's, was sold by Wall Real Estate for more than $20m earlier this year, within two weeks of hitting the market. Liu told the Herald her Rawene Ave vendors are very tasteful people and the couple decided to buy the Ronaki Rd home after their second visit. 'I said, 'Okay, if you buy this, you can sell your Rawene Ave home', and they said yes,' said Liu. Tenby Powell and Sharon Hunter, pictured in 2015. Photo / Norrie Montgomery Former Mayor of Tauranga Tenby Powell told Society Insider he was thrilled someone with Owen's taste had purchased his and Hunter's former home. He was excited to hear Owen planned to enhance it. Powell says he and Hunter – with their architect David Ponting of Ponting Fitzgerald and builder Ross Bannan of Bannan Construction – poured blood, sweat and tears into creating their oasis on Rawene Ave, which was purchased as three side-by-side sections in 2008. 'The fact Hollywood star Jason Statham rented our house in 2016 often overshadows how proud Sharon and I are of what we created,' says Powell. Rosie Huntington-Whiteley and Jason Statham. Photo / Getty Images The 1978sq m site includes landscaped gardens with impressive water features, a cedar four-bedroom mansion, and an infinity pool that stretches out over the water. Last week, Gilbert told the Herald his client had already visited the Rawene Rd property with teams of people, the architects and the original builder, for a renovation project that Society Insider understands will take six months. Owen and Li declined to comment on their house swap, but Society Insider hears both vendors have big plans for their new abodes. Kimberly and Steve Owen at Owen's son Matt's wedding at Ayrburn. It has been a busy time for Owen, with son Matt marrying professional golfer Laura Hoskin last Friday. The ceremony was outdoors in the grounds of Ayrburn in Queenstown – Hoskin's hometown. Owen has four children – Matt, Nicholas, Libby and Kimberly. Matt is the first of the siblings to get married. In March, Matt and Laura told Society Insider they were most looking forward to getting family and friends together to celebrate. London-based Kimberly flew in to join her family for the happy occasion. Other guests at the black-tie wedding included fellow rich listers Paula and Simon Herbert and Dominique and Mark Francis. Also looking glamorous for the occasion was media buyer Jane Hitchfield and her husband, managing director at Transport Hydraulic Solutions, Brenden Lyon. Are Auckland's old and new guard luxury department stores teaming up? Representatives from Smith and Caughey's, pictured, and Faradays have reportedly been having business meetings. Picture / Steven McNicholl Speculation is rife among the city's well-heeled that something is brewing between Auckland's oldest department store business, Smith & Caughey's, and the city's newest luxury boutique department store, Faradays in Parnell. Well-placed sources have told Society Insider of meetings between Faradays' CEO, Edward von Dadelszen, and representatives from Smith & Caughey's, as recently as last week. When asked if Smith & Caughey's and Faradays might be entering into a partnership or combining some of the luxury marquee brands to which they both have licences, Smith & Caughey's joint acting CEO Lizzy Hyndman would not comment. A spokesperson for von Dadelszen told Society Insider: 'We are aware of the speculation, but as a matter of policy, Faradays doesn't comment on market rumours or ongoing commercial discussions.' Faradays' owners Eddie von Dadelszen and Constance Cummings, pictured in 2016. Photo / Norrie Montgomery Von Dadelszen and his wife Constance opened Faradays on Faraday St in late 2021 as a new emporium for luxury brands. Their modern take on the department store provides a full luxury retail experience, with art, food and beverages to accompany the shopping experience. On average, Faradays' ultra-wealthy customers spend thousands of dollars per visit. Faradays, a luxury department store in Parnell. The husband and wife had previously operated their fashion label Dadelszen, and vintage accessories and jewellery label Love & Object, around the corner on Kenwyn St, gaining many rich list clients. When they opened Faradays, the couple incorporated their existing businesses into the store, adding an array of desirable imported designer labels. Along with the von Dadelszens' shareholding in Faradays Luxury Goods, the business has other high-profile investors, including former All Black great Dan Carter and his wife, former Black Stick, Honor, and Jonty Edgar, executive director of Forsyth Barr. Faradays' ultra-high-end designer fashion labels include Givenchy, Celine, Alaïa, Jil Sander, Alexandre Vauthier and Giuseppe Zanotti. Its accessories brands include Spanish design house Loewe, whose candles retail for more than $500, and Ginori 1735, whose porcelain dinner plates retail for $220 each. Faradays also has a luxurious bar and dining experience, serving caviar and Champagne. The bar and restaurant at Faradays in Parnell. In May last year, Smith & Caughey's announced a major upheaval, with chairman Tony Caughey outlining a proposal to close the businesses and lay off 240 staff. Caughey, the fifth in the family generational dynasty, told the Herald at the time the company's stores in Queen St and Newmarket had been running at a loss. He cited a 40% drop in revenue over the previous five years because of factors including the economic downturn, reduced consumer confidence, the rise of shopping malls, and upmarket brands building their own retail stores. Chairman of Smith and Caughey's, Tony Caughey, in the flagship Queen St store. Photo / Ben Dickens The announcement came after two years of consultations and think tanks to come up with ways to take the business forward. In August 2024, Caughey announced that after weeks of consultation with staff, only the Newmarket store would close. The original 144-year-old Queen St store, the 'Grande Dame', would stay open, saving about 100 jobs. Earlier this year, Smith & Caughey's transformed into a ground-floor operation only, stocking beauty and cosmetic products, men's and women's clothing and other accessories, with the website also refreshed. Faradays and Smith & Caughey's now both run slick online operations. With Smith & Caughey's and Faradays remaining tight-lipped, speculation is varied on what the 'commercial discussions' may bring. S&C would benefit from the relationships the von Dadelszens have with their exclusive suppliers. A partnership would provide access to products that appeal to the ultra-wealthy and a new generation of money. The von Dadelszens would benefit from S&C's still sizeable buying power. Society Insider can envisage a pop-up version of the Faradays' retailing style within the Grande Dame on Queen St. We'll be watching closely to see what eventuates. Actor Ido Drent an emerging property titan Ido Drent at his Elaman office in Parnell. After leaving acting behind, former Shortland Street and Offspring star Ido Drent is now one of the rising names in multimillion-dollar property development. His company Elaman, which specialises in visually pleasing, low-maintenance social housing, has an estimated more than $100m of projects completed or under way. Elaman has delivered more than 100 homes in seven developments across Auckland, with two more under construction. Drent's most ambitious development yet is Olympus, an 87-unit community complex in Mt Albert, with four buildings of three-storey, walk-up apartments. Elaman, the property development company owned by former Shortland Street actor Ido Drent, is working on its next project - Olympus in Mt Albert. Drent, 38, who has more than 20 staff working at Elaman, is confident he can take on a project the size of Olympus. Drent says the complex, designed by Brewer Davidson, will give first-home buyers a quality start in a great location. Entering the property world before his acting career, Drent completed a degree at Massey University in 2008, with a Bachelor in Business Studies in property management and valuation. Throughout his studies, Drent interned at a property company. His first paid job in property ended abruptly because of the Global Financial Crisis, which is when he pivoted to acting. Drent became a household name playing Daniel Potts in Shortland Street for three years. That was followed by a move to Melbourne where he starred in Offspring, and later to LA for several years, before returning home to NZ. Mandy and Ido Drent He married his wife Mandy in 2011 and the couple have since had three children, Baz, 10, Elliotte, 8 and their youngest, August, who is starting school next year. It was his family responsibilities that made him realise he needed to put acting to one side. 'After 12 years working and pursuing my acting career, we finally got to a crossroads in 2018 where we had to make a decision for our family and call it a day,' Drent tells Society Insider. 'Acting wasn't providing the security we needed as a family, so we decided to get back into property, to have autonomy over our future, and we started Elaman.' He says an early colleague of his in the industry was working at Kāinga Ora and told him of the demand in the social housing sector. Drent started Elaman to make a positive impact in the community. He says he sought out development opportunities and gained the support of a private investing couple, rich listers Paul and Liz Blackwell, who backed his vision. 'We started with social housing projects and made a real effort to help raise the level of social housing,' he says. 'When driving past one of our developments, we hope people think they are beautiful.' Elaman's Glenview project. One of Drent's projects, the Glenview apartment project, has just been shortlisted in the NZ Architects multi-unit awards. 'I'm proud to have made the shortlist with our social housing project, standing next to some amazing other high-end projects,' he says. While Drent scoffs at the question of his net worth, he says he is not like some of the 'flash developers' out there, and is growing Elaman steadily. The Drent family now has a comfortable home in St Heliers and is looking at doing some renovations of their own soon. As for acting, Drent still loves it. 'Maybe one day in a different season, I could see myself back on set or maybe even on a stage enjoying it for the craft, not trying to earn a living from it.' A good week for... fashion stylist Sarah Stuart Luiz Serrano and Sarah Stuart are expecting their first baby, a girl, in mid-August. Photo / Sarah Stuart. Fashion stylist to the rich and famous, Sarah Stuart, one of Society Insider's most photographed party people, had a surprise baby shower thrown for her last weekend at a mansion on Waiheke Island. Stuart and her partner, Luiz Serrano, an architect and founder of Oceanic Architecture, based in Fiji and Auckland, have been dating for five years. They are expecting their first baby, a girl, in mid-August. Sarah Stuart and Luiz Serrano at their surprise baby shower. Photo / Sarah Stuart. Stuart's portfolio of clients she has styled includes international names Mick Jagger, Little Mix, Rove McManus, and local stars Temuera Morrison, Rose Matafeo, Paul Henry, Samantha Hayes, Mike McRoberts, and Hayley Holt. Stuart's very private best friend threw her and Serrano a white-themed baby shower at a luxury home, with stunning landscaping on the cliff overlooking Matiatia Bay. 'The weekend was incredible, I still can't believe my best friend managed to pull off the most beautiful surprise baby shower,' Stuart tells Society Insider. 'She brought together a small, intimate group of my closest friends and my mum, for the sweetest afternoon on Waiheke. 'The setting, with its postcard-perfect harbour views, couldn't have been more magical.' Stuart says she and Serrano feel incredibly lucky to be surrounded by such love and support as they step into their next chapter. Danielle Dodds and her baby son Iver. In other baby news, former Bachelorette Danielle Dodds (nee Robinson) and her husband, former YouTube superstar Logan Dodds welcomed their first child last week. The now Gold Coast-based couple welcomed Iver James Dodds on April 29. Danielle, who is the daughter of New Zealand Warriors' owner Mark Robinson, says she is soaking up every minute with her 'Ivy boy'. Party people of the week Hotel Indigo Auckland celebrates NZ Fashion Week partnership launch New Zealand Fashion Week's Liam Taylor, Mathew Simister, Dan Ahwa and Murray Bevan at the Hotel Indigo and Oosterom partnership launch. Photo / Norrie Montgomery Hotel Indigo Auckland marked the official launch of its partnerships with Auckland-based fashion label Oosterom and New Zealand Fashion Week 2025, with an exclusive event last Thursday afternoon, bringing together the city's fashion-forward crowd. The afternoon marked the announcement of Hotel Indigo Auckland as the Official Accommodation Partner for NZ Fashion Week 2025. Held in the hotel's newly opened Bistro Saine, guests mingled over the restaurant's signature canapes, including anchovy en croutes, aubergine frites, and chicken liver parfait, while viewing the debut of a bespoke accessory collection by Oosterom designer Nicole Hadfield. Oosterom's Nicole Hadfield and Angie Fredatovich. Photo / Norrie Montgomery Chris Lim of Maraca New Zealand also introduced a bespoke Waitematā Maraca fragrance amenity range, created exclusively for Hotel Indigo Auckland. The event drew a curated guest list of media, stylists, fashion influencers, and models, with key representatives from NZ Fashion Week, including its board chairman, Darkhorse founder Liam Taylor, and board members, director and founder of Showroom 22 Murray Bevan and creative and fashion director Dan Awha. Fashion stylists in attendance included Lulu Wilcox, Michiko Hylands and Sarah Stuart and models included Troi Atkins and Portia Prince. New Zealand Fashion Week 2025 will take place August 25-30 at Shed 10, with Hotel Indigo Auckland hosting a series of on and off-site activations throughout the week. Sarah Stuart and Portia Prince. Photo / Norrie Montgomery Carolyn Enting and Michiko Hylands. Photo / Norrie Montgomery Sophie and Jenny Jung. Photo / Norrie Montgomery Wilhelmina Shrimpton and Lulu Wilcox. Photo / Norrie Montgomery Sarah Murray and Ginni Post. Photo / Norrie Montgomery Isabella Jones, Alice Scott and Sandra Hutchinson. Photo / Norrie Montgomery Jess Molina and Troi Atkins. Photo / Norrie Montgomery Martha Brooke and Rachel Soo Thow. Photo / Norrie Montgomery Italian Film Festival launch Italian Film Festival artistic director Paolo Rotondo hosted a sponsors' evening at Silky Otter Ponsonby last Monday evening and a festival grand opening at the Bridgeway Cinema in Northcote last Tuesday. Paolo Rotondo at the Bridgeway Cinema launch of this year's Italian Film Festival. Photo / Aaron Staples It's the 10th anniversary of the festival in New Zealand and, to mark the decade, there will be 25 films on this year's programme. The Auckland season will screen until May 25 at theatres across the city, before moving to cinemas in major centres around the country until January. This milestone year promises to be the most exciting yet, with a dazzling line-up of Italian films, special events, and the support of the newly appointed Italian Ambassador to New Zealand, Cristiano Maggipinto, who was a special guest on Monday night. Also in attendance were Rotondo's wife, IFF business manager Renee Mark, Ricardo Deiana from the Italian Chamber of Commerce, managing director of Flying Fish James Moore and film director Jason Bock. Francesca Kirwan from jk14 wines, and her brother Niko, were also in attendance, along with Farina restaurant owner Sergio Maglione. At Tuesday's event at the Bridgeway, the star attraction was visiting Italian film-maker Lorenzo Colantoni. Francesca Kirwan, Paolo Rotondo, Sergio Maglione and Ana Schwarz. Photo / Aaron Staples James Moore, Renee Mark, Jason Bock and Hebe Van Schage. Photo / Aaron Staples Italian Ambassador Cristiano Maggipinto. Photo / Aaron Staples Ricardo Simich has been with the Herald since 2008 where he contributed to The Business Insider. In 2012 he took over Spy at the Herald on Sunday, which has since evolved into Society Insider. The weekly column gives a glimpse into the worlds of the rich and famous.
