Latest news with #Smith&Caughey
NZ Herald
28-07-2025
- Business
- NZ Herald
Smith & Caughey's Queen St store to be sold after closure
The board's moves to sell could hardly come at a worse time. Auckland department store Smith & Caughey's has shut. Photo / Dean Purcell Many properties are for sale in the CBD, some sites staying empty for decades – including the Royal International on Elliott St and the Auckland Star site on Fort St. Widescale development of apartments has ceased and many older office buildings have vacant floors. Demolition specialist Ripout NZ showed mid-July how it was removing fixtures and fittings in the ground-floor cosmetics areas. Peter Alexander of the Smith & Caughey's board. Photo / Dean Purcell Andrew Lamb of Galaxy Property said his business was managing the building, but he preferred to talk about that later this year or early next year. What's it worth? Smith & Caughey Ltd owns the CBD properties and holds a number of titles. They include 253-261 Queen St, whose title was issued in 1965. It has a capital value of $39 million and annual rates of $283,000. Andrew Lamb of Galaxy Property. Photo / Michael Craig The property is made up of 2946sq m of land worth $35m and 1.3ha or 1329sq m of floor space worth only $4m. A second title at 20 Elliott St is a 1998sq m property and a third title at 9-11 Wellesley St is a 723sq m property. All titles are under one CV. Auckland Council holds no separate valuation or property information on the last two street addresses. Smith & Caughey's Queen St and Newmarket properties have a combined valuation of $53.5m. The Herald reported last year that if the Queen St and Newmarket buildings were sold, the money could be expected to be paid to shareholders. But nothing was said about the properties in last year's closure announcement, nor about the trust's future. The company Smith & Caughey is owned by Smith & Caughey Holdings, whose registered office is at 253-261 Queen St. Smith & Caughey Holdings was only incorporated in June 1988. Smith & Caughey Ltd's five directors are: Epsom's Peter John Alexander; St Heliers' Matthew Andrew Lovelace Caughey; Freemans Bay's Simon Fraser Dunlop; Epsom's John Nicholas Elliott and Remuera's Michael Howell Holloway. Historic buildings Heritage New Zealand Pouhere Taonga lists the Smith & Caughey Building, Wellesley St West and Elliot [sic] St, as a Historic Place Category 1 building. Category 1 historic places are of special or outstanding historical or cultural significance or value. The building was entered on to the list in March 1986. One heritage website said Smith & Caughey's Wellesley St extension with its south facade and north elevation dated back to 1927. It was designed by architect Roy Lippincott, an American who designed a number of famous buildings. What next for the property? Some have suggested other retailers may be interested, including a supermarket operator, although that seems unlikely given the multi-level nature of buildings. A city centre school, offices and apartments have also been put forward as other possibilities. Plans for the St James Suites apartment block on Queen St. The tower was never built and the site is for sale. Apartments appear an unlikely prospect with so many already in town and the costs of conversion high. Plans for the $400m St James apartments never rose beside the heritage St James Theatre on Queen St. That empty site is understood to be up for sale. Tamba Carleton from CBRE specialises in research on apartments. Tamba Carleton of CBRE specialises in researching this area and is keeping totals of ditched schemes. Expansion remains sluggish, data from this year's first quarter show, although the build-to-rent sector is busy, Carleton has found. John Love is yet to pay $3m for the ex-Civic Administration Building, owned by the Auckland Council. It was the authority's headquarters but he converted it into 114 luxury apartments. He rebranded that The CAB. Not all units are sold. The $16.5m penthouse and sub-penthouses remain for sale. The CAB – 23 units are left to sell by developer John Love. Photo / Alex Burton Only when Love repays a loan standing last year at $70m does he have to pay the $3m. Are offices a possibility? Older office floorspace in that mid-town area is hard to lease. Big corporates are instead drawn to new, big-floor-space, green-star-rated, environmentally efficient buildings developed by businesses such as Mansons TCLM and Precinct Properties. Newmarket site In Newmarket, Smith & Caughey's traded from the heart of that suburb at a site near the end of Remuera Rd: the distinctive premises at 225 Broadway. That title is owned by Smith & Caughey Ltd. Council records show 219-225 Broadway is valued at $13.5m, has a land area of 1114sq m and a total floor area of 1846sq m. Rates there are $74,000/year. Anne Gibson has been the Herald's property editor for 25 years, written books and covered property extensively here and overseas.
NZ Herald
29-05-2025
- Business
- NZ Herald
Smith & Caughey's closure a body-blow to Queen St retail
The 145-year-old department store was the oldest and last survivor of a cohort of Queen St department stores like John Courts and Milne & Choyce, with George Courts on Karangahape Rd and the Farmers on Hobson St. Once household names, these became victims of the commercial mayhem of the 1980s. But Smith & Caughey's, a prudently managed family business, carried on. Its stately Victorian building with its art-deco frontage has housed a grand emporium of goods from around the world, and its Christmas window displays have been the delight of children to this day. It's been a survivor of Auckland's golden age, when Auckland was envied across the country, and Aucklanders used to actually boast about their city. Last year, Smith and Caughey's narrowly survived a near-death experience only by closing its Newmarket store and retrenching the Queen St operation. Some of the reasons were outlined by its chairman, Tony Caughey: a major decline in foot traffic on Queen St meaning a 40% decline in revenue; the after-effects of Covid, crime and safety issues; national economic downturn; online shopping, designer brands like Gucci choosing to open their own stores; and competition from malls like Westfield Newmarket with their lavish free parking. But many of these factors are in play in Australian cities too, where department stores like David Jones and Myer are still very much in business. So what's different about Auckland? Here, city centre foot traffic continues to decline, down 3.8% from last year, with shop vacancies nearly 10%. Heart of the City's Viv Beck points to the compounding damage done to retail by Auckland Transport's removal of parking and loading zones, and increased parking charges, extended to 24 hours. It's an inconvenient truth for some, but Smith & Caughey's closure announcement puts it bluntly: 'The city centre has also faced significant disruption and change in the form of ongoing roadworks and the slow progress of CRL, causing traffic congestion. Similarly, perceived safety issues, a large decline in foot traffic on Queen St, and an increase in parking costs have all continued to impact the economic position of the business.' In recent years, at enormous expense and disruption, for reasons vaguely related to 'climate', the council reduced Queen St to two narrow lanes now dominated by mainly empty buses and a cycleway, the enlarged footpaths the home of beggars and rough sleepers. Now, even driving to and on Queen St is a mission. Indeed, from Wakefield St to the Civic Theatre, where two years or so ago, Auckland Transport set up what critics call a 'revenue trap', $20 million of fines have been issued to unwitting drivers. Though the council's 'City Centre Master Plan' promises an 'accessible, inclusive and prosperous city centre', its 'transformational moves' do the opposite; blockading and progressively hollowing out the city's retail heart. The Wellesley St West 'bus improvements' project, immediately adjacent to Smith & Caughey's, has been dug up for a year now, with no end in sight. Even more depressing, its objective is to permanently block access to Queen St for private vehicles. 'Master Plan' zealots, seemingly indifferent to the damage caused, are now intent on extending this blockade, what they call the Queen St 'AVO' (authorised vehicle only) from Mayoral Drive to Victoria St. This is part of an Orwellian 'A4E' (Access for Everyone) plan, intended to turn Queen St into a 'ZEA' (Zero Emissions Area), 'low-traffic neighbourhood'. The City Rail Link, originally meant to enhance the quality of life in Auckland, is now seen almost desperately as a lifesaver. Unfortunately, its disruptive construction has taken more than double the time originally planned, costing at least three times what was stated in its business case. But the official assumption, almost an article of faith, is that once the CRL is opened, thousands of people will come flooding into the city. That might well have been the case when construction began in 2016, but now why would they? Moreover, public transport is chronically failing in Auckland, with overall patronage since the 2019 peak down 11%, with rail patronage down 35%. Given challenging economic conditions, the council and AT should have done everything possible to keep Queen St retail. Instead, it did the opposite. Sadly, Smith & Caughey's, finally overcome by the odds, is in many ways the victim of the city for which it was for 145 years a stylish icon. Things have to change.
NZ Herald
25-05-2025
- Business
- NZ Herald
AT Bus on fire in Epsom, Auckland
Chris Hipkins wants to reverse the changes, but won't commit to a dollar figure. Charlie Davies-Carr is now 19 years old and studies law at university. Video / ZM KiwiSaver cut, Best Start means-tested, $6.6b for business. Nicola Willis' Budget aims for growth but she warns of slow wages and high unemployment. Video / Mark Mitchell Debt is projected to increase by $60 to $70 billion over the next five years. Video \ Mark Mitchell Ryan Bridge and an expert panel break down Budget 2025 A serious crash has happened on Dansey Rd near Rotorua. Video / Ben Fraser Finance Minister unveils NZ Budget 2025, the end of an era as Smith & Caughey closes and Trump, Ramaphosa in heated Oval Office exchange. Donald Trump ambushes South Africa's president during a White House meeting by playing a video alleging 'genocide' of white people in South Africa. Video / The White House The Halberg Games isn't just a fun event for kids Gemma and Jemma, it's also an exciting reunion! Reporter Zoe catches up with the besties as they compete for their 3rd year. Cameron Emerson has displayed plenty of courage and dedication on his way to reaching the 100-cap milestone. Video / Neil Reid A large crowd packed Trust Stadium for the Runit event last night. Video / Mike Scott / Benjamin Plummer New Zealand Rugby Player of the Year Jorja Miller speaks about transferring to the Black Ferns from the sevens side and her future goals. Video / Alyse Wright The Bachelor NZ winner said the "only way" she knows how to read books set overseas is by changing the character's voice in her head. Video / The Hits Drive On Newstalk ZB Mike Hosking Breakfast Winston Peters addresses the Heckler at train station stand up. NZ retail demand surges, hospital EDs divert patients with costly vouchers, UK halts Israel trade talks, Christchurch debates dumped trolleys.
NZ Herald
24-05-2025
- Business
- NZ Herald
Nine of Gazan doctors' ten children killed in Israel airstrike
Chris Hipkins wants to reverse the changes, but won't commit to a dollar figure. Charlie Davies-Carr is now 19 years old and studies law at university. Video / ZM KiwiSaver cut, Best Start means-tested, $6.6b for business. Nicola Willis' Budget aims for growth but she warns of slow wages and high unemployment. Video / Mark Mitchell Debt is projected to increase by $60 to $70 billion over the next five years. Video \ Mark Mitchell Ryan Bridge and an expert panel break down Budget 2025 A serious crash has happened on Dansey Rd near Rotorua. Video / Ben Fraser Finance Minister unveils NZ Budget 2025, the end of an era as Smith & Caughey closes and Trump, Ramaphosa in heated Oval Office exchange. Donald Trump ambushes South Africa's president during a White House meeting by playing a video alleging 'genocide' of white people in South Africa. Video / The White House The Halberg Games isn't just a fun event for kids Gemma and Jemma, it's also an exciting reunion! Reporter Zoe catches up with the besties as they compete for their 3rd year. Cameron Emerson has displayed plenty of courage and dedication on his way to reaching the 100-cap milestone. Video / Neil Reid A large crowd packed Trust Stadium for the Runit event last night. Video / Mike Scott / Benjamin Plummer New Zealand Rugby Player of the Year Jorja Miller speaks about transferring to the Black Ferns from the sevens side and her future goals. Video / Alyse Wright The Bachelor NZ winner said the "only way" she knows how to read books set overseas is by changing the character's voice in her head. Video / The Hits Drive On Newstalk ZB Mike Hosking Breakfast Winston Peters addresses the Heckler at train station stand up. NZ retail demand surges, hospital EDs divert patients with costly vouchers, UK halts Israel trade talks, Christchurch debates dumped trolleys.
NZ Herald
22-05-2025
- Politics
- NZ Herald
2025 Budget delivered with reactions coming in thick and fast
Debt is projected to increase by $60 to $70 billion over the next five years. Video \ Mark Mitchell Cameron Bagrie says the government saved $21 billion over the forecast period but faces challenges in finding future savings. Video \ Mark Mitchell Ryan Bridge and an expert panel break down Budget 2025 A serious crash has happened on Dansey Rd near Rotorua. Finance Minister unveils NZ Budget 2025, the end of an era as Smith & Caughey closes and Trump, Ramaphosa in heated Oval Office exchange. Donald Trump ambushes South Africa's president during a White House meeting by playing a video alleging 'genocide' of white people in South Africa. Video / The White House The Halberg Games isn't just a fun event for kids Gemma and Jemma, it's also an exciting reunion! Reporter Zoe catches up with the besties as they compete for their 3rd year. Cameron Emerson has displayed plenty of courage and dedication on his way to reaching the 100-cap milestone. Video / Neil Reid A large crowd packed Trust Stadium for the Runit event last night. Video / Mike Scott / Benjamin Plummer New Zealand Rugby Player of the Year Jorja Miller speaks about transferring to the Black Ferns from the sevens side and her future goals. Video / Alyse Wright The Bachelor NZ winner said the "only way" she knows how to read books set overseas is by changing the character's voice in her head. Video / The Hits Drive On Newstalk ZB Mike Hosking Breakfast Winston Peters addresses the Heckler at train station stand up. NZ retail demand surges, hospital EDs divert patients with costly vouchers, UK halts Israel trade talks, Christchurch debates dumped trolleys. Reporter Lachie is at Hokonui Pioneer Village where tamariki are stepping back in time to find out how schoolkids lived at the turn of the century. Recorded phone calls capture the moment TSB staff help customer Steven Fan send $1m to scammers.
