Tag Archives: Property speculation

Delta | Infinity | CCC staff collude to defeat Yaldhurst residents (again)

Yaldhurst Subdivision (former Noble Subdivision)

S T A T E ● O F ● P L A Y

Christchurch City Council is failing to ensure compliance with the subdivision consent and is then assisting the developer Noble/Delta – Infinity/Delta, to screw the Yaldhurst residents.

[click to enlarge]

****

About five of the affected Yaldhurst residents gave deputations to the full meeting of the Christchurch City Council on Thursday, 6 July 2017.

Prior to the meeting, the Infinity Joint Venture of which Delta is a majority partner (with its $13m gift investment from Dunedin City Council) had convinced CCC staff to sway Christchurch City councillors to vote for the dedication of private roads as opposed to vesting ownership in the Council. This in the attempt to first defeat land covenants the affected residents have over the property registered in 2003 to protect their inclusion in any subdivision. However, Land Information New Zealand (LINZ) cannot accept roads vesting in ownership with the Council when there are any encumbrances on the land – such as the residents’ covenants.

For the residents, Colin Stokes, at the council meeting, distributed to councillors a review of what CCC staff have done over the years.

Of course, as the facts flow they continue to entwine around Delta.

The residents are fighting to protect and enforce their rights in the subdivision consent; and to halt Delta and their Southern associates’ onslaught against them.

****

Received from Colin Stokes (Yaldhurst resident and caveator)
Wed, 12 Jul 2017 at 9:16 a.m.

Thanks for your ongoing support Elizabeth

Chris Hutching’s piece (The Press 10.7.17) is weak and void of facts that present our case.

● We have Land Covenants registered over all the land in 2003 to protect our inclusion in any subdivision – our specific Access Lot road has to be formed and vested to Christchurch City Council standards with CCC as a term of extinguishment of the covenants.
● The encumbrance on the land prevent vesting of roads as LINZ won’t allow roads to vest with the council with them on.
● Infinity/Delta behind closed doors with CCC staff came up with a scheme to dedicate the roads under old rules (not compliant with the RMA and the subdivision consent) so as to circumvent our covenant protection.
● The real story is that CCC is breaking rules and NOT requiring compliance with the subdivision consent so as to cheat the residents of their protection and their interests protected by that protection so as CCC and the developer can cut them out of the subdivision.
● CCC and the developer Noble/Delta – Infinity/Delta have taken conditions out of the consent, varied the consent, and permitted non-complying undersized infrastructure that makes our part of the subdivision impossible – specifically stormwater pipes and basins required on the lower lying developers’ land which is where the consent (and physical topography and site layout) requires our stormwater to go.
● CCC failing to enforce the conditions of the consent as the law requires means our Access Lot road cannot be formed, meaning we can not subdivide.
● Delta with the misuse of mortgagee powers passed the property to itself, or at least part of the property ($13.4m of an $18.35m “sale” = 73% of which $12.5m was left in the property in passing it to Infinity in the orchestrated “sale”).

[ends]

****

Prepared Summary and Review with subdivision plans as tabled at Christchurch City Council’s meeting (6 July), to assist understanding:

███ D 2017 07 04 Summary and Review of Circumvention of Covenants for Councillors Yaldhurst (16 pages)

1 Plan RMA92009135

2 Plan RMA92009135 hlite

The coloured plan shows the residents’ Access Lot between green lines going from Yaldhurst Rd and then dog-legging east to west. What is inside the yellow border is what is within the Subdivision Consent (note there is an internal yellow small 2 sites that are NOT in the consent – and 3 other of the residents’ lots in common ownership on the NS leg are not included in the consent).

It is this east west leg of the Access Lot that requires widened roading to enable the Lots each side to be subdivided pursuant to:-
– 2002 Agreements for sale and purchase (and 2008 further agreement)
– 2003 Registered Land Covenant Protection [see Summary and Review, page 1 para 2 for terms of extinguishment]
– 2009 Subdivision Consent (Condition 5 and stormwater Conditions for it 9.) [see Summary and Review, page 5 para 12]

The problem is
– the Security Sharing Joint Venture (Noble/Delta/Gold Band) SSJV designed and constructed their part of the subdivision such that it made the East West Access Lot owners (residents) parts of the subdivision impossible AND that the Council permitted this.

– Undersized stormwater infrastructure was corruptly installed without consent to NOT include the residents’ subdivisions (all the while falsely assuring residents it did).

– The stormwater is required to be on land the residents transferred to the developer in return for this stormwater and other provisions. It is required to be there for numerous reasons including physical and legal reasons;
* Residents transferred the land in return for this provision
* 2003 Land Covenants protect this land for that provision (required for the Access Lot Road to be formed and vested)
* 2009 The Subdivision Consent requires it to be on the developers’ land (Condition 9.5 which “disappeared”) [see Summary and Review, page 5 para 12 and page 10 email 16 Feb 2010]
* Residents that are part of that subdivision consent have the legal rights to the stormwater (s134 RMA) – the Council is refusing to enforce the conditions of the consent; and permitted the developer to NOT comply with the conditions.
* Land topography and layout physically requires it to go there. The land slopes High NWest to SEast Low

– Delta went ahead and constructed the infrastructure without legal consent – [see Summary and Review, page 10 email 22 Aug 2012]
* This is akin to a builder building a house without consent.
* Council failed to issue an abatement notice for works being complete without consent, and to non-complying standards.

For all the Council staff failings, and the consent holders and JV partners’ failings and corruption of making the residents parts of the subdivision impossible:-
– Delta/Infinity and Council staff are recommending to the Elected Council to vote to circumvent the residents’ Land Covenants so:-
* the residents roading and subdivisions will no longer be protected and will be impossible;
* the JV Infinity/Delta will make more profit by not having to comply with the conditions of the consent that requires the residents’ roading and inclusion (as above)
* Council staff “mistakes” and wrongdoing of permitting non-complying works and not enforcing the conditions of the consent (as required by law) will be covered up.

– Delta and DCC was the facilitator of transferring the property from the Delta/Gold Band/Noble Joint Venture to the Delta/Infinity Joint Venture.
– Delta (illegally) owned 67.5% of the 1st mortgage and controlled Gold Band through their Security Sharing JV.
– Delta’s assurances it had nothing to do with the mortgagee sale is a lie.
– Delta refused to allow Gold Band to accept offers to redeem the 1st mortgage (illegal under s102 & s103 Property Law Act).
– DCC refused to allow redemption of the 1st mortgage.
– DCC (and Delta) refused to accept assignment of the 1st mortgage when Colin Stokes and another (as parties with interests in the land entitled to redeem) offered it to them
* had they done, Delta could have registered about an additional $16m in agreements to mortgage they were sitting on
* all that was required in return was “our little road” which is a LEGAL REQUIREMENT of the subdivision consent in any event.

[ends]

As reported by The Press, the eight-year dispute involving the stalled Yaldhurst subdivision has now gone to mediation between the property owners and the developers.
The dispute has been aired in several High Court cases between the private landowners and the developers, which are continuing.

Related Post and Comments:
11.7.17 Delta has deep fingers into 8-year subdivision dispute at Yaldhurst

█ For more, enter the terms *delta*, *aurora*, *grady*, *luggate*, *jacks point*, *dchl*, *auditor-general*, *noble*, *yaldhurst* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

Leave a comment

Filed under Business, Construction, Corruption, DCC, DCHL, Delta, Democracy, Design, Dunedin, Economics, Education, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, OAG, People, Politics, Project management, Property, Public interest, Resource management, Site, Stadiums, Town planning, Transportation, Travesty, What stadium

Delta has deep fingers into 8-year subdivision dispute at Yaldhurst

Blind Justice (detail) by Beeler – Columbus Dispatch 2016 [caglecartoons.com]

****

### Stuff.co.nz Last updated 17:37, July 10 2017
Delta and Infinity’s Yaldhurst subdivision dispute at mediation
By Chris Hutching – The Press
An eight-year dispute involving developers and a group of property owners in a stalled Christchurch subdivision has gone to mediation. Late last year Dunedin City Council agreed to authorise its Delta Utilities company to refinance a $13.4 million outstanding debt to go ahead and complete the Yaldhurst development along with Wanaka-based developer, Infinity. To allow the development to proceed, Christchurch City Council staff recently recommended the unusual step of “dedicating” the access road rather than “vest” it with the council. But a representative of the private property owners, Colin Stokes, told city councillors that his group’s rights to compensation for land for the road had not been addressed. […] The dispute has been aired in several High Court cases between the private landowners and the developers, which are continuing. Most people who originally signed up to buy properties at the subdivision have pulled out and meanwhile Christchurch’s residential property market has cooled significantly.
Read more

****

Related Posts and Comments:
15.6.17 Site Notice : post(s) removal [we heard from Steve Thompson’s solicitors]
4.3.17 Christchurch housing : ‘If you build the right thing, buyers will still come’
17.2.17 Gurglars visits the Delta/Noble JV subdivision at Yaldhurst
2.2.17 Hilary Calvert complaint to Auditor-General #DCHL
30.12.16 Hilary Calvert on Deloitte report for Aurora/Delta
12.12.16 Deloitte report released #Delta #Aurora
7.12.16 Audit and Review, Deloitte
26.9.16 Delta #EpicFail —Epic Fraud #14 : The Election and The End Game revisited
22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA
9.9.16 Calvert on DCC, ‘We could have a much more democratic and transparent operation of council’
2.9.16 Delta Yaldhurst : Local Opinion + Update from Caveators via NBR
18.9.16 Delta #EpicFail —Epic Fraud #13 : Councillors! How low can you Zhao ?
26.8.16 Delta #EpicFail —EpicFraud #12 : The Buyer Confirmed
24.8.16 Delta peripheral #EpicFail : Stonewood Homes —Boult under investigation
8.8.16 Delta #EpicFail —Epic Fraud #11 : The Buyer
3.8.16 LGOIMA requests to DCC from Colin Stokes #Delta #Noble #Yaldhurst
1.8.16 Delta #EpicFail —The End Game according to CD
31.7.16 Delta #EpicFail —Epic Fraud #10 : The Beginning of the End : Grady Cameron and his Steam Shovel
29.7.16 Delta #EpicFail —Epic Fraud #9 : The Long & Winding Road…. Leads Back to Delta’s Door
21.7.16 Delta EpicFail #8 : Cr Calvert goes AWOL, 23 Questions for Mr McKenzie —Saddlebags !!
19.2.16 Delta: Update on Yaldhurst subdivision debt recovery
17.7.16 Delta #EpicFail —Epic Fraud #7 : The Long & Winding Back Road
15.7.16 Delta #EpicFail —Epic Fraud #6 : What do you mean, Property Law Act ?
12.7.16 Delta #EpicFail —Epic Fraud #5 – Delta and the ghostly hand of Tom Kain
8.7.16 Delta #EpicFail —Epic Fraud #4 : Tales from the Courtroom….
30.6.16 Delta #EpicFail —Epic Fraud #3 : Security Sharing and not Caring….. who’s got that Constricting Feeling ?
27.6.16 Delta #EpicFail —Epic Fraud #2 : WWTKD – What Would Tom Kain Do ?
5.6.16 Delta #EpicFail —Noble Subdivision —Epic Fraud
13.3.16 Delta #EpicFail —Noble Subdivision : [rephrased] Conflict of Interest
11.3.16 Delta peripheral #EpicFail : Stonewood Homes and ancient Delta history
6.3.16 Delta #EpicFail —Nobel Subdivision : A Neighbour responds
29.1.16 Delta #EpicFail —Yaldhurst Subdivision ● Some forensics
21.1.16 Delta #EpicFail —Yaldhurst Subdivision

█ For more, enter the terms *delta*, *aurora*, *grady*, *luggate*, *jacks point*, *dchl*, *auditor-general*, *noble*, *yaldhurst* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

4 Comments

Filed under Business, Central Otago, Construction, DCC, DCHL, Delta, Democracy, Dunedin, Economics, Education, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Perversion, Pet projects, Politics, Project management, Property, Public interest, Queenstown Lakes, Resource management, SFO, Town planning, Travesty, Urban design, What stadium

Christchurch housing : ‘If you build the right thing, buyers will still come’

Will they ? How many, how far ?
(if there’s nothing more than service sector jobs available)….

Hmm. In their early contributions to What if? Dunedin, Lee Vandervis and Christchurch Driver [CD] each had the measure of the post-quake new build housing market in Christchurch. Cycling boom and bust, with odd and unexplained connections and financing.

Link received.
Sat, 4 Mar 2017 at 12:31 p.m.

T H E ● P R E S S

Christchurch’s rental market is oversupplied and freshly-built terraced houses are sitting empty and unsold in the suburbs. How did the city with the real estate market decimated by the earthquakes get here?

According to the Ministry of Business, Innovation and Employment (MBIE), the average rent in Christchurch is falling for the first time since records started in 1993.

### Stuff.co.nz Last updated 18:11, March 3 2017
Christchurch’s housing paradox – the downside of a building boom
By Michael Wright – The Press
Last month, Mike Blackburn bought a house. He and his wife looked at about 40 properties before settling on one. As they traipsed through the preceding 39, a pattern emerged. “Every second house we looked at was empty,” he said. “That’s just a telling figure. Where have all these people gone?” The significance of what he saw wasn’t lost: Christchurch, the city once desperately short of houses after thousands of them were wrecked by earthquakes, had a lot more accommodation than it used to.

Blackburn is a management consultant, specialising in construction clients. When small or medium-sized operators are struggling, they go to someone like him for advice on how to get through. As part of his work, he gets the raw consenting data from the Christchurch City Council each month – location, builder, value, type of consent (earthquake or business as usual), intended use – to build a picture of the marketplace. He saw a clear vision. “There was a major rush, mostly by the group home builders, to build a lot of houses really quickly,” he said. “What’s happened is now everyone who’s needed a house has pretty much got one and they’re still building them. They’re building them flat out . . . all these development companies are month after month submitting 20-30 consents each for essentially spec housing.” The numbers have tapered off of late. The council peaked in 2014 at more than 3200 consents issued – about 270 a month – before drifting back down to just over 2100 last year. 2017 is already tracking below that. As Blackburn sees it, though, the damage has already been done. “There will be a correction. The number of buildings and the total number of dwellings being built will fall off really rapidly. It’ll go below that business as usual level, because we’ve got a major oversupply at the moment. Potentially that effect could run on for the building sector in Canterbury for the next two, maybe three years.”

….Anecdotally, rental properties are in such abundance landlords are dropping prices and offering incentives to secure tenants. This week, Stuff reported on swathes of empty multi-unit houses languishing in suburban subdivisions. “[We] certainly won’t be building any more of those,” construction boss Mike Greer said at the time. Then there is the data. Compare Government valuer QV’s latest monthly average house values for each region against last February and Christchurch does not do well. QV measures the city in six disparate parts and they all appear in the bottom 11 spots for value increase [three of the other five are the Selwyn, Waimakariri and Ashburton districts]. Rises in the Christchurch zones range from 0.7 per cent [east] to 3.9 per cent [southwest], which barely registers against most of the rest of the country; basking in double-digit growth all the way up to an eye-watering 29.5 per cent jump in the Queenstown-Lakes district [average house value $1,039,434].

Market forces were …. promoting even more building. The Reserve Bank’s loan-to-value ratio (LVR) restrictions on banks lending to home buyers exempted new builds. A home buyer generally needed a 20 per cent deposit, but a home builder could get finance with much less. Christchurch, in the middle of an insurance-driven building bonanza, didn’t need that kind of encouragement.

“People have gone, in my mind, somewhat berserk in building new, to try and fill that [housing] void,” Canterbury Registered Master Builders president Ivan Stanicich said. “Some of the bigger building companies in Christchurch grew exponentially, hired more and more people and that was only ever going to be for about a three-year sweep. Now we’re seeing the reverse of that where building companies are actively downsizing. That’s well known in our industry. Nobody wants to shout that from the rooftops, because it’s not a positive business outlook, but it’s quite understandable. If you don’t, any gains you’ve made through the building boom, they’re just going to be lost in your overheads.”

Property manager Tony Brazier saw the problem coming. In October 2014 he penned a column in The Press warning of the dangers of over-building. “The housing rebuild must be carefully monitored so we do not end up over-supplied,” he wrote. “This phenomenal house building pace should alert us to the fact that, whereas in the past it takes only a few builders struggling to sell their new-builds to signal an end to the cycle, this time could be different. It may take large contractors not being able to sell whole subdivisions before the message gets through.”

….How did it come to this? The first answer is earthquake insurance money finally caught up with, and overtook, the market. As Stanicich said – builders going berserk trying to fill the housing void. In the meantime, claims were settled and damaged stock repaired. An unforeseen element of this was the brisk trade in as-is, where-is houses – earthquake casualties that were uninsurable but livable. Landlords snapped them up and, in a stressed rental market, had no problem finding tenants. The by-product was Christchurch’s housing stock ended up not quite as depleted as first thought.
Read more + Charts

Recent Press articles:
Christchurch’s terraced homes struggling to sell as housing market levels
Christchurch landlords lower rents due to ‘oversupply’ of properties
Cash and rent-free offers fail to lure tenants as Christchurch housing….
City’s rental crisis ‘at breaking point’

****

█ Thoughts immediately turn to Dunedin City Council and DCHL’s commitment as of 1 August 2016 to the new Delta ‘joint venture’ (including the Noble types) at Yaldhurst. After all the legal stoush, will properties sell ?

yaldhurst14-2-17-4[Gurglars] Hoarding at Yaldhurst subdivision, 14 February 2017

yaldhurst-village-site-received-14-2-16-christchurch-driver[Christchurch Driver] Yaldhurst subdivision, 13 February 2016

yaldhurst-subdivision-21-jan-2016-christchurch-driver[Christchurch Driver] Yaldhurst subdivision, 21 January 2016

Yaldhurst Village location map [villagelife.co.nz][villagelife.co.nz]

Yaldhurst Village Mortgagee Tender [realestate.co.nz - Harcourts][realestate.co.nz] Yaldhurst Village Mortgagee Tender, 15 December 2015

****

BACK WHEN (2014), Mike Greer Homes NZ ramped up production to rehouse people in post-quake Christchurch, it was a genuine and concerted effort:

Where there was bare land a year ago, a factory now stands ready to reshape the residential construction industry.

### Stuff.co.nz Last updated 05:00, November 22 2014
House factory ready to roll
By Alan Wood – The Press
As Mike Greer and Bill Gee watch the emergence of their “high volume” residential panels factory, they have no concern they will contribute to an oversupply of new homes. The $14 million industrial factory development includes $5m plus of specialist German machinery to be used to rapidly construct the panels for residential homes. Greer, “a chippie by trade”, is optimistic about the Rolleston-based factory’s place in a Canterbury and Auckland building boom. “This is fantastic for the residential construction industry. No-one in New Zealand has ever seen anything like this,” he says of the joint venture company Concision, which he and Gee own. Asked about any slowdown in the Canterbury rebuild and residential market, Greer says he has hundreds of pre-sold homes he is yet to make a start on.
Is there any danger of an overbuild by builders in the region?
“Well wouldn’t that be good. Everyone is complaining about housing affordability. The only way to fix that is supply,” Greer responds. He says there are signs interest rates have stabilised and may even come down. From April 1, a Government subsidy on first home buyers of new homes in Canterbury will be introduced. A buyer could get up to $20,000 towards a $450,000 home. “So that’s really going to stimulate things at that end of the market,” Greer says. The Reserve Bank was also signalling that eventually . . . it will remove loan to value ratio restrictions that have made it more difficult for first home buyers to get loans.
Read more

Related Posts and Comments:
● 17.2.17 Gurglars visits the Delta/Noble JV subdivision at Yaldhurst
● 11.3.16 Delta peripheral #EpicFail : Stonewood Homes and ancient Delta….
● 10.3.16 Noble Subdivision next on the shopping list !!! You couldn’t….
6.3.16 Delta #EpicFail —Noble Subdivision : Tea & Taxing Questions
6.3.16 Delta #EpicFail —Nobel Subdivision : A Neighbour responds
5.3.16 Delta #EpicFail —Noble Subdivision —Epic Fraud
4.3.16 Delta —Noble Subdivision #EpicStorm Heading OUR WAY
4.3.16 Delta #EpicFail Noble Subdivision : Councillors know NOTHING
2.3.16 Delta #EpicFail Noble Subdivision : A Dog, or a RAVING YAPPER?….
1.3.16 Delta #EpicFail… —The Little Finance Company that did (Delta).
29.2.16 Delta #EpicFail Noble Subdivision : NBR interested in bidders
28.2.16 Delta #EpicFail Noble… If I were a rich man / Delta Director
27.2.16 Delta #EpicFail Noble Subdivision Consent : Strictly Optional
27.2.16 Delta #NUCLEAR EpicFail —Noble Subdivision : Incompetent…
25.2.16 Delta #EpicFail: Mayor Cull —Forced Sale Fundamentals 101
24.2.16 Delta #EpicFail —Noble Subdivision : Cameron, Crombie & McKenzie
23.2.16 DCC: DCHL half year result to 31 December 2015
19.2.16 Delta: Update on Yaldhurst subdivision debt recovery
15.2.16 Delta / DCHL not broadcasting position on subdivision mortgagee tender
30.1.16 DCC Rates: LOCAL CONTEXT not Stats —Delta and Hippopotamuses
29.1.16 Delta #EpicFail —Yaldhurst Subdivision ● Some forensics
21.1.16 Delta #EpicFail —Yaldhurst Subdivision
21.1.16 DCC LTAP 2016/17 budget discussion #ultrahelpfulhints
19.1.15 Housing affordability in this country is “just hopeless” –Hugh Pavletich
10.1.16 Infrastructure ‘open to facile misinterpretation’…. or local ignore
15.12.15 Noble property subdivision aka Yaldhurst Village | Mortgagee Tender
21.9.15 DCC: Not shite (?) hitting the fan but DVL
20.7.15 Noble property subdivision —DELTA #LGOIMA
● 1.4.15 Christchurch subdivisions: Heat gone?
24.3.15 Noble property subdivision —DELTA
23.3.15 Noble property subdivision: “Denials suggest that we have not learned.”
17.3.15 DCC —Delta, Jacks Point Luggate II…. Noble property subdivision

● 14.5.14 (via DCC website) Larsen Report February 2012
A recent governance review of the Dunedin City Council companies was conducted by Warren Larsen.

● 20.3.14 Delta: Report from Office of the Auditor-General
Inquiry into property investments by Delta Utility Services Limited at Luggate and Jacks Point

█ For more, enter the term *delta* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

2 Comments

Filed under Architecture, Business, Construction, DCC, DCHL, DCTL, Delta, Democracy, Design, Economics, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Politics, Project management, Property, Public interest, Resource management, Site, Technology, Town planning, Urban design, What stadium

‘Low inflation’ v House price inflation

deflation-the-japan-times[Japan Times]

### NZ Herald Online 12:00 PM Tuesday Oct 18, 2016
Economy
No inflation? So why doesn’t it feel like it?
By Liam Dann – NZ Herald business editor at large
If yesterday’s Consumer Price Index, showing just 0.2 per cent inflation in the past year didn’t match your experience of rising prices, fear not, there is a new set of data that could offer a more realistic reflection of Kiwi household costs. The CPI for the year to September came in slightly higher than the predictions of most economists but still takes the economy dangerously close to deflation – a phenomenon where falling price expectations start to suppress economic growth. […] Meanwhile, the Household Living-costs Price Index (HLPI) gets much less attention from economists but has been designed over the past three years to reflect the fact that real world inflation varies greatly depending on your household wealth and expenditure, Matt Haigh [Statistics NZ consumer prices manager] said. It offers data for specific sub-sections of New Zealand such as beneficiaries, Maori, superannuitants, five different income groupings and five expenditure groups. In doing so it captures inequalities of price inflation which the CPI does not. So for example rent, which was up 3.4 per cent for the year in Auckland, is factored into the CPI with a weighting of 10 per cent. But, said Haigh, in reality for many renters it is likely to be more like 40 per cent of total expenditure. That weighting is more accurately reflected in the HLPI – especially in the lower income groups.
Read more

█ On November 8 Statistics New Zealand will provide its first live quarterly update for the HLPI data, with details for the year to September, and it should provide more insight for those looking at inflation from a social or political perspective. Backdated HLPI data for the year to September 2015 is already available on the Statistics NZ website.

****

deflationary-cycle-web-world-cycles-instituteDeflationary cycle web [World Cycles Institute]

For many New Zealanders the low inflation story doesn’t stack up with daily experience. That’s because one of the largest costs we face in life, house price inflation, continues to rise more than anything else.

### NZ Herald Online 6:41 AM Tuesday Oct 18, 2016
Liam Dann: Inflation now at dangerously low level
OPINION Inflation data due today is tipped to show the economy skating dangerously close to deflation. Economists’ forecasts for the September quarter Consumer Price Index have inflation falling in the past three months and now only just above zero on an annualised basis. Most economists are picking it will come in at 0.1 or 0.2 per cent for the year to September 30 – down from 0.4 per cent in the year to June 30. The fall is expected to be driven by lower transport costs as oil slumped again in the quarter while housing costs are likely to be the largest rising category. Persistently low inflation is considered one of just a few dark spots in another otherwise rosy economic picture, although it is consistent with a number of other economies right now.
Read more

Posted by Elizabeth Kerr

This post is offered in the public interest.

2 Comments

Filed under Business, Democracy, Economics, Finance, Media, Name, New Zealand, People, Politics, Public interest

DCHL —Which ‘Infinity’ were Councillors sold on #funnybusiness

ODT 13.10.16 (page 12)

odt-13-10-16-letter-to-editor-garbutt-p12

The published reply has no direct bearing on Russell Garbutt’s enquiry.

● INFINITY YALDHURST LIMITED (5886102)
Incorporation Date: 09 Feb 2016
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/5886102

● INFINITY INVESTMENT GROUP HOLDINGS LIMITED (1004601)
Incorporation Date: 06 Dec 1999
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/1004601

● INFINITY FINANCE AND MORTGAGE LIMITED (5920307)
Incorporation Date: 17 Mar 2016
Address for service:
Infinity Finance and Mortgage Limited, 12a Fovant Street, Russley, Christchurch 8042
http://www.companies.govt.nz/co/5920307

Related Post and Comments:
22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA

█ For more, enter the term *delta*, *dchl*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

5 Comments

Filed under Baloney, Business, DCC, DCHL, DCTL, Delta, Democracy, Economics, Finance, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Perversion, Pet projects, Politics, Project management, Property, Public interest, Resource management, SFO, Site, Travesty, What stadium

Has DCC Delta stupidly bought into another Pegasus . . . . #notquite

Updated post
Wed, 28 Sep 2016 at 12:51 a.m.

Why has our Dunedin City Council decided to have anything to do with Infinity via council owned company Delta ? Which Infinity ? Infinity Investment Group Holdings Ltd ? Infinity Yaldhurst Ltd ? And who is Infinity Finance and Mortgage Ltd, of a bedroom at 12A Fovant St, Russley ? Is ‘Infinity’ a front for Gordon Stewart’s Noble Investments Ltd ? We delve…. meanwhile, here’s Infinity’s slow-troubled-road Pegasus.

Pegasus was a dream town, invented by a former infomercial salesman who believed wholeheartedly in his vision. Ten years on, it looks remarkably different. –The Press

pegasus-bob-robertson-with-the-scale-model-martin-hunter-fairfax-nzBob Robertson with scale model of Pegasus [Martin Hunter/Fairfax NZ]

pegasus-bob-robertson-ce-of-infinity-investment-group-with-large-scale-model-of-pegasus-town-feb-2006-teara-govt-nzRobertson, chief executive for Infinity Investment Group [teara.govt.nz]

pegasus-golf-and-sports-club-spans-nearly-80ha-stuff-co-nzPegasus golf and sports club spans nearly 80ha [Stuff.co.nz]

pegasus-town-pegasus-town-co-nzPegasus Town – not the vision…. [pegasustown.co.nz]

pegasus-300-chinese-model-makers-spent-6-months-crafting-1-to-100-scale-model-nzgeo-com300 Chinese model makers crafted the 1:100 scale model [nzgeo.com]

### Stuff.co.nz Last updated 05:00, June 4 2016
Life in Pegasus, the dream town yet to fly
By Charlie Mitchell – The Press
It’s rare to meet the inventor of a town. Even more so to shake his hand. It’s an odd sensation many experienced on a single day in 2006, when a former infomercial salesman clutched a microphone, took to the stage, and sold $122 million worth of property before the sun went down. Bob Robertson had developed property before, but nothing like this. He was dreaming of a town called Pegasus, a master-planned community in a swampy, coastal corner of North Canterbury. It would be the first master-planned town in New Zealand. It would appear fully-formed, as if dropped from the sky.

pegasus-artists-impression-of-planned-entertainment-and-retail-precinct-infinitypegasus-artists-impression-of-planned-hotel-and-retail-centre-infinityPlanned entertainment and retail precinct [Infinity]

pegasus-town-centre-stuff-co-nzArtist’s impression of the planned town centre [Stuff.co.nz]

There was something Utopian about the idea. At the time, Robertson said: “For Pegasus, I’m acutely keen to create what I would like to consider would be as close as possible to an ideal town.” He claimed to be the ultimate test-subject; he planned to create the town he’d want to live in, one built for “the traditional Kiwi family”.

Ten years later, Pegasus has come to life. It’s not quite what anyone envisaged; certainly not what Robertson dreamed. Pegasus, ultimately, was built somewhere between the vision promised in Robertson’s model and a messy reality, blighted by earthquakes and a global financial crisis. The promised developments struggled to keep up with the schedule. What did arrive was promising – the golf course and the lake are almost unanimously praised. But more basic facilities, such as a supermarket, or even mail delivery, were conspicuously missing.

pegasus-housing-not-all-endless-rows-of-boxes-david-walker-via-stuffpegasus-housing-teara-govt-nzpegasus-row-of-houses-stuff-co-nzPegasus housing [Stuff.co.nz] with render [teara.govt.nz]

By 2012, it was clear Pegasus would never become what was promised. Shortly afterwards, the developer defaulted on a $142 million payment and went into receivership. It was sold to Todd Property, owned by New Zealand’s wealthiest family. Pegasus no longer belonged to Robertson. The town’s new developers, Todd Property, are keenly aware of the promises made by its former owner. Since January 2013, about 30 people a month have steadily arrived to live in Pegasus. About 2500 people live in Pegasus, well short of the 7000 predicted by Robertson. When describing Todd’s vision for the town, the first word used is “realistic”. Another is “achievable.” A sharp turnaround from the rhetoric used by Robertson, who sold dreams, not property.
Read more

Other stories via Stuff:
22.8.16 Opinion: Pegasus – a ‘vibrant village’ where people know nature…
10.12.15 Posthumous award for Pegasus developer, Gough also honoured
● 11.6.15 Former Pegasus owner leaves $100 million debt
25.4.13 Todd family paid $66m for Pegasus – report
6.12.12 Todd family takes Pegasus Town reins
17.8.12 Pegasus town developer in receivership

█ Welcome to Pegasus Town | www.pegasus-town.co.nz

Via LGOIMA response to Elizabeth Kerr:
Screenshot of Pegasus Town detail from Attachment B to the DCHL Report to Council (1 Aug 2016) — see Noble/Yaldhurst Village Update.
Highlighted by whatifdunedin, the last line is interesting.

[click to enlarge]
noble-yaldhurst-village-update-2016_08_01-final-pegasus-detail-p15

Related Posts and Comments:
26.9.16 Delta #EpicFail —Epic Fraud #14 : The Election and The End Game…
● 22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA
18.9.16 Delta #EpicFail —Epic Fraud #13 : Councillors! How low can you Zhao ?
26.8.16 Delta #EpicFail —EpicFraud #12 : The Buyer Confirmed
24.8.16 Delta peripheral #EpicFail : Stonewood Homes —Boult…
8.8.16 Delta #EpicFail —Epic Fraud #11 : The Buyer
1.8.16 Delta #EpicFail —The End Game according to CD
31.7.16 Delta #EpicFail —Epic Fraud #10 : The Beginning of the End : Grady Cameron and his Steam Shovel

█ For more, enter the terms *delta*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

Election Year. This post is offered in the public interest.

4 Comments

Filed under Architecture, Business, Construction, Design, Economics, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, People, Pet projects, Project management, Property, Public interest, Resource management, Site, Town planning, Transportation, Travesty, Urban design

Delta #EpicFail —Epic Fraud #14 : The Election and The End Game revisited

Received from Christchurch Driver [CD]
Sun, 25 Sep 2016 at 11:15 p.m.

Firstly, Ratepayers have a debt (yes another one, readers, but put the cudgels away, it doesn’t involve money illegally advanced by Delta) to Vaughan Elder, Cr Hilary Calvert and our What if? site for prising the official information about the August 1 2016 Council Meeting from the DCC. After an extended delay, some records were produced, but “technical difficulties” meant a full audio transcript was not available. How surprising. This is the Council equivalent of “The dog ate my homework, sir”, with the same level of credibility. But of course Mayor Cull will be able to say that he really wanted the transcript because, of course, he is FOR openness and transparency in Council, for the next fortnight anyway —because in response to the latest poll or subtle expression of displeasure from the ODT publishers, Mayor Cull is now a “transparency magnet”, you see.

While it would have been useful to see if any Councillors expressed even the most cursory concern about the deal, before voting to give away $13.2M to a shell company on the most favourable terms in commercial history, the key point is that Cr Lee Vandervis is the only candidate standing who sounded the alarm. He abstained from even voting on the proposal because the information put before Councillors was so pathetically incomplete that to even vote on it was giving the “proposal” more credibility than it deserved.

Departing from Matters Noble for a moment, your correspondent had from afar noticed a very clear divide on ‘the sound’ between sitting and new council candidates. To a man (and one woman) the sitting Councillors all sing the same song : everything is fine, everything is under control at the hands of your capable (sitting) Councillors and if these “whingers” would stop the “negativity” then everything would move from fine to fantastic on the DCC rate-o-meter. With the notable exception of the sniping between Mr Whiley and Mr Hawkins, there is clearly a little gentlemen’s agreement amongst incumbents not to say hard but truthful things about each other so that normal sycophant operation can resume after the election.

However, the other 32 council candidates are also singing a song that is mostly in unison, and that is that the present Council have failed the city in ways too numerous to count. Their description of the overall Council performance ranges from the mediocre to the abysmal.

With six new positions, in a normal election a candidate could probably spout vague but reassuring platitudes and have a good chance of joining the club. But this is not a normal election and the vast majority of new candidates aren’t being shy about what needs to change. A change is coming.

lee-vandervis-billboard-detail-1The point of all this : Your correspondent says that this is no time for the safety first status quo and if the best candidates only include one (Cr Vandervis) or even two then that is just fine. Vote accordingly. Mr Vandervis as Mayor can always run night classes over the first month in how to chair a subcommittee.

Your correspondent has for some time flayed the vast majority of Councillors in many posts for being slack jawed bystanders on the whole disgusting Delta Noble mess. Those Councillors who acquiesced and made like Silent Bob – which is all of them, except Cr Vandervis, do not merit re-election on a number of levels. Most odiferous of all is Cr Doug Hall, who is very well versed in subdivisions, and would never in fifty lifetimes commit his own money to a deal like this, but who refused to say anything. Sayonara, Doug Silent Bob Hall !!

However, some information from a little bird….
has come to light regarding the non-public section of the fateful August 1 Council meeting. This, along with other information made public at What if?, now means we have an accurate idea of why this turnip of a Delta deal was fertilised into life. (Sorry Vaughan, bested you again, but keep up the good work !).

It was a case of turnip councillors also being fertilised with you know what, but it was also a case of DCHL and DCC bureaucratic fascism, which is even more alarming.

Apparently, a senior representative at the meeting (can’t name names) lectured the Councillors for about 30 minutes that this Infinity deal was The Way, The Truth and will give Life to the half of the $25M DCC debt that the DCC had not written off. To extend the biblical analogy further, however, it would not be three days before the debt was resurrected, but EIGHT YEARS. (Good work on that in Friday’s ODT, Vaughan !!). This is rather a long time to go without financial oxygen, otherwise known as payment of interest, but at Delta (now enabled by the DCC) the unthinkable (the illegal construction of entire subdivisions, being had up for constructive fraud) is now commonplace.

What if? is led to understand that Councillors were lectured like school children, and questions were Not Tolerated by the Irascible Headmaster. They were to vote on the One True Option, and That Would Be That, and if they did not vote for the One True Option, the buyer of the Noble Subdivision would be lost.

Readers may recall that your correspondent did predict that this is precisely what would happen, a certain corporate person would pronounce that There Is No Alternative, regardless of the truth, and much of the statements by the Irascible Headmaster (not to be confused with The Fat Controller) are not true.

A malodorous other person also enabled this fertilisation, as a parting gift to fellow “managers” – and I use the term loosely.

For major decisions, DCC staff are meant to prepare a range of options so Council can debate which is best. Either they weren’t bothered or came under instruction to prepare one option only by minders at DCHL. The Council should remember it is DCHL’s superior, and (theoretically….) DCC’s senior executives should be monitoring the Council holding company and subsidiaries. Old habits (like saying yes) are troublesome things that become reflex actions.

Humour aside, what happened on August 1 and immediately following is simply anti-democratic and makes Councillors redundant rubber stamps for DCC staff. The amazing thing is that only two of the 15 elected complained about this obvious and basic sidelining of Councillors.

But even at that point Ratepayers could have possibly accepted a lack of proper process had a good option been presented. But the “Delta Deal” isn’t a good option. This is the most commercially one-sided deal seen in decades, and the level of excuses made by Crs Thomson and Cull, Delta CEO Cameron, and most of all Mr Crombie, should give Ratepayers pause. They protesteth too much. The cover has been in full swing. “This is the best we can do”, “there are no guarantees”, “it will take years…. but builders are lining up to buy the sections”.

the-fat-controller-thomas-the-tank-engine-2aIf The Fat Controller fitted one of his own conservative clients into this deal – a $13.2M second mortgage on a subdivision mired in legal action and half built illegally, at an interest rate of 7 per cent, he would doubtless be censured and taken to task by his professional body.

Something appears to be rotten in the State of Dunedin. Why is there indecent DCHL directorial haste to get this deal done ? Will Infinity Yaldhurst spend vast sums on marketing the sections via the ODT ? Will certain ex DCC operationals retire to Wanaka, coincidentally on an Infinity Subdivision ? Will Mr Crombie and Mr Frost become directors or shareholders of some Infinity venture, or their firms be remunerated in some generous way at Noble ?
Stay tuned, same bat time, same bat channel !…..

There is a way to stop this rot, to stop the sale to Infinity and bring the entire subdivision back under the control of the DCC. Council was not able to vote on the actual terms and conditions of the disgraceful $13.2M second mortgage at the August 1 meeting. This will be done by the new Council after the election. The solution is obvious. Don’t give the money to Infinity and the whole deal will fall over, then the DCC can appoint its own development manager and sell down the sections that are ready now, and start selling the commercial land, which is the real cash cow of the deal. Without a doubt Council would recover all of the $25M debt, and get interest on it as well. This amount would pay a great proportion of the South Dunedin flood control work……

This is too hard for your turnip DCHL directors, and involves a serious loss of face, but who cares about them ? With the right development manager the DCC can do it in house. There is one man in Dunedin who is available at the end of the year and has the necessary integrity and expertise to do it, and his name is Geoff Plunket, soon to be former CEO of Port Otago and Chalmers Property.

[ends]

Related Posts and Comments:
22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA
18.9.16 Delta #EpicFail —Epic Fraud #13 : Councillors! How low can you Zhao ?
26.8.16 Delta #EpicFail —EpicFraud #12 : The Buyer Confirmed
24.8.16 Delta peripheral #EpicFail : Stonewood Homes —Boult under investigation
8.8.16 Delta #EpicFail —Epic Fraud #11 : The Buyer
1.8.16 Delta #EpicFail —The End Game according to CD
31.7.16 Delta #EpicFail —Epic Fraud #10 : The Beginning of the End : Grady Cameron and his Steam Shovel

█ For more, enter the terms *delta*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

Election Year. This post is offered ion the public interest.

*Images: Lee Vandervis billboard detail by whatifdunedin | The Fat Controller from Thomas the Tank Engine

17 Comments

Filed under Business, Construction, DCC, DCHL, DCTL, Delta, Democracy, District Plan, Economics, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Politics, Project management, Property, Public interest, Resource management, SFO, Site, Town planning, Travesty, Urban design