Commercial property management service expands into Christchurch
The ever-quickening pace of the Christchurch rebuild has seen the expansion of one of New Zealand’s leading commercial property facilities management agencies into the city.
Bayleys Property Services has this month grown its capabilities in the city – bringing in a suite of business services delivering a “one stop professional services shop” for clients with commercial and industrial properties, either as investors or as owner/occupiers.
Bayleys Property Services currently manages some 450 properties nationwide on behalf of owners. The portfolio has a combined value of $1.2 billion and is predominantly based in Auckland and Wellington, with some smaller locations as part of bigger chains around provincial centres. National clients include the New Zealand Racing Board, Bridgestone, and Konica Minolta.
Bayleys Canterbury commercial manager Pete Whalan said the expansion of the company’s property management arm into Christchurch was spurred on by the now break-neck speed at which commercial property construction was taking place in and around the city.
“The, suite of business advisory services BPS will offer to the Christchurch market will include lease management, operational compliance, maintenance and capital expenditure forecasts, tenant retention strategies as well as strong financial management services through BPS’ new state of the art management information systems,” Mr Whalan said.
“Quite often, a property developer or owner/occupier’s primary focus is on getting their building up and running as quickly as possible, and future factors such as property and asset management are largely ignored. We are confident that the introduction of Bayleys Property Services will alleviate that lack of attention and allow owners to take a longer-term and more strategic view of their property asset.”
Mr Whalan said the city’s corporate real estate sector was now taking a broader view of working with property managers than simply viewing an agency as ‘rent gatherers’.
“In essence, cutting-edge property management is now about adding value to a client’s real estate asset rather than just milking the rent,” Mr Whalan said
“A good property and asset management firm for example will now look at creating and monitoring a plant and building maintenance plan to ensure the life expectancy of the asset is extended for as long as possible. That programme should, for example, also factor in regular maintenance schedules,” he said.
“Aside from the physical aspects of plant and building maintenance, we also look at offering professional consultancy services with the management of a client’s property affairs – such as analysing insurance coverage, undertaking lease reviews using current market data, tenancy negotiations, and even tenant identification.”
The new Bayleys Property Services division in Christchurch will be led by recently-appointed manager Sam Carnahan who has retuned to the region after 10 years in Australia where he ran property and asset management service teams for both government agencies and large private corporate entities such as Brookfields.
Mr Carnahan said he was drawn back to his native Canterbury by the lure of a rapidly growing economy underpinned by the city’s social and infrastructure rebuild.
“Property management has certainly come to the fore here as a result of the earthquake – with many building owners now conscious of just how important the continuing operation of their asset actually is. As a result, we are forecasting a strong uptake for the property management services offered by Bayleys,” Mr Carnahan said.