Thank you for visiting. This private page is PRIVATE AND CONFIDENTIAL for shareholders of Greys Avenue Properties Ltd to keep up to date with the latest news and developments. In order to protect our investments, please don't pass on any of this information to the media.
If you have any comments please email to the Secretary, Doug St George firstname.lastname@example.org, 10 Racecourse Rd, Whitianga 3510.
Here are the 2017 Minutes in pdf format.
Here is the GAP Financial report to end of 2016.
The GAP AGM date is set for Saturday 5th August 2017 10:30am at the hotel. Here are the 2016 Minutes in pdf format.
Work on installation of central air-conditioning on the 10th floor starts this week. 16 of 17 apartments are included in the system.
GAP will be calling a meeting of the 10th floor owners at the Amora next Tuesday 21st March at 7.30pm to discuss air conditioning. Emails and post advice will be sent to 10th floor owners.
Crockers have given the Body Corp Chairman their letter of resignation. They have given 1 month notice with termination effective 27/3/2017. They will stop taking instructions as of 13th March 2017 and will spend the last 2 weeks preparing documents for handover.
Auckland Property Management will take over the job from Crockers.
We have received the Amora room revenue auditor's report and there will be no bonus rent paid for 2016 as we have already received about $200,000 rent over the 27% room revenue threshold. Maybe 2017!
Happy New Year! You will have noticed a 0.2% CPI adjustment to your January rent (a couple of dollars). Well, on checking back with the Statistics Dept it was found that they had amended the figure and released a new CPI of 0.4% on 7th November. So GAP have invoiced Amora for the shortfall and you will find a small rent correction payment once they pay us. And February rent will be at the 0.4% CPI rate.
Body Corp have been chasing owners with unpaid LTMF invoices. These should have been paid already. LTMF = Long Term Maintenance Fund, it used to be called the Sinking Fund.
Annual CPI rent adjustment will be 0.2% from January 2017.
1P was sold for $260,000 . It is in the hotel pool. the original owners paid $203,000 for this. Increase $57,000 28%
Owners have this morning received 3 reminder notices for unpaid BC levies.
This is for the levy payable by Amora for June,July,August months.
Amora are holding up the payment because they have a dispute about the amount determined.
They disagree with a few of the budget lines and therefore are holding up the total payment.
They owe $60,000 per month and so they have withheld $180,000 over a disputed amount which is an annual figure of $25,000.
One of the disputed lines is the Building Manager. The total cost is $20,000 but the body corp only included $10,000 in the budget.
All owners in the pool will have received these overdue notices, which is very bad taste after owners have just finished the aircon system.
Amora have done this 2 years ago. Last year the BC loaded the disputed amounts onto the owners share of the levy to avoid a standoff.
This year we decided to hold our ground. Legally once the levy is struck and agreed at the AGM then it is payable. In the first instance it is the legal obligation of the owner to pay. Under the lease it is Amora’s obligation to pay. They have not so the debt has reverted back to owners.
Owners will be looking to GAP to enforce the requirements of the lease.
Wait until the GAP board advise what to do.
All the portables are now out of the rooms and those who have asked may go to reception and sign a form for pickup. They are not marked with room numbers as intended.
The central airconditioning is now in operation and worked out pretty much on budget.
The following has been emailed to those on the email list. There is not enough notice to do a mail-out.
Dear Owner, The new central aircon should be started up this week and the old portables will be removed. At the AGM we mentioned that the portables would be available for pickup if owners wanted them. Note they are "as removed'', have had 5 years use and there is no warranty. The portables that are requested by owners will be marked with the room number and placed in basement 3 on the lowest level of the carpark for pickup between Friday 23 September and Thursday 29 September. If you want to pick up your portable, please reply to this email and your one will be put aside. Please don't reply if you don't want one. Note the marked room numbers may be the hotel numbering system so a 301 is 3A. 807 is 8G A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 i 9 J 10 K 11 L 12 M 14 N 15 O 16 P 17 Q 18 Regards, Doug Greys Avenue Properties Ltd
The GAP AGM was held on 3rd September, here are the Minutes in pdf format.
In-room installation is now complete. The on-roof compressors are being hooked up ready for system commissioning later in September.
The compressors are now in place on the roof and the last floor is being completed in-room this week, ready for final hookup and commissioning.
Floors 1 & 2 are now being completed and the crane lift of the compressors is scheduled Monday morning (tomorrow).
4th floor is complete. The crane lift of the roof equipment is confirmed for Monday 15th August, job will be completed by 9am.
5th floor is complete. The crane lift of the roof equipment is planned for 15th August.
Floor 6 is now completed.
Floors 7,8 and 9 are completed, work is running on schedule.
The ninth floor is about 2 days from completion. If you are one of the 20 or so who have still not paid, please send your payment today to Mark Chiu's Trust Account. We have already paid 30% deposit to the contractor for your room.
The airconditioning installation has started. It will be installed for all rooms in the building, so the hotel can have 4-star rating. About 20 rooms have not paid, please do it as soon as possible as GAP will have to borrow to cover your cost.
The first payment will be made today to the air conditioning contractor, for a 1st June start of work, one floor at a time.
Update on air-con payments. Total is now 114 apartments, 9 are yet to respond. We needed 112 to have 80% confirmed.
Update on air-con payments. Payments totalling $1,013,155 have been received from 96 apartments.
Update on air-con payments. Payments totalling $977,390 have been received from 89 apartments.
Update on air-con payments. Payments totalling $908,100 have been received from 84 apartments.
The following invite has been sent to NZ owners, not those overseas.
We indicated at the Annual General Meeting that it would be good to have a social function to enable us to get to know owners, as well as acknowledging the work that Tony Mercer has done as a director of GAP and Chairman of the Body Corp.
A buffet dinner is planned for Thursday 17th December 2015, at 6.30pm
The dinner will be at the conference room (mezzanine floor) at the Amora Hotel , 100 Greys Avenue, Auckland.
Price $35.00 per person
If you wish to come, please RSVP by 13th December 2015 to the secretary Doug St George by email email@example.com or phone 07-9849140 Payment needs to be made to the GAP bank account 02-0100-0342147-00 (your name as a reference) latest Sunday 13th December.
Update on air-con payments. Payments totalling $870,380 have been received from 81 apartments. About three quarters-way so far.
A meeting with the hotel and the contractor have put a start on work into 2016 when the present 95% occupancy tails off.
Update on air-con payments. Payments totalling $280,600 have been received from 27 apartments. About a quarter-way so far.
If you have not received your pro-forma invoice for central air-conditioning, please email me firstname.lastname@example.org and I will send immediately.
The CPI adjustment for 2016 will be 0.4% for the hotel rent payments.
Here is the IRD information IR498 regarding changing the use of an apartment that has been bought zero-rated as a going concern subject to lease. At the end of the lease with GAP/Amora in 2020, this will be your situation if you use your apartment privately or rent it out. There is a fair chance that you will not be offered a hotel lease if you have declined to install central air-conditioning. GST is 15% of the sale value.
Here is the pdf file of the 2104 final accounts. 2015 AGM minutes are here.
We had a good turnout for the AGM with about 60 owners representing 41 apartments present. The main topic of discussion was the central airconditioning proposal. The reasons why it needs to go ahead now were explained by Has Ranchhod. At the end of the lease in 5 years a new operator will need to be appointed. The lease terms will not be the same as the present lease, where apartment owners get a fixed payment. All other hotels have an operator who markets the sales and collects about 12% of the gross sales. The rest of the money goes out on staff wages, electricity, gas, water, maintenance, body corp and rates. What is left is the monthly payment to owners. It is vital to have a hotel centrally air conditioned and the rooms in good order in order to attract the highest 4 1/2 star room rate. Only a couple of owners present were not in favour of proceeding with the project.
Some questions and answers about the air-conditioning proposal.
The AGM date has now been set for Saturday 19th September at 10:30 am. Notices to follow this week.
Following the Directors' meeting today, the AGM date has been postponed from 29 August. Notice of AGM will be sent out asap, once final pricing is in hand for installing air conditioning and the AGM date set.
You will have noticed additional charges on your Long term Maintenance Fund invoice from Crockers. I have the same (but much larger) on the invoices for the GAP units M, G1, G2.
They are all part of the $72,675 that Amora consider are not their costs (see the BC Minutes item 4). If they won't pay then the owners have to. Quite a bit has been spent on legal advice regarding this.
The GAP AGM will be held on 29th August 2015. Notice of AGM will be sent out in early August.
The GAP Board are looking at replacements for the portable air-con units, also a full inspection and maintenance program that might defer purchase until the end of the lease.
Rent payments increased by 1% CPI adjustment from 1 January.
Posting out air-con invoices has been delayed, pending a re-think.
The decisions have been made to install split air-con units in all the hotel-leased apartments and you all should have received the details. Posting out of invoices is waiting until the contract is signed and your money secures the goods. Prompt payment will be appreciated.
Here are the Minutes of the 2014 AGM in pdf format. Also the GAP 2013 Audited Accounts.
The GAP AGM will be held on Saturday 16th August at 10:30 am, at the hotel. Agendas and proxy forms will be mailed this week.
The lease assignment is permanently on hold, Amora will continue business as usual with both Wellington & Auckland. VR Group now operate Rotorua.
There is no further news or progress on the assignment of the lease by Amora. I am holding up posting out the rent statements to 15 April, so that the minutes of the Owners' Meeting can be included. If you urgently need your rent statement, consider getting them as pdf files. The 50 owners who are on the email list already received their statements on 4th April, only the posted ones are being held up.
There is no further news or progress on the assignment of the lease by Amora. Their lawyer is dealing with our lawyer. The rent continues to be paid.
CPI rent adjustment from 1 January 2014 will be 1.4%.
Here are the minutes of the 2013 GAP AGM held last Saturday.
The GAP AGM will be held on Saturday 3rd August at 10:30am, at the hotel. Here are the AGM minutes and the 2012 GAP financials as a pdf file.
With seven years to run on the lease, with no right of renewal, the Directors are looking at our options. Do any of you have another hotel-leased apartment in another building. If so, could you please tell me what the agreement is with the hotel operator, and what the returns are? Thanks in advance.
The Body Corporate AGM is on 26th June, you will all receive an agenda and details of the time & place. Anybody in Auckland want to be on the BC Committee? I can nominate you. I will be standing down as Chairman, it's not possible to do the job from Whitianga.
The GAP AGM is scheduled for July 27th.
If you change your postal address, don't forget to advise Body Corp Secretary Jo Charlton
A Happy New Year to you all. Business runs as usual.
Some adjustments to the 'for sale' list. At an auction last week 10K & carpark sold for $257500, 73.4% of original price, 1L & carpark (1 brm) sold for $222500, 79.5%.
GAP paid off $35,000 from the shareholders' mortgage loan in 2012.
Note our new mailing address from 29th October 2012: 10 Racecourse Rd, Whitianga 3510
CPI was released this month and will be 0.8% increase in rent from 1 Jan 2013.
We can advise that Valerie Bermel has been appointed as a Director of Greys Avenue Properties Ltd. She was involved with the hotel from the beginning and indeed we used to hold Parklands Action Group meetings in her house in Greenlane back in 2000.
Here are the AGM minutes as a pdf file.
We had a good AGM yesterday, about 28 owners present and 28 proxies were sent in. Minutes will follow in a few days.
Here are the final audited accounts for GAP, year ending 31 Dec 2011. It's a pdf, 3.6 MBytes.
You should have received the invoice from Body Corp for the Long Term Maintenance Fund. This is the new name for the previous Sinking Fund and all owners contribute.
The new Amora Hotel sign is now fitted to the building and looks a lot smarter.
You all received a letter from Auckland City regarding their proposed plans for Myers Park. I attended their display today, basically they will continue to maintain the historic buildings, pathways and trees. I didn't find anything that I thought needed commenting on.
The Directors had a meeting with hotel management last week and reviewed hotel trading and marketing. Greg Keating, the new GM ex-Wellington has hired a number of new senior staff in marketing, sales, room management and have implemented new reservation software which automatically links to sites like wotif.com and updates with the latest room rates. They are now marketing the whole Amora NZ Group from Auckland and should regain the higher sales levels that they held a few years ago. The mix of tourists is changing toward China, India & Indonesia and some issues with these groups have been addressed and marketing again directed towards the corporate sector. Good positive stuff!
9L and carpark, not leased to the hotel sold for $320,000. Assuming this includes GST, this is $278K, 89% of original cost.
Studio 5I no carpark, leased to the hotel, sold for $130K, 70% of its original value with a pre-auction offer. In my opinion, that's just giving it away, it would have raised more at auction. And some agent fees would be deducted.
The Directors had their first meeting with the two daughters of Dr Tanapun who owned Amora, but died last year. The two daughters have taken over the business and this was their first visit to Auckland. They will return in 6 months to review progress.
The Auckland Manager for the past two years, Glen Donovan, has left the company and has been replaced by Greg Keating, who was the Wellington Manager. Amora are moving their NZ headquarters to Auckland and are hiring a Marketing Manager to target the tourist and corporate industry. This should all prove to be of benefit to our hotel and the occupancy rates. The previous marketing efforts out of Wellington did not give good results in Auckland.
Rent will have a CPI increase of 4.6% from 1st January 2012. The second working day will be 5th January.
21 owners had a pleasant lunch and get-together at the hotel this week.
Now that I told everyone to expect their rent on the third working day, I checked with BNZ and they had cleared the funds today, so the rent payment will be made on 2nd December and not the 5th. Scratches head.
The BNZ have changed their methods of making direct credits into available funds, and the result of this is that our rent payments don't get authorised until the 3rd working day, even though Amora have paid on the first working day. I spent 20 minutes on the phone to them today and was told "that is how the interbank direct credit system works now". Unless we can find someone with some authority in the BNZ, rent payments will remain on the 3rd working day each month, despite it working fine on the second working day for 10 years.
The hotel has been required to shut off their natural gas supply, due to the leak and shutdown of the Maui gas pipeline in Taranaki. This will affect hot water, kitchens and dryers. It will take a couple of days before the repair is completed.
My apologies for the rent payment being a day late again. It is not related to payments from Amora, these always arrive on the first working day. We have taken this up with the BNZ and about 3 months ago they set up a new system where I was required to separately 'Authorize' the direct credit payment. I always put the rent through a few days early, and of course at that time there are not enough funds to cover the payment. In the past the payment went through as instructed on the second working day. Not with the new system. The BNZ now want me to 'Authorize' on the morning of payment and the computer will check there are available funds and pay the rent. So we will see what happens on 2nd November.
Apartment 9L sold for 94% of its original value. It was not leased to the hotel.
Studio 8I with carpark fetched $185,000, 84.5% of original value.
BNZ did not put the rent through again. It did have the right date on it.
Some problem at the BNZ has made the rent payment a day late. It has gone through today.
In a few days time, expect a payment to all owners, both in and out of the hotel lease pool, for a refund of the loan you gave GAP 10 years ago for setup costs. It has no GST and is capital, not income.
Rent bonus calculator - how the bonus rent is calculated or when it might be paid. You will see the effect of high room rate and high occupancy, here are a couple of examples: