April 27, 2025 • 33 mins
Businesses in the capital city are still feeling glum - Westpac's latest survey has found Wellington has the lowest business confidence of any region in the country. With interest rates dropping and spending increasing, when will confidence return?
Also, Wellington mayor Tory Whanau has officially turned the sod at the first tranche of Golden Mile works this morning. How will the plan affect businesses?
To answer those questions, Working Style director Chris Dobbs and Tommy's Real Estate CEO Ben Castle joined Nick Mills for the Business Panel.
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Speaker 1 (00:07):
You're listening to the Wellington Mornings podcast with Nick Mills
from news Talk said by Monday's mean business. It's the
business panel on Wellington Mornings with Quinovic Property Management. A
better rental experience for all. Visit Quinovic dot co dot insad.
Speaker 2 (00:24):
Let's get down, let's get down to business. Give you
monnight monight guards. You've had a million million nights just
slash person. So let's get down. Let's get down. Let's
get down. Let's get down. If you mon garden, We've
(00:47):
got a million.
Speaker 3 (00:49):
Joining us for the business panel because we do a
business panel every second Monday at this time is Tommy's
real Estate CEO Bean Castle, Morning Bed.
Speaker 4 (00:58):
Morning Neck.
Speaker 3 (00:59):
Thanksgaming to do on the weekend.
Speaker 4 (01:01):
I was up and up in mail mongin Uh Chiefs
the fourth and Zach.
Speaker 3 (01:05):
Bethel and they smashed them. They got a Chiefs have
got a bit of a job to do this week.
Speaker 2 (01:11):
You know.
Speaker 4 (01:11):
I think the big battle at sky Stadium, that's right.
Speaker 3 (01:15):
I think that. I mean, I was, I had, I mean,
I don't want to sound too emotional. I am emotional.
I had a little bit of a tear by after
the Hurricane's game. I thought there was one hell of
a performance. I don't know whether he saw it.
Speaker 4 (01:24):
Or against the haven't won there in a long time,
the first New Zealand team to win. Yeah, needed to and.
Speaker 3 (01:31):
Needed they look great. They didn't. They did right across
the they look great.
Speaker 4 (01:36):
So he propped it back. A lot of talk about.
Speaker 3 (01:37):
Him, gosh didn't he play well?
Speaker 4 (01:39):
He did? He did. It's great, great.
Speaker 3 (01:41):
And my favorite player in the whole world at the
moment is Griffy. So if he's not an all Black Unrock,
if he's not an All Black this year, I'm running
down the.
Speaker 4 (01:52):
Key nude, Wow, the razor. He might pull him in
late just.
Speaker 3 (01:57):
Se it and joining us as Working Style Director Chris Dives. Now, Chris,
welcome to the show. The first time that we've had
a non resident person on this business panel. Now you
working Style is synonymous with Wellington. I don't know why
it's anonymous with Wellington. Maybe because I grew up. It's
probably an Auckland based company. But you're so Wellington And
(02:19):
the reason that I was so excited to have you
on the show is that last week on the show
we had a very prominent Wellington business person saying that
no way would he set up a business in Wellington
right now. Now you have just although you've been here
for thirty odd years, whatever many years you've been here,
you just shifted, which is almost like setting up a
new business.
Speaker 5 (02:40):
Very much so moving house and moving business they're both
painful things. But yeah, I started working style in nineteen
eighty seven, so that's thirty eight years ago, if my
maths serves me correctly. So it's been a long journey.
And then we set up Wellington in ninety two, and
there was a long time ago and we had been
(03:02):
in Woodward Street there since then.
Speaker 3 (03:04):
So why did you shift? Speceis well, it was.
Speaker 5 (03:10):
Our staff begged me too, insisted, threatened not working for
me if we didn't. So the time had come. The
old space we've grown and grown from it and it
wasn't it wasn't quite right. We had a good tenure
there and it was time to move. So we felt
(03:31):
we needed a you know where we've moved to, down
onto Johnson Street. There we feel famal connected with the city.
Speaker 3 (03:37):
It's light, it worked for you.
Speaker 5 (03:39):
It's it's early days. We're only into our second or
third month of trade, so you know, two months doesn't
make a summer. And but we look, we feel good.
But the platform's great. The show room is beautiful.
Speaker 3 (03:52):
Have you boys been in No, but out of my
pay scale a little bit, christmals.
Speaker 5 (03:58):
We could extend that family and friends discount to two percent.
So you know, we've done a beautiful job of it.
If I may say, it's you know, I've got found
found some beautiful light fittings from around New Zealand, New
Plymouth actually your your hometown.
Speaker 3 (04:16):
There is a shop that we've used them in our
restaurants as well. That's they do very well with those
light footings.
Speaker 5 (04:22):
That vintage. Yeah, Steve, he did it great. So we
found lights from a Czechoslovakian railway station, an Austrian ski
lodge and it's really given the space a good blurse.
Speaker 3 (04:32):
But anyway, what was the question, how's it going? How's
it go? But so apart from the light footings, that's
go pretty well.
Speaker 5 (04:42):
Yeah, Look, we're excited about it. I think it will
be a really good platform for us and Wellington. Wellington
deserves it, we need Wellington and it all came together
and we're really excited about it.
Speaker 3 (04:55):
Just for our listeners, do you have shops in Wellington? Auckland?
Christ Christ Church that's so just the three three main seasons.
Speaker 5 (05:02):
Yeah, so six stores nationwide. And we've been in Auckland,
Wellington and christ Church since only two and Wellington in
two thousand and christ Church and yeah.
Speaker 3 (05:11):
Great, let's talk about The big article on this weekend's
paper was Westpact Regional Roundup report finding Wellington's facing the
lowest consumer confidence levels of any region in New Zealand
as unemployment and tough training conditions continue. Just to hang around, Ben,
I'm going to start with you right now. I mean,
you're out there selling property in Wellington. You know, you're
(05:33):
dealing with the people that are buying. You're dealing with
the people that are selling. What is the general mood
around Wellington right now?
Speaker 4 (05:41):
We are dealing with people right at that pointy end
of a real estate market, and real estate has a
big influence I think across a number of different areas
around employment, around different sectors, around the retail sector, both
commercial and residential. The feeling is quite mixed at the moment.
There are pockets of real confidence and there we've seen
(06:04):
it's been well publicized the jobs that have been cut,
employment that's been hit, especially by the public sector and
private sector so that's one side, but there are businesses
that have spoken to and an example, Chris, you're just
mentioning moving premises. I mean that is a move, but
it is a bigger, nicer connection. So there's some confidence
(06:25):
there to take that on. And we are seeing some
businesses growing, so there is some mix there. I think
the I look at the media and that the headline
tends to be negative. That's an easier headline to write.
Where there is there is some good stories out there,
and we're certainly seeing them. Like the market, the market
(06:46):
is still transacting, whether it's transacting what it was back
in twenty twenty one. I don't think we'll ever see
those times again anyway.
Speaker 3 (06:54):
That's the one thing I really hate the narrative of
people saying, you know, like from a hospitality background, everyone says, well,
don't expect it to ever come back to what it was.
It's never going to be the same again. I mean,
isn't We're all a lot of us are in trouble.
Speaker 4 (07:08):
Well, I think it will definitely move back to a
certain space we were in. But COVID post COVID was
no one had ever seen that before, and it was
it was a bit of hysteria around I think, and
that that got everyone maybe over confident a little bit
around around business expansion and so on. And look confidence
in the market you probably see it were and through
(07:30):
the retail side, and is.
Speaker 3 (07:32):
It yeah, I mean because maybe just concentrate Cross on
Wellington a little bit because you know the style, working
style part in the part. But you know your clothing
would appeal to a lot of the people that have
been made redundant. You know, a lot of the government
employees are down in your area shopping with you. A
lot of people that are in more senior positions are
saying shivers. That could be us next? Are you feeling
(07:53):
it is?
Speaker 5 (07:57):
But I think I should really qualify that by with
all respect to anyone who's had their livelihood taken away
by redundancy or restructure and the pain that that causes
anyone who goes through that. Our real problem across our
network and particularly in Wellington is people are not at work,
(08:18):
so they're at home and we're still that transition back
to I don't think it'll ever go probably back to
what it was. I think we've seen the greatest change
in how people work in the history of mankind in
some ways. You know, it's certainly not a five day
working week anymore. I've arrived in beautiful Warrington this morning
(08:42):
on a Monday morning early, and it's pretty quiet out
there on the street where you know, school holidays have
just finished. I think, is that right? I think that
this finished. It's a Monday. So Mondays across our network
are very challenging, and in Wellington it's acute and I
think the real you know, we have a hybrid mix
(09:03):
in our company of people where they work, but the
genius in our company only really happens when we bang heads,
and we really only bang heads when we're in the office.
It's quite a delicate, soft thing to do.
Speaker 3 (09:19):
But we have to be also very careful that we
don't push it too hard because if you push it
too hard, you get pulled out by social media as
being anti people working at home, and that goes against you.
So we've got to be pretty clever how we try
and get people back into workplaces, don't we.
Speaker 5 (09:34):
Yeah, yeah, I think we've also got to be pragmatic.
And you know, this is a Wellington is a pioneering
part of New Zealand. It's a raw, beautiful, gritty city.
That has got everything going for it. And one of
the great attractions for Wellington for me historically, has always
been Wellentonian's. You know, they're a hardy bunch. They cluster
(09:57):
together on a foul day and have a drink together
and bond and talk and make things happen. Now I
don't I don't have a you know, I don't care
where people work. What I do care about is productivity
and making things happen. And I've been doing that for
thirty I've been feeding myself for thirty eight years. So
(10:20):
you can only do that if you are really honest
with yourself about what you're doing. And that doesn't mean
you have to work any harder, I might add, You've
just got to be incredibly smart about it.
Speaker 3 (10:30):
So working from coming back to you been working from home?
Are you seeing people actually now looking for properties where
they think, oh, I can put an office in there,
or I can do this, and I can say has
that made any difference at all?
Speaker 2 (10:41):
Oh?
Speaker 4 (10:41):
Absolutely. One of the number one search keywords is home office.
That when people are looking for property, so they're looking
for options to do that and whether they still have
an office option in town. They're still wanting that flexibility
to do exactly that.
Speaker 2 (10:59):
It.
Speaker 3 (10:59):
Yeah, that scares me a little bit, Chris. I mean,
you know you're saying you need people in your shops.
We need people in the hospitality. Other retailers need them.
Speaker 5 (11:08):
Part of us doing the expansion that we've done in Wellington,
which for a humble, small little business that feeds families
was a significant splash. You know, We've done a beautiful,
big statement in downtown Wellington and part of the part
of the rationale for doing that is we believe we've
got to drag people in from the greater Wellington area,
you know, of four hundred odd thousand people and bring
(11:30):
them down into into downtown Wellington for a shopping experience
when they need stuff. So we're very realistic that things
have changed and they're just not going to fallen to
our door like they used to. They've got they're coming
for an experience and they've done their homework. They're coming
hot and they know what they want.
Speaker 3 (11:47):
So can I just quickly ask you, I've got to
go to an air break, but just really really quickly,
is it doing business with the car thing and lambdon
key and everything is that different to Auckland? What do
you mean is well we try to be so anti
cars coming in and parking. You're saying you want people
from the area of the region coming.
Speaker 5 (12:06):
No, Auckland's got a real car culture. Well, Valentonian's got
always been blessed with a better public transport system than
Auckland's had historically, So I don't really think it matters
how they come in, whether it's on the way from
the airport out to the regions or whatever. The you know,
I've got a twofold hat on here with this conversation
(12:27):
because you wear clothes for work, celebration, life events, all
sorts of reasons. So what has changed I think for me? Sorry,
I'm consciously your ad break is you've got to make
it happen.
Speaker 3 (12:42):
Yeah, join us for the business panel this week is
Tommy's real estate CEO Being Castle and Working Style director
Chris Dobbs. Chris, I want to start with you on this.
I want to ask you about retail, just actual Wellington retail.
How is retail in Wellington right now? Is it better
than it was this time twelve months ago? Do you
feel it's getting better?
Speaker 5 (13:01):
Similar saying you know, just a sort of a constant
in saying that it's been particularly challenging, very hard because
we've you know, had Eastern school holidays and everyone's been
on holidays. So again, you've gotta be really care if
you don't sort of beat yourself up. You know when
things are not going well, that you focus on what
(13:22):
you can focus on and ignore what you can't.
Speaker 3 (13:26):
Can I ask you to put me on the couch
because I'm that person that keeps thinking every bad day
with the end of the world and it's changing. How
do you get through that? How as a business person
do you say shivers? You know, I need to do
fifty grand this week and I've only done thirty. What
do I do? Do you ask yourself that what.
Speaker 5 (13:45):
Anyone who's rows their own boat doesn't sleep that well.
As a general rule of thumb, when and when times
are tough, we focus on our team, our staff and
our customers. So we believe that's the medicine that you
need to really take and focus on to actually be fast,
(14:06):
to be better and to have a crowd a better
business because you've got total control on that. And if
you keep on looking after your a teen beautifully and
you give them good service, things seem to come right
and you can get people coming back.
Speaker 3 (14:25):
That's good advice. Ben. Let's talk property. What's the state
of the market right, get to the chase, because you know,
I just set off in the ad break. I've got
three properties for sale. I can't get a dog to
come and sniff around the front door, so you know
it's tough out there.
Speaker 4 (14:43):
Yeah, Look, it hasn't. It's again been well publicized how
where the market has been. I mean even qv recently
said that this latest latest quarter was virtually motionless around
any movement. But there again, I disregard that to a
point because there are some numbers that we're seeing that
(15:03):
is definitely seeing life back into the market. I mean
days days to sell on the market went from forty
six down to thirty six from February through to March.
We're seeing we saw twenty percent more sales across Wellington
in the last month as well. So there are pockets
starting to creep in and I think it's only going
(15:26):
to the next twelve months will be really Interestingly. Property
market goes. Interest rates is a big driver, but there's
always a lag so interest rates fall, but it doesn't
mean the property market goes from zero to hero overnight.
Take there's always a bit of time, so we're starting
to see that time now catch up. We saw a
drop in April, we'll see another one probably in May
(15:47):
into May, and that will just keep keep generating some momentum.
Speaker 3 (15:51):
Can I ask you a question self question here for
me to you. Is it now more out in the regions?
Is it getting out into the suburbs. Are people not
looking to buy? I mean I know a guy that
actually sold a very nice apartment six days in Wantington,
so that the departments are selling, yes, but it does
feel like that it's gone back to the burbs because
(16:13):
of all what we've talked about working from home being
in the region. Am I right?
Speaker 4 (16:17):
Yes, suburbs have certainly increased. We've seen numbers across suburbs,
but we're even just this month now we've seen the
investors come back in and apartments come back into the market.
Now we're seeing the life in that space as well,
and that's where the investors are coming at. Interest deductibility
and so on has now been cemented in so we
are seeing that suburban shift was definitely there, and that
(16:39):
was possibly based around op X in town, around insurances
and rates. I mean insurances were going through the roof
here in the city around earthquakes and so on a NBS.
I mean, that's it's almost a dirty word around that,
the property market. But so that did push people out
to the regions. Now insurance is definitely leveled off. We've
seen more competition in there which has brought it back
(17:00):
down a bit, and there's some more clarity of a
bit more clarity around MBS. It's still a bit of
a myriad to navigat, but I think in the next
twelve months in particular, we will see some more more
activity in this market and more positive than it was.
Speaker 3 (17:14):
Chris Dobbs we rang we read a story Ethan and
I about We both discussed it together on yesterday about
how the latest quality of life survey has found the
South Island is growing far quicker than the North Island. Now,
you're based in Auckland, have a Wellington business, obviously, are
you Are you feeling that hearing that.
Speaker 5 (17:32):
Christ Church has been solid for us for some time.
They've the cantabs have been rolling up their sleeves and
working hard and they had a very diverse economy now
and the city's looking beautiful. It was down there recently
with my family and they loved it, all the kids.
My wife just thought it was fabulous and I thought, well,
(17:54):
that's interesting, you know. And it's been a long journey
for them to rebuild the city and get it to
get it to where it is. So it's a mixed bag,
I think, Ben, I think you bang on the money
with the straight conversation. You know, it's an incredible tonic
to an economy, particularly the New Zealand economy. We've always
we've always paid a lot for money in New Zealand
and those interest rates coming down are really going to
(18:16):
be a great tonic for our country. And it's just
a bit of a shame we hit the speed bump
with Trump and the global outlook, because that certainly put
the skids on a few parts of the country from
where I can work out. But I think once we
get a long period of you know, affordable interest rates
and that you know, round five percent, I think is
(18:38):
very as good money in New Zealand's historical levels. I
think that will really underpin the recovery that we are
all wanting.
Speaker 3 (18:49):
And I love the fact you brought out the Trump
things just as we were starting to feel a bit
stable and yeah, Ben's laughing here. As soon as we
just started to feel a little bit stable and a
little bit of greed to trumps covered and made us feel, oh,
we've got to be careful again.
Speaker 2 (19:05):
Don't we.
Speaker 5 (19:05):
Yeah, we were, as some has finished and one has started,
which you know, it's a shame.
Speaker 4 (19:11):
When he's going around in circles again where who knows
what he's going to do the next the next day.
I mean, it will may may be a bit inflationary,
but I can't see interest rates really changing because of it,
so I think it won't necessarily impact us as greatly
as it will others.
Speaker 3 (19:26):
Ben, I've just got to really quickly because I've got
to go to the news break, but I've really got
it quickly. Are you hearing or you seeing people actually
selling to move down south? Are you?
Speaker 2 (19:34):
Are you?
Speaker 3 (19:34):
Is that something that the agents are talking about? Oh,
they're moving down south, They're moving.
Speaker 4 (19:39):
We'll cross it that Sidney was attractive. But where What
we are seeing at the moment, some of our agent
feedback at the moment is that people from out of
other regions are coming into Wellington, are starting to inquire
from Wellington Queenstown, Abland in particular.
Speaker 3 (19:51):
Wow, look at well, well that's positive. Chris Dobbs and
Ben Castle with US Roadworks, Ben Roadworks everywhere, cones everywhere.
Pain in the ass. Can we do anything about it?
I mean, Waitefield Street's a nightmare. I went down and
had a and they're doing their best. In this meeting
up today we found out that Tory Farno has turned
the dug the hole and turned the side for the
(20:13):
first time on the corner of Courtney Place, Wakefield and Kent.
We're in trouble, aren't we.
Speaker 4 (20:20):
Courtney Place revitalization, they're saying. I mean that that has
an impact on New Tunic and your business is there around?
I mean the road cones that are that are every bit.
But it's an inconvenient reality of city growth, isn't it.
Speaker 2 (20:32):
I get it.
Speaker 4 (20:33):
It's really frustrating. Look, we all have to deal with it,
and we're banging the bondom of the car and wanting
to get there faster. But what what do we do?
How do we how do we get around that? We
need to keep building that city. I know it's almost
a book nd for the Golden Mile, whether that eventuates
or not, as Bobby for later in the year, but
it does need an upgrade, really doesn't it.
Speaker 3 (20:55):
It needs a clean up. Yeah, clean, But we're in
financial we're all in financial tough times. We like it.
So if you start digging up, I mean they'd dig
up the front of Tommy's. You'd be sitting there thinking,
oh my gosh, how long is it's going to last?
Speaker 4 (21:06):
Yeah, I mean it does have a big impact though
on travel times there are a nightmare. Car parking is
not easy. I've always already talked about. But then the
business growth and the it might give some confidence that
something's happening, But equally then we can't actually get people
into the shops or into the restaurants or into the
bars that we need them to and spending that money
I mean road works, yeah, necessary evil probably.
Speaker 3 (21:29):
Chris, what are you hearing? I mean your staff when
you look at the reports on Saturday afternoon and you
bring your manager and Willington say, well, you know you
could have done a little bit better, and he says, well,
I've got buddy cones all down the road, cars, car
park what are you hearing?
Speaker 2 (21:42):
Well?
Speaker 5 (21:43):
What I believe is we have been through one of
the toughest things in the world with COVID and the
recovery from COVID is still going on, and we've talked
about this new way of working where people are at home.
So my frustration really is when you've had that sort
of trauma that we've all been through, is that bureaucracy
(22:05):
is trying to fix things and focus on road roading
and those sorts of things as opposed to just keeping
you know, supporting businesses and keeping out of their way.
Because you know, whether the pedestrianization of Lampton Key is
a good or a bad idea, I don't really know.
And to a certain extent, Sorry, I was going to
(22:28):
say I don't really care, that's not true. What I
what I do feel is it regardless of whether it's
a good or a bad idea, it's not the right
time for it because there's just too much pain. And
I think there's a lack of respect for the rate
payers of the city in terms of, you know, the
businesses are paying the rates, the insurances for those buildings,
(22:51):
and New Zealand has something right. Six hundred thousand small businesses,
four hundred thousand of those have zero staff members and
one hundred thousand have one to six staff members. So
you've got a highly productive sector of employment who employer
a hell of a lot of people who have to
administer paye every week, student loans, key, we save a holiday,
(23:14):
pay due, holiday paid, accrued personal tax due every week.
It has to be tended to diligently and dutifully to
ensure as an employee you don't break the law. The
point I'm getting to is that being in business has
a hell of a lot of responsibility and bureaucracy that
comes with it. And then to have the person that
(23:34):
you're paying the rates to dig a hole in front
of your business and start to have a higher order
about where they believe the city is going, it's just
rubbish and it's just not a pragmatic, can do sort
of way to be running this city. And I think
that is a problem because all people in business really
(23:59):
want to do is be able to get on with
it and not have people holding them back with really
frustrating actions.
Speaker 3 (24:08):
And take a short break here here by the way,
I mean, yeah, I agree with you totally. I mean
it should be how can we assist you rather than
how can we hindred percent? Because we're taking all this
money from you, how do we make it better for you?
And has any one from council ever run you and said,
well done, Chris, You've just spent a lot, a lot
of money building a new business. Beautiful, well done, thank you.
(24:28):
Anyone from counsel ever do that to you. They're very
quick with their rates bill, aren't they they are? Yeah,
no Christmas, no Christmas cards at Christmas time. I want
to talk insurance, being Castle and Chris Doves. We've been
hearing for a while that insurance companies have been very
selective who they want to ensure. We're hearing, you know,
people that own strip clubs or own sex toys retailer shops.
(24:50):
Insurances don't want to do it. I started hearing murmurs too,
and you'll be able to correct me if I'm right
or wrong on this one. Ben that sometimes you actually
buy it, will go to buy a house and the
insurance company won't ensure the house that you're buying, and
some deals are falling through on that or my wrong?
Or are insurance Are they starting to ease off a bit? Now?
Speaker 4 (25:11):
I think there's the last point there easing off, but
I think there's a bit more stability in that insurance market. Look, banks,
a lot of us are using the bank to purchase property,
and banks require insurance, and some properties have had insurance
for a period of time, and what we see is
some policy changes and some regulations change around what is
(25:32):
required in that property, and that has an impact on insurance.
I think Wellington's been a tough market to ensure and
the earthquake seismic challenges we have here has probably led
to that. We also have a city that's built in
a nice half circle around a big body of water,
and that we will talk about global warming and so
on and the changes of water level. So that has
(25:54):
had an impact on insurability.
Speaker 3 (25:56):
And have you lost deals because insurance companies won't insurance.
Speaker 4 (25:59):
There have been deals that have fallen over through, but
then you're talking to another insurance. There are insurance that
will take it. It just depends on what you're willing
to pay. I think you know if you're that's that's
where the market sits. But as I mentioned before, around
the city moving in a more positive direction now as
insurances have started to level off, it's got a bit
crazy for a while. I think there's more competitors have
(26:21):
come in and they've brought the pricing down of it.
Speaker 3 (26:23):
Chris have you looked at your insurance. I mean, I'm
in a different business, but I'm in a business and
we've started to you know, lots of profits. We used
to pay for those. Now we actually got rid of
those because we thought during COVID, oh don't worry, we're insured.
We found out very quickly that we were at insured
because pandemics aren't in your loss of profit. Have you
looked at your insurance and said, shivers, this is getting
(26:45):
too tough. I need to cut back on here and
do things with it.
Speaker 5 (26:47):
We we review our insurances every year, you know, in
terms of fire in general, and as you get older,
I think you also cut back your insurances in terms
of your personal policies and some of those other cross
shareholder policies and things like that.
Speaker 3 (27:04):
Do you still have health insurance?
Speaker 5 (27:05):
I do? Yeah, Yeah, I wouldn't drop that either. And yeah,
it's those non tradable parts of the consumer price index insurance.
It's been a keller. It's really hurt in christ Church
after the earthquakes. What was quite interesting, Ben, picking up
on your conversation on property insurance, A lot of the
(27:27):
policies assigned to the property and transferred from owner to
our owners, which is how insurance used to be conducted.
So that was just a response to the earthquake situation.
So I suppose with Wellington in earthquakes, you've seen some
more creative ways.
Speaker 3 (27:44):
It's still happening. Let's still have a deal that I
saw lately, you know that did exactly the same thing,
just crossed over. The insurance company just swapped it over
to the new owner. So those two deals are getting.
Speaker 4 (27:53):
Done absolutely, and then probably eight to nine times out
of ten it's like that. It's just there. There'll be
some depending on what the transaction is or the property
type or property sector, where it may have a little
fish or require a bit more analysis from either the
bank or the insurer, and that's where it can be derailed.
Speaker 3 (28:10):
Okay, the big one before we go to the side
where you're taking your guests, the Mayoralty race, Andrew Little's
put his name in the hat just in case you
didn't know crossops for you didn't know. I do, Yeah,
of course you do. Okay, I'll start with you.
Speaker 5 (28:27):
What do you think, Well, I mean, you're obviously I've
met Andrew and I liked him. I thought he was
a good guy when I met him. He I think
he's hard working, he's he's Look, I think I think
it's time for a change. I don't think it's I
think I can be a political in my viewpoint in
(28:48):
terms of he might not have got my national vote,
but he I think he's a solid, hard working, straight shooter.
He's a Walentonian born and bred Saint Pat's town, I
think from memory.
Speaker 3 (29:01):
Definitely not born and bread because he was born in
New Plymouth.
Speaker 5 (29:05):
My apology, but he's we won't hold it back on
him that he's the left foot it. But I think
he'll do a good job for the city. I think
he'd be a good candidate.
Speaker 3 (29:14):
Did you say he went to stream?
Speaker 5 (29:15):
I went to stream?
Speaker 3 (29:17):
Did you say town that's weird?
Speaker 4 (29:21):
Did you know that didn't they went there?
Speaker 3 (29:24):
I think right?
Speaker 2 (29:25):
And so.
Speaker 5 (29:27):
Maybe his sons went there anyway.
Speaker 3 (29:29):
I'm not sure. Okay, then tell us what your thoughts
are you looking like you've got a lot of notes.
He's got smoke.
Speaker 5 (29:37):
I'm just careful.
Speaker 4 (29:38):
Look, I love Wellington, born and raised and really proud
of the city. And the biggest issue I have at
the moment around it is the division that we're seeing
through local, local government, even central government. To a degree,
and that's unity reeds progress for me, and I don't
see that at the moment. There's there's fighting and disagreement
(29:59):
and we can't actually get on the same page and
until we sought that out. And that's what we need
from a new leader. If it's Andrew Little, if it's
Ray Cheng or Carl or Tory or whoever is the
one that the people We need the people to get
out and vote, but they need to get that behavior,
some of the sandpit behavior out and get some real
clarity back in leadership. And there's of course we've got
debt issues, We've got projects and safety in the streets
(30:24):
and incentivizing development and all these lists of policy that
we need to look at. Firstly, we're going to get
on the same page. We're not even there yet. We
just we tend to fight a lot of the time.
We don't have that unity and that's what's hampering I
think things at the moment.
Speaker 3 (30:37):
Hear here, Okay, someone very very special is a right now, Chris,
You've just opened your shop and town and you've got
someone that you really care about and really is important
to you. Arriving into Wellington, you're driving out to the
airport and you're thinking to yourself, what the hell am
I going to do to impress this person? What are
you going to do in Wellington?
Speaker 5 (30:54):
I'd go straight to the Marinu Surf Club for breeky
or coffee on the way and from the airport. I
think that's an easy sort of segue from the airport,
isn't it.
Speaker 3 (31:03):
Yep?
Speaker 5 (31:05):
It's always been a spectaculus spot to have a bite.
And then on the way back into town, I swing
by a Portneck yacht Club, which I think, on a
beautiful morning is a pretty special pad of Wellington with
the water right out on the hard there and the
working yachts and boats and things and that in that
yacht Club's always been a special place for me and Wellington.
Speaker 3 (31:26):
Great. Come on and Ben, someone that you played rugby
with in France Wellington and never been here before, and
they are out at the airport and do you want
to show off Wellington? What are you going to do.
Speaker 4 (31:36):
Well I'd probably I'll go to Spruce Scoost this time. Mack,
we'll go the other one.
Speaker 3 (31:43):
Your job and then look.
Speaker 4 (31:46):
I'm a big fan of the markets on a Sunday
here out on the waterfront down here, the or the produce,
everything that's going on, the sites and sound smells, all
the rest of Wellington that it's best on a nice
day that would be one there and then i'd I
could pick up a Saints game or a Hurricanes game,
or maybe some open homes Blair Street, College Street or
something like that.
Speaker 2 (32:10):
Out there.
Speaker 3 (32:12):
I'll tell you what. That market is a hidden gym, though.
I mean every time I go down there, I think why.
I mean, it is very busy, but I say to myself,
why the hell isn't this actually nuts? It's so good.
It just feels so welly to know a little bit
of music playing, get yourself somebody to eat, get some
veggies for the weekend. Can't you can't beat it? Thank
you both very very much for joining us this morning.
(32:33):
I told you, Chris, it would go pretty quickly. You
haven't even looked at your watching the Working Styles director
Chris Dobbs, who's just opened his new shops, and please
check it out. I'm going to check it out. He's
going to give me about you to get a discout.
I say, yet, bid doesn't need the discount, by the way,
he's got he's got pleady he's got he's got a
beautiful suit on, so he's Oh, there you go. CEO
(32:57):
of of Tommy's real Estate, Ben Castle and Chris Tops
thank you both very much for joining us.
Speaker 1 (33:04):
For more from Wellington Mornings with Nick Mills. Listen live
to news talks It'd be Wellington from nine am weekdays,
or follow the podcast on iHeartRadio
You're listening to the Wellington Mornings podcast with Nick Mills
from news Talk said by Monday's mean business. It's the
business panel on Wellington Mornings with Quinovic Property Management. A
better rental experience for all. Visit Quinovic dot co dot insad.
Speaker 2 (00:24):
Let's get down, let's get down to business. Give you
monnight monight guards. You've had a million million nights just
slash person. So let's get down. Let's get down. Let's
get down. Let's get down. If you mon garden, We've
(00:47):
got a million.
Speaker 3 (00:49):
Joining us for the business panel because we do a
business panel every second Monday at this time is Tommy's
real Estate CEO Bean Castle, Morning Bed.
Speaker 4 (00:58):
Morning Neck.
Speaker 3 (00:59):
Thanksgaming to do on the weekend.
Speaker 4 (01:01):
I was up and up in mail mongin Uh Chiefs
the fourth and Zach.
Speaker 3 (01:05):
Bethel and they smashed them. They got a Chiefs have
got a bit of a job to do this week.
Speaker 2 (01:11):
You know.
Speaker 4 (01:11):
I think the big battle at sky Stadium, that's right.
Speaker 3 (01:15):
I think that. I mean, I was, I had, I mean,
I don't want to sound too emotional. I am emotional.
I had a little bit of a tear by after
the Hurricane's game. I thought there was one hell of
a performance. I don't know whether he saw it.
Speaker 4 (01:24):
Or against the haven't won there in a long time,
the first New Zealand team to win. Yeah, needed to and.
Speaker 3 (01:31):
Needed they look great. They didn't. They did right across
the they look great.
Speaker 4 (01:36):
So he propped it back. A lot of talk about.
Speaker 3 (01:37):
Him, gosh didn't he play well?
Speaker 4 (01:39):
He did? He did. It's great, great.
Speaker 3 (01:41):
And my favorite player in the whole world at the
moment is Griffy. So if he's not an all Black Unrock,
if he's not an All Black this year, I'm running
down the.
Speaker 4 (01:52):
Key nude, Wow, the razor. He might pull him in
late just.
Speaker 3 (01:57):
Se it and joining us as Working Style Director Chris Dives. Now, Chris,
welcome to the show. The first time that we've had
a non resident person on this business panel. Now you
working Style is synonymous with Wellington. I don't know why
it's anonymous with Wellington. Maybe because I grew up. It's
probably an Auckland based company. But you're so Wellington And
(02:19):
the reason that I was so excited to have you
on the show is that last week on the show
we had a very prominent Wellington business person saying that
no way would he set up a business in Wellington
right now. Now you have just although you've been here
for thirty odd years, whatever many years you've been here,
you just shifted, which is almost like setting up a
new business.
Speaker 5 (02:40):
Very much so moving house and moving business they're both
painful things. But yeah, I started working style in nineteen
eighty seven, so that's thirty eight years ago, if my
maths serves me correctly. So it's been a long journey.
And then we set up Wellington in ninety two, and
there was a long time ago and we had been
(03:02):
in Woodward Street there since then.
Speaker 3 (03:04):
So why did you shift? Speceis well, it was.
Speaker 5 (03:10):
Our staff begged me too, insisted, threatened not working for
me if we didn't. So the time had come. The
old space we've grown and grown from it and it
wasn't it wasn't quite right. We had a good tenure
there and it was time to move. So we felt
(03:31):
we needed a you know where we've moved to, down
onto Johnson Street. There we feel famal connected with the city.
Speaker 3 (03:37):
It's light, it worked for you.
Speaker 5 (03:39):
It's it's early days. We're only into our second or
third month of trade, so you know, two months doesn't
make a summer. And but we look, we feel good.
But the platform's great. The show room is beautiful.
Speaker 3 (03:52):
Have you boys been in No, but out of my
pay scale a little bit, christmals.
Speaker 5 (03:58):
We could extend that family and friends discount to two percent.
So you know, we've done a beautiful job of it.
If I may say, it's you know, I've got found
found some beautiful light fittings from around New Zealand, New
Plymouth actually your your hometown.
Speaker 3 (04:16):
There is a shop that we've used them in our
restaurants as well. That's they do very well with those
light footings.
Speaker 5 (04:22):
That vintage. Yeah, Steve, he did it great. So we
found lights from a Czechoslovakian railway station, an Austrian ski
lodge and it's really given the space a good blurse.
Speaker 3 (04:32):
But anyway, what was the question, how's it going? How's
it go? But so apart from the light footings, that's
go pretty well.
Speaker 5 (04:42):
Yeah, Look, we're excited about it. I think it will
be a really good platform for us and Wellington. Wellington
deserves it, we need Wellington and it all came together
and we're really excited about it.
Speaker 3 (04:55):
Just for our listeners, do you have shops in Wellington? Auckland?
Christ Christ Church that's so just the three three main seasons.
Speaker 5 (05:02):
Yeah, so six stores nationwide. And we've been in Auckland,
Wellington and christ Church since only two and Wellington in
two thousand and christ Church and yeah.
Speaker 3 (05:11):
Great, let's talk about The big article on this weekend's
paper was Westpact Regional Roundup report finding Wellington's facing the
lowest consumer confidence levels of any region in New Zealand
as unemployment and tough training conditions continue. Just to hang around, Ben,
I'm going to start with you right now. I mean,
you're out there selling property in Wellington. You know, you're
(05:33):
dealing with the people that are buying. You're dealing with
the people that are selling. What is the general mood
around Wellington right now?
Speaker 4 (05:41):
We are dealing with people right at that pointy end
of a real estate market, and real estate has a
big influence I think across a number of different areas
around employment, around different sectors, around the retail sector, both
commercial and residential. The feeling is quite mixed at the moment.
There are pockets of real confidence and there we've seen
(06:04):
it's been well publicized the jobs that have been cut,
employment that's been hit, especially by the public sector and
private sector so that's one side, but there are businesses
that have spoken to and an example, Chris, you're just
mentioning moving premises. I mean that is a move, but
it is a bigger, nicer connection. So there's some confidence
(06:25):
there to take that on. And we are seeing some
businesses growing, so there is some mix there. I think
the I look at the media and that the headline
tends to be negative. That's an easier headline to write.
Where there is there is some good stories out there,
and we're certainly seeing them. Like the market, the market
(06:46):
is still transacting, whether it's transacting what it was back
in twenty twenty one. I don't think we'll ever see
those times again anyway.
Speaker 3 (06:54):
That's the one thing I really hate the narrative of
people saying, you know, like from a hospitality background, everyone says, well,
don't expect it to ever come back to what it was.
It's never going to be the same again. I mean,
isn't We're all a lot of us are in trouble.
Speaker 4 (07:08):
Well, I think it will definitely move back to a
certain space we were in. But COVID post COVID was
no one had ever seen that before, and it was
it was a bit of hysteria around I think, and
that that got everyone maybe over confident a little bit
around around business expansion and so on. And look confidence
in the market you probably see it were and through
(07:30):
the retail side, and is.
Speaker 3 (07:32):
It yeah, I mean because maybe just concentrate Cross on
Wellington a little bit because you know the style, working
style part in the part. But you know your clothing
would appeal to a lot of the people that have
been made redundant. You know, a lot of the government
employees are down in your area shopping with you. A
lot of people that are in more senior positions are
saying shivers. That could be us next? Are you feeling
(07:53):
it is?
Speaker 5 (07:57):
But I think I should really qualify that by with
all respect to anyone who's had their livelihood taken away
by redundancy or restructure and the pain that that causes
anyone who goes through that. Our real problem across our
network and particularly in Wellington is people are not at work,
(08:18):
so they're at home and we're still that transition back
to I don't think it'll ever go probably back to
what it was. I think we've seen the greatest change
in how people work in the history of mankind in
some ways. You know, it's certainly not a five day
working week anymore. I've arrived in beautiful Warrington this morning
(08:42):
on a Monday morning early, and it's pretty quiet out
there on the street where you know, school holidays have
just finished. I think, is that right? I think that
this finished. It's a Monday. So Mondays across our network
are very challenging, and in Wellington it's acute and I
think the real you know, we have a hybrid mix
(09:03):
in our company of people where they work, but the
genius in our company only really happens when we bang heads,
and we really only bang heads when we're in the office.
It's quite a delicate, soft thing to do.
Speaker 3 (09:19):
But we have to be also very careful that we
don't push it too hard because if you push it
too hard, you get pulled out by social media as
being anti people working at home, and that goes against you.
So we've got to be pretty clever how we try
and get people back into workplaces, don't we.
Speaker 5 (09:34):
Yeah, yeah, I think we've also got to be pragmatic.
And you know, this is a Wellington is a pioneering
part of New Zealand. It's a raw, beautiful, gritty city.
That has got everything going for it. And one of
the great attractions for Wellington for me historically, has always
been Wellentonian's. You know, they're a hardy bunch. They cluster
(09:57):
together on a foul day and have a drink together
and bond and talk and make things happen. Now I
don't I don't have a you know, I don't care
where people work. What I do care about is productivity
and making things happen. And I've been doing that for
thirty I've been feeding myself for thirty eight years. So
(10:20):
you can only do that if you are really honest
with yourself about what you're doing. And that doesn't mean
you have to work any harder, I might add, You've
just got to be incredibly smart about it.
Speaker 3 (10:30):
So working from coming back to you been working from home?
Are you seeing people actually now looking for properties where
they think, oh, I can put an office in there,
or I can do this, and I can say has
that made any difference at all?
Speaker 2 (10:41):
Oh?
Speaker 4 (10:41):
Absolutely. One of the number one search keywords is home office.
That when people are looking for property, so they're looking
for options to do that and whether they still have
an office option in town. They're still wanting that flexibility
to do exactly that.
Speaker 2 (10:59):
It.
Speaker 3 (10:59):
Yeah, that scares me a little bit, Chris. I mean,
you know you're saying you need people in your shops.
We need people in the hospitality. Other retailers need them.
Speaker 5 (11:08):
Part of us doing the expansion that we've done in Wellington,
which for a humble, small little business that feeds families
was a significant splash. You know, We've done a beautiful,
big statement in downtown Wellington and part of the part
of the rationale for doing that is we believe we've
got to drag people in from the greater Wellington area,
you know, of four hundred odd thousand people and bring
(11:30):
them down into into downtown Wellington for a shopping experience
when they need stuff. So we're very realistic that things
have changed and they're just not going to fallen to
our door like they used to. They've got they're coming
for an experience and they've done their homework. They're coming
hot and they know what they want.
Speaker 3 (11:47):
So can I just quickly ask you, I've got to
go to an air break, but just really really quickly,
is it doing business with the car thing and lambdon
key and everything is that different to Auckland? What do
you mean is well we try to be so anti
cars coming in and parking. You're saying you want people
from the area of the region coming.
Speaker 5 (12:06):
No, Auckland's got a real car culture. Well, Valentonian's got
always been blessed with a better public transport system than
Auckland's had historically, So I don't really think it matters
how they come in, whether it's on the way from
the airport out to the regions or whatever. The you know,
I've got a twofold hat on here with this conversation
(12:27):
because you wear clothes for work, celebration, life events, all
sorts of reasons. So what has changed I think for me? Sorry,
I'm consciously your ad break is you've got to make
it happen.
Speaker 3 (12:42):
Yeah, join us for the business panel this week is
Tommy's real estate CEO Being Castle and Working Style director
Chris Dobbs. Chris, I want to start with you on this.
I want to ask you about retail, just actual Wellington retail.
How is retail in Wellington right now? Is it better
than it was this time twelve months ago? Do you
feel it's getting better?
Speaker 5 (13:01):
Similar saying you know, just a sort of a constant
in saying that it's been particularly challenging, very hard because
we've you know, had Eastern school holidays and everyone's been
on holidays. So again, you've gotta be really care if
you don't sort of beat yourself up. You know when
things are not going well, that you focus on what
(13:22):
you can focus on and ignore what you can't.
Speaker 3 (13:26):
Can I ask you to put me on the couch
because I'm that person that keeps thinking every bad day
with the end of the world and it's changing. How
do you get through that? How as a business person
do you say shivers? You know, I need to do
fifty grand this week and I've only done thirty. What
do I do? Do you ask yourself that what.
Speaker 5 (13:45):
Anyone who's rows their own boat doesn't sleep that well.
As a general rule of thumb, when and when times
are tough, we focus on our team, our staff and
our customers. So we believe that's the medicine that you
need to really take and focus on to actually be fast,
(14:06):
to be better and to have a crowd a better
business because you've got total control on that. And if
you keep on looking after your a teen beautifully and
you give them good service, things seem to come right
and you can get people coming back.
Speaker 3 (14:25):
That's good advice. Ben. Let's talk property. What's the state
of the market right, get to the chase, because you know,
I just set off in the ad break. I've got
three properties for sale. I can't get a dog to
come and sniff around the front door, so you know
it's tough out there.
Speaker 4 (14:43):
Yeah, Look, it hasn't. It's again been well publicized how
where the market has been. I mean even qv recently
said that this latest latest quarter was virtually motionless around
any movement. But there again, I disregard that to a
point because there are some numbers that we're seeing that
(15:03):
is definitely seeing life back into the market. I mean
days days to sell on the market went from forty
six down to thirty six from February through to March.
We're seeing we saw twenty percent more sales across Wellington
in the last month as well. So there are pockets
starting to creep in and I think it's only going
(15:26):
to the next twelve months will be really Interestingly. Property
market goes. Interest rates is a big driver, but there's
always a lag so interest rates fall, but it doesn't
mean the property market goes from zero to hero overnight.
Take there's always a bit of time, so we're starting
to see that time now catch up. We saw a
drop in April, we'll see another one probably in May
(15:47):
into May, and that will just keep keep generating some momentum.
Speaker 3 (15:51):
Can I ask you a question self question here for
me to you. Is it now more out in the regions?
Is it getting out into the suburbs. Are people not
looking to buy? I mean I know a guy that
actually sold a very nice apartment six days in Wantington,
so that the departments are selling, yes, but it does
feel like that it's gone back to the burbs because
(16:13):
of all what we've talked about working from home being
in the region. Am I right?
Speaker 4 (16:17):
Yes, suburbs have certainly increased. We've seen numbers across suburbs,
but we're even just this month now we've seen the
investors come back in and apartments come back into the market.
Now we're seeing the life in that space as well,
and that's where the investors are coming at. Interest deductibility
and so on has now been cemented in so we
are seeing that suburban shift was definitely there, and that
(16:39):
was possibly based around op X in town, around insurances
and rates. I mean insurances were going through the roof
here in the city around earthquakes and so on a NBS.
I mean, that's it's almost a dirty word around that,
the property market. But so that did push people out
to the regions. Now insurance is definitely leveled off. We've
seen more competition in there which has brought it back
(17:00):
down a bit, and there's some more clarity of a
bit more clarity around MBS. It's still a bit of
a myriad to navigat, but I think in the next
twelve months in particular, we will see some more more
activity in this market and more positive than it was.
Speaker 3 (17:14):
Chris Dobbs we rang we read a story Ethan and
I about We both discussed it together on yesterday about
how the latest quality of life survey has found the
South Island is growing far quicker than the North Island. Now,
you're based in Auckland, have a Wellington business, obviously, are
you Are you feeling that hearing that.
Speaker 5 (17:32):
Christ Church has been solid for us for some time.
They've the cantabs have been rolling up their sleeves and
working hard and they had a very diverse economy now
and the city's looking beautiful. It was down there recently
with my family and they loved it, all the kids.
My wife just thought it was fabulous and I thought, well,
(17:54):
that's interesting, you know. And it's been a long journey
for them to rebuild the city and get it to
get it to where it is. So it's a mixed bag,
I think, Ben, I think you bang on the money
with the straight conversation. You know, it's an incredible tonic
to an economy, particularly the New Zealand economy. We've always
we've always paid a lot for money in New Zealand
and those interest rates coming down are really going to
(18:16):
be a great tonic for our country. And it's just
a bit of a shame we hit the speed bump
with Trump and the global outlook, because that certainly put
the skids on a few parts of the country from
where I can work out. But I think once we
get a long period of you know, affordable interest rates
and that you know, round five percent, I think is
(18:38):
very as good money in New Zealand's historical levels. I
think that will really underpin the recovery that we are
all wanting.
Speaker 3 (18:49):
And I love the fact you brought out the Trump
things just as we were starting to feel a bit
stable and yeah, Ben's laughing here. As soon as we
just started to feel a little bit stable and a
little bit of greed to trumps covered and made us feel, oh,
we've got to be careful again.
Speaker 2 (19:05):
Don't we.
Speaker 5 (19:05):
Yeah, we were, as some has finished and one has started,
which you know, it's a shame.
Speaker 4 (19:11):
When he's going around in circles again where who knows
what he's going to do the next the next day.
I mean, it will may may be a bit inflationary,
but I can't see interest rates really changing because of it,
so I think it won't necessarily impact us as greatly
as it will others.
Speaker 3 (19:26):
Ben, I've just got to really quickly because I've got
to go to the news break, but I've really got
it quickly. Are you hearing or you seeing people actually
selling to move down south? Are you?
Speaker 2 (19:34):
Are you?
Speaker 3 (19:34):
Is that something that the agents are talking about? Oh,
they're moving down south, They're moving.
Speaker 4 (19:39):
We'll cross it that Sidney was attractive. But where What
we are seeing at the moment, some of our agent
feedback at the moment is that people from out of
other regions are coming into Wellington, are starting to inquire
from Wellington Queenstown, Abland in particular.
Speaker 3 (19:51):
Wow, look at well, well that's positive. Chris Dobbs and
Ben Castle with US Roadworks, Ben Roadworks everywhere, cones everywhere.
Pain in the ass. Can we do anything about it?
I mean, Waitefield Street's a nightmare. I went down and
had a and they're doing their best. In this meeting
up today we found out that Tory Farno has turned
the dug the hole and turned the side for the
(20:13):
first time on the corner of Courtney Place, Wakefield and Kent.
We're in trouble, aren't we.
Speaker 4 (20:20):
Courtney Place revitalization, they're saying. I mean that that has
an impact on New Tunic and your business is there around?
I mean the road cones that are that are every bit.
But it's an inconvenient reality of city growth, isn't it.
Speaker 2 (20:32):
I get it.
Speaker 4 (20:33):
It's really frustrating. Look, we all have to deal with it,
and we're banging the bondom of the car and wanting
to get there faster. But what what do we do?
How do we how do we get around that? We
need to keep building that city. I know it's almost
a book nd for the Golden Mile, whether that eventuates
or not, as Bobby for later in the year, but
it does need an upgrade, really doesn't it.
Speaker 3 (20:55):
It needs a clean up. Yeah, clean, But we're in
financial we're all in financial tough times. We like it.
So if you start digging up, I mean they'd dig
up the front of Tommy's. You'd be sitting there thinking,
oh my gosh, how long is it's going to last?
Speaker 4 (21:06):
Yeah, I mean it does have a big impact though
on travel times there are a nightmare. Car parking is
not easy. I've always already talked about. But then the
business growth and the it might give some confidence that
something's happening, But equally then we can't actually get people
into the shops or into the restaurants or into the
bars that we need them to and spending that money
I mean road works, yeah, necessary evil probably.
Speaker 3 (21:29):
Chris, what are you hearing? I mean your staff when
you look at the reports on Saturday afternoon and you
bring your manager and Willington say, well, you know you
could have done a little bit better, and he says, well,
I've got buddy cones all down the road, cars, car
park what are you hearing?
Speaker 2 (21:42):
Well?
Speaker 5 (21:43):
What I believe is we have been through one of
the toughest things in the world with COVID and the
recovery from COVID is still going on, and we've talked
about this new way of working where people are at home.
So my frustration really is when you've had that sort
of trauma that we've all been through, is that bureaucracy
(22:05):
is trying to fix things and focus on road roading
and those sorts of things as opposed to just keeping
you know, supporting businesses and keeping out of their way.
Because you know, whether the pedestrianization of Lampton Key is
a good or a bad idea, I don't really know.
And to a certain extent, Sorry, I was going to
(22:28):
say I don't really care, that's not true. What I
what I do feel is it regardless of whether it's
a good or a bad idea, it's not the right
time for it because there's just too much pain. And
I think there's a lack of respect for the rate
payers of the city in terms of, you know, the
businesses are paying the rates, the insurances for those buildings,
(22:51):
and New Zealand has something right. Six hundred thousand small businesses,
four hundred thousand of those have zero staff members and
one hundred thousand have one to six staff members. So
you've got a highly productive sector of employment who employer
a hell of a lot of people who have to
administer paye every week, student loans, key, we save a holiday,
(23:14):
pay due, holiday paid, accrued personal tax due every week.
It has to be tended to diligently and dutifully to
ensure as an employee you don't break the law. The
point I'm getting to is that being in business has
a hell of a lot of responsibility and bureaucracy that
comes with it. And then to have the person that
(23:34):
you're paying the rates to dig a hole in front
of your business and start to have a higher order
about where they believe the city is going, it's just
rubbish and it's just not a pragmatic, can do sort
of way to be running this city. And I think
that is a problem because all people in business really
(23:59):
want to do is be able to get on with
it and not have people holding them back with really
frustrating actions.
Speaker 3 (24:08):
And take a short break here here by the way,
I mean, yeah, I agree with you totally. I mean
it should be how can we assist you rather than
how can we hindred percent? Because we're taking all this
money from you, how do we make it better for you?
And has any one from council ever run you and said,
well done, Chris, You've just spent a lot, a lot
of money building a new business. Beautiful, well done, thank you.
(24:28):
Anyone from counsel ever do that to you. They're very
quick with their rates bill, aren't they they are? Yeah,
no Christmas, no Christmas cards at Christmas time. I want
to talk insurance, being Castle and Chris Doves. We've been
hearing for a while that insurance companies have been very
selective who they want to ensure. We're hearing, you know,
people that own strip clubs or own sex toys retailer shops.
(24:50):
Insurances don't want to do it. I started hearing murmurs too,
and you'll be able to correct me if I'm right
or wrong on this one. Ben that sometimes you actually
buy it, will go to buy a house and the
insurance company won't ensure the house that you're buying, and
some deals are falling through on that or my wrong?
Or are insurance Are they starting to ease off a bit? Now?
Speaker 4 (25:11):
I think there's the last point there easing off, but
I think there's a bit more stability in that insurance market. Look, banks,
a lot of us are using the bank to purchase property,
and banks require insurance, and some properties have had insurance
for a period of time, and what we see is
some policy changes and some regulations change around what is
(25:32):
required in that property, and that has an impact on insurance.
I think Wellington's been a tough market to ensure and
the earthquake seismic challenges we have here has probably led
to that. We also have a city that's built in
a nice half circle around a big body of water,
and that we will talk about global warming and so
on and the changes of water level. So that has
(25:54):
had an impact on insurability.
Speaker 3 (25:56):
And have you lost deals because insurance companies won't insurance.
Speaker 4 (25:59):
There have been deals that have fallen over through, but
then you're talking to another insurance. There are insurance that
will take it. It just depends on what you're willing
to pay. I think you know if you're that's that's
where the market sits. But as I mentioned before, around
the city moving in a more positive direction now as
insurances have started to level off, it's got a bit
crazy for a while. I think there's more competitors have
(26:21):
come in and they've brought the pricing down of it.
Speaker 3 (26:23):
Chris have you looked at your insurance. I mean, I'm
in a different business, but I'm in a business and
we've started to you know, lots of profits. We used
to pay for those. Now we actually got rid of
those because we thought during COVID, oh don't worry, we're insured.
We found out very quickly that we were at insured
because pandemics aren't in your loss of profit. Have you
looked at your insurance and said, shivers, this is getting
(26:45):
too tough. I need to cut back on here and
do things with it.
Speaker 5 (26:47):
We we review our insurances every year, you know, in
terms of fire in general, and as you get older,
I think you also cut back your insurances in terms
of your personal policies and some of those other cross
shareholder policies and things like that.
Speaker 3 (27:04):
Do you still have health insurance?
Speaker 5 (27:05):
I do? Yeah, Yeah, I wouldn't drop that either. And yeah,
it's those non tradable parts of the consumer price index insurance.
It's been a keller. It's really hurt in christ Church
after the earthquakes. What was quite interesting, Ben, picking up
on your conversation on property insurance, A lot of the
(27:27):
policies assigned to the property and transferred from owner to
our owners, which is how insurance used to be conducted.
So that was just a response to the earthquake situation.
So I suppose with Wellington in earthquakes, you've seen some
more creative ways.
Speaker 3 (27:44):
It's still happening. Let's still have a deal that I
saw lately, you know that did exactly the same thing,
just crossed over. The insurance company just swapped it over
to the new owner. So those two deals are getting.
Speaker 4 (27:53):
Done absolutely, and then probably eight to nine times out
of ten it's like that. It's just there. There'll be
some depending on what the transaction is or the property
type or property sector, where it may have a little
fish or require a bit more analysis from either the
bank or the insurer, and that's where it can be derailed.
Speaker 3 (28:10):
Okay, the big one before we go to the side
where you're taking your guests, the Mayoralty race, Andrew Little's
put his name in the hat just in case you
didn't know crossops for you didn't know. I do, Yeah,
of course you do. Okay, I'll start with you.
Speaker 5 (28:27):
What do you think, Well, I mean, you're obviously I've
met Andrew and I liked him. I thought he was
a good guy when I met him. He I think
he's hard working, he's he's Look, I think I think
it's time for a change. I don't think it's I
think I can be a political in my viewpoint in
(28:48):
terms of he might not have got my national vote,
but he I think he's a solid, hard working, straight shooter.
He's a Walentonian born and bred Saint Pat's town, I
think from memory.
Speaker 3 (29:01):
Definitely not born and bread because he was born in
New Plymouth.
Speaker 5 (29:05):
My apology, but he's we won't hold it back on
him that he's the left foot it. But I think
he'll do a good job for the city. I think
he'd be a good candidate.
Speaker 3 (29:14):
Did you say he went to stream?
Speaker 5 (29:15):
I went to stream?
Speaker 3 (29:17):
Did you say town that's weird?
Speaker 4 (29:21):
Did you know that didn't they went there?
Speaker 3 (29:24):
I think right?
Speaker 2 (29:25):
And so.
Speaker 5 (29:27):
Maybe his sons went there anyway.
Speaker 3 (29:29):
I'm not sure. Okay, then tell us what your thoughts
are you looking like you've got a lot of notes.
He's got smoke.
Speaker 5 (29:37):
I'm just careful.
Speaker 4 (29:38):
Look, I love Wellington, born and raised and really proud
of the city. And the biggest issue I have at
the moment around it is the division that we're seeing
through local, local government, even central government. To a degree,
and that's unity reeds progress for me, and I don't
see that at the moment. There's there's fighting and disagreement
(29:59):
and we can't actually get on the same page and
until we sought that out. And that's what we need
from a new leader. If it's Andrew Little, if it's
Ray Cheng or Carl or Tory or whoever is the
one that the people We need the people to get
out and vote, but they need to get that behavior,
some of the sandpit behavior out and get some real
clarity back in leadership. And there's of course we've got
debt issues, We've got projects and safety in the streets
(30:24):
and incentivizing development and all these lists of policy that
we need to look at. Firstly, we're going to get
on the same page. We're not even there yet. We
just we tend to fight a lot of the time.
We don't have that unity and that's what's hampering I
think things at the moment.
Speaker 3 (30:37):
Hear here, Okay, someone very very special is a right now, Chris,
You've just opened your shop and town and you've got
someone that you really care about and really is important
to you. Arriving into Wellington, you're driving out to the
airport and you're thinking to yourself, what the hell am
I going to do to impress this person? What are
you going to do in Wellington?
Speaker 5 (30:54):
I'd go straight to the Marinu Surf Club for breeky
or coffee on the way and from the airport. I
think that's an easy sort of segue from the airport,
isn't it.
Speaker 3 (31:03):
Yep?
Speaker 5 (31:05):
It's always been a spectaculus spot to have a bite.
And then on the way back into town, I swing
by a Portneck yacht Club, which I think, on a
beautiful morning is a pretty special pad of Wellington with
the water right out on the hard there and the
working yachts and boats and things and that in that
yacht Club's always been a special place for me and Wellington.
Speaker 3 (31:26):
Great. Come on and Ben, someone that you played rugby
with in France Wellington and never been here before, and
they are out at the airport and do you want
to show off Wellington? What are you going to do.
Speaker 4 (31:36):
Well I'd probably I'll go to Spruce Scoost this time. Mack,
we'll go the other one.
Speaker 3 (31:43):
Your job and then look.
Speaker 4 (31:46):
I'm a big fan of the markets on a Sunday
here out on the waterfront down here, the or the produce,
everything that's going on, the sites and sound smells, all
the rest of Wellington that it's best on a nice
day that would be one there and then i'd I
could pick up a Saints game or a Hurricanes game,
or maybe some open homes Blair Street, College Street or
something like that.
Speaker 2 (32:10):
Out there.
Speaker 3 (32:12):
I'll tell you what. That market is a hidden gym, though.
I mean every time I go down there, I think why.
I mean, it is very busy, but I say to myself,
why the hell isn't this actually nuts? It's so good.
It just feels so welly to know a little bit
of music playing, get yourself somebody to eat, get some
veggies for the weekend. Can't you can't beat it? Thank
you both very very much for joining us this morning.
(32:33):
I told you, Chris, it would go pretty quickly. You
haven't even looked at your watching the Working Styles director
Chris Dobbs, who's just opened his new shops, and please
check it out. I'm going to check it out. He's
going to give me about you to get a discout.
I say, yet, bid doesn't need the discount, by the way,
he's got he's got pleady he's got he's got a
beautiful suit on, so he's Oh, there you go. CEO
(32:57):
of of Tommy's real Estate, Ben Castle and Chris Tops
thank you both very much for joining us.
Speaker 1 (33:04):
For more from Wellington Mornings with Nick Mills. Listen live
to news talks It'd be Wellington from nine am weekdays,
or follow the podcast on iHeartRadio
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