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Chamber Proposes New Approach to the CBD Tutanekai Shopping Precinct
The public consultation process on the CBD revitalisation project currently being undertaken by Rotorua District Council is an exciting opportunity for our city leaders to create a shopping precinct that is a real experience for residents and visitors alike. The Rotorua Chamber of Commerce has conducted considerable research among its members and worked with local architects to produce a suggested design and format for a 'Tutanekai Shopping Precinct'. This concept has been included in the Chamber's submission to the Council.
 The precinct will occupy the four blocks of Tutanekai Street from Amohau Street to Haupapa Street. The new precinct will be a natural extension of the current pedestrian mall included in Rotorua Central. This would seem a logical move with the possibility of the Victoria Street development and the resultant change of Amohau Street to a street rather than a highway. It would also mean that there is better integration of the CBD and Rotorua Central with subsequent encouragement of foot traffic along the extended pedestrian precinct.
The installation of two sails in each block, will provide some protection against bad weather and, of course, protection from UV on Rotorua's great sunny days. The eight new sails will create a strong aesthetic appeal adding to the image created by the existing sail over City Focus.
Recognising the lack of rear access for a number of the retail outlets along this stretch of Tutanekai Street, it would not be possible to totally restrict vehicle access. The plan is to have single lane access with 15 minute loading bays or limited parallel parking areas to allow access for deliveries, emergency services and vehicles for disabled people.
The angle parking allocation would be removed. This area plus the area made available by reducing from two lane traffic to single lane traffic would be converted to pedestrian space. Better utilisation of the Hinemoa parking building and Haupapa Street carpark would compensate for the reduction in parking spaces.
The increased pedestrian space would be the opportunity to introduce attractive street scaping, trees and gardens, seating areas, island retail stalls and food and beverage facilities.
The current City Focus building could be relocated with the intersection between Tutanekai and Himemoa Streets remaining as a pedestrian space. The lateral streets of Amohau, Eruera, Hinemoa and Pukuatua all provide traffic access between Amohia and Fenton Street. The quality information services currently provided from City Focus could be extended to provide a number of island information kiosks sited in the extended street from the southern end of Rotorua Central Mall to the Lakefront.
The focus on creating a positive and attractive environment should attract increased foot traffic of both residents and visitors. The increased pedestrian space will provide opportunity for features and entertainment that will add to the shopping experience. The added service of quality food and beverage outlets and seating areas will encourage and attract shoppers to spend more time in the retail precinct. The increased foot traffic with potential increased retail spend should attract more national and international retail operators to the city.
The proposal is not unique. The concept of pedestrian precincts has been introduced in many cities and destinations nationally and internationally. As examples in New Zealand, the shopping precincts in Wellington CBD (that started with Cuba Mall but that has now been extended to other areas) and Emerson Street in Napier are two worth studying. Offshore, the development on Rundell Mall in Adelaide has many similarities to the opportunity suggested for Tutanekai Street. The tourist promotion of Rundell Mall in the media is a very good example of the advantage of such a development.
Some in Rotorua will think back and recall the Mall that was created in Tutanekai Street a number of years ago. However, there has been considerable change to the retail environment. Rotorua Central has been developed and has added a new dimension to retail in the city. Foot traffic patterns have changed.
Retail behaviour and expectations have changed with the development of covered malls and different retail areas. Retail competition has changed considerably as resident shoppers are more willing to travel to other destinations to have a different retail experience. Shoppers are demanding more variety and an enjoyable experience. The number of visitors to Rotorua has increased considerably since those early days and, with the trans-Tasman capability of the airport, is projected to have another considerable surge in numbers.
The Chamber of Commerce suggests that now is the time for Rotorua to have the courage to develop a retail precinct that in itself becomes a tourist attraction adding to our existing wealth of resources.
Outlook 2008 A Difficult Time For Business
These are interesting times for the NZ economy. The housing market is reeling, and a marked slowdown in our traditional trading partners looks likely.
In the other corner we have a super-tight labour market, a dairy bonanza, expansionary fiscal policy, and strong growth in Australia and China. Add to that the very real prospect of a breach of the inflation target, and the stage is set for a showdown.
The labour market is as tight as a drum. High emigration to Australia is constricting labour supply at a time when businesses are keen to employ.
The unemployment rate hit a new 25-year low of 3.4% in the last quarter of 2007, and the labour cost index showed its highest quarterly increase (1.1%) since the series began in late 1992. Wage growth has in recent years followed rather than led CPI inflation, but there is no reason a wage-price spiral can't develop if things get to a certain point.
NZ has a serious inflation problem. The Reserve Bank’s December forecasts showed CPI inflation peaking at 3.5% in mid-2008 and not returning to the target band until 2009. There are substantial known factors they have not yet incorporated in particular the upcoming Carbon Emissions Trading Scheme. Add upside risks from food and energy and we see inflation peaking higher and remaining high for years.
Accordingly, although the Reserve Bank is firmly on hold for now it keeps a wary eye on world developments, we think it will soon have no choice but to foreshadow more rate hikes. Otherwise, it will not be able to credibly forecast inflation that's consistent with its mandate of 1 to 3 percent on average over the medium term.
Of course, this scenario hinges on Australian and Chinese growth proving relatively robust to the US slowdown. If not, lower export revenues will do the RBNZ's braking work for it, and further hikes will not be required.
With or without further interest rate increases, the housing boom is well and truly over. Sales are down a third on a year ago and prices have been flat to falling for nine months. We expect prices to fall some 5%, and to be still around today's levels in five years' time.
Household spending in NZ is unusually sensitive to house prices, but we nonetheless expect spending to remain relatively robust. The extra dairy cash windfall arriving this year is worth more than 2% of GDP, and all the evidence is that it is being spent.
NZ's strong terms of trade has given the country an opportunity to correct its significant savings imbalances in a gentler way than other developed nations with similar problems. But is the dairy boom all a one-year wonder? We do expect dairy prices to fall.
The “perfect storm” of demand and supply factors that last year saw world prices double is unlikely to be repeated; a strong supply response is now coming through. But prices are proving remarkably resilient. We also expect lamb and beef prices to improve.
In sum, NZ's prospects depend on how Australia and China fare in the next year or two. Assuming demand from these countries holds up, our economy should muddle through in reasonable shape, and the Reserve Bank will have to do its own work to bring inflation down.
Sustainability and business benefit through ICT
Sustainability hit the headlines in 2007 and is set to be an even bigger issue in 2008. This year all Government departments and energy companies will be required to produce carbon reports by law.
Complying with new sustainability mandates is also about to become very tough and very real for businesses with carbon reports being compulsory by 2010. Legislative measures such as these, and the reality of the modern world, means it is becoming increasingly crucial for consumers and businesses to get smarter about resource consumption.
Harnessing the power of ICT is already enabling many businesses to not only meet their social and environmental responsibilities, but to improve their bottom line and gain a competitive business advantage.
The New Zealand Business Council for Sustainable Development says businesses that have adopted sustainable practices report benefits including: a reduction in operating costs, improved identification and management of risks, increased ability to attract and retain employees (vital in today's tight labour market), increased learning and innovation, and increased value through positive customer reaction.
At the same time as ICT is being used as an enabler, it is also part of the problem, and the sustainable procurement, use and disposal of ICT hardware is becoming more important due to the rapid growth in the number of computers and other electronic equipment during the last 10 to 15 years.
A 2006 report on e-waste in New Zealand estimated that there are 16 million electronic devices currently in use, including 10 million CRTs, with nearly 1 million being added each year. Much of this equipment is now reaching the end of its life and its disposal presents a new sustainability challenge.
Sustainability is no longer the realm of fringe greenies. The NZ Business Council for Sustainable Development's 66 member companies boast annual sales equating to more than 34 percent of gross domestic product, proving big business is taking sustainability seriously.
So what can smart businesses do that want to be among the early adopters using ICT to fulfil their corporate sustainability responsibility while realising a competitive advantage? Consider the following:
Use video, web and audio conferencing to reduce your business’s travel miles. An unexpected upside may also be providing employees with a better work / life balance.
You can reduce travel further by using collaboration tools such as Microsoft Sharepoint to share documents. At the same time you may also save data storage by not having 20 versions of the same document!
Asset management tools such as RFID tagging can provide you with real time information on the location of your assets. As a business tool this technology can reduce the likelihood of valuable assets going missing and can also reduce the amount of non-renewable assets you may need to repurchase.
Finally, make sure you purchase energy rated and approved computer hardware that will help reduce energy consumption and costs. When it's time to upgrade then recycle your used hardware. Companies such as HP provide recycling services and you can also recycle your Telecom mobile phones at your local Telecom retail store.
Through the clever use of ICT your business can not only meet its corporate sustainability responsibilities and put itself in an excellent position to meet any soon to be legislated mandates, it can also gain real business advantage and improve the bottom line.
To discuss how ICT can help address your business's sustainability requirements, simply call your local Gen-i Rotorua office on 07 343 9276 or visit http://www.gen-i.co.nz/.
Action Plan to Increase Affordable Housing
I am pleased to be able to tell you about the package of initiatives that was announced by Prime Minister Helen Clark recently. It marks the beginning of a bold new direction in housing policy in New Zealand. This Labour-led government is working on a comprehensive plan of action to help families into home ownership by boosting the supply of affordable houses.
As you will be aware, house prices are beginning to stabilise, but have nevertheless risen sharply in recent years. While this is a positive reflection of our buoyant economy, the government recognises how hard it is right now for families to buy their first home.
The Labour-led government is determined to increase housing choices and to reduce cost pressures so more people can realise the Kiwi dream of home ownership. This is best achieved by building greater numbers of modest homes for first home-buyers, which will also help keep prices down more generally.
To substantially increase the supply of affordable housing New Zealand needs to develop large scale urban housing projects which incorporate realistic numbers of affordable homes. The private sector and central, regional and local government need to work in partnership to deliver these projects.
In other countries Urban Development Agencies (UDAs) oversee the planning of intensive and new developments, with the private sector carrying out the developments. They undertake specific development projects that are of a scale and complexity that would not occur in the private sector alone.
UDAs have been established in most states in Australia and have been able to demonstrate commercially viable and sustainable housing development, high-quality design, and urban regeneration. Some have also facilitated the provision of affordable housing, community facilities and services, and initiated redevelopment in strategic places where there was little market interest.
They have been used to coordinate faster urban development of large, strategic sites with roles including: land acquisition and amalgamation; fast-tracking regulatory approvals; and specification of design, quality standards and affordable housing requirements. The potential for win/win situations in our region is very exciting.
The government is also going to re-evaluate some of the regulatory costs which, while not the largest drivers of house price rises, have contributed to them. The government will, for example, look at how to simplify the design and building consent costs for starter homes. I attended the Bright Economy Forum where we heard of building cost pressures; the Affordable Housing plan will alleviate some of these issues. The Affordable Housing: Enabling Territorial Authorities Bill now before Parliament is yet another tool which should soon be available to increase the affordable housing supply in some areas.
I am confident that this policy, with its wide ranging solutions to our national housing affordability problems, will improve the lives of many families in our region. Partnerships, both private and not-for-profit, will benefit the community in many ways.
Uni Games 2008
University Sport New Zealand (USNZ) organises national and regional sporting competitions as well as training and development opportunities for tertiary students. Our goal is to run high quality events for large numbers of student athletes and to create opportunities and develop the environment for tertiary students to participate in sport and physical recreation at all levels.
All ten Universities in New Zealand, representing 166,000 full and part time students, are members of USNZ and their students are eligible to compete in USNZ events. In June 2007 USNZ's members passed a motion to start opening up the membership to all tertiary institutions. This came into effect from January 2008 where polytechnics have the opportunity to compete in our many events.
 The 2008 Uni Games are coming to Rotorua! For the first time ever in New Zealand a non- University City has been selected to host the Uni Games. The Uni Games have been held on an annual basis since 1902. Over two thousand participants are expected in Rotorua from Monday, 14 April to Thursday, 17 April. Athletes will compete in a record 30 sports, spread across the city. In another first, polytechnic students will participate including students from Waiariki Institute of Technology. Four universities from Australia will also be attending the Uni Games providing an international feel to the Games.
University Sport New Zealand is grateful for the excellent support and assistance from the Rotorua District Council and Waiariki Institute of Technology. Other local businesses still have the opportunity to get involved and many have been engaged already for goods and services. The economic impact of the event will be significant. The city clearly will be on show to local and national media and to all competitors as New Zealand's future leaders come to compete in the city.
University Sport New Zealand is also actively looking for volunteers for the Uni Games and a recruitment campaign will be held in February where 100 to 150 local volunteers will be sought. This is a great opportunity for all members of the community to really get involved in this great event; we look forward to your support.
We look forward to the continued support of the Rotorua community and to seeing many of you and your families out supporting some high level sport in the city.
What’s New in Tax?
When Roger Gordon, the CEO of the Chamber, suggested I write a short article on “What is new in Tax”, I don't think he realised it's a bit like lifting the lid on Pandora's Box. There is a saying that there are only two certainties in life, death and taxes. I've said before that 'change' should be added because we now live in a world of change, and there are some changes in the tax system this year that people in business need to be aware of. I can only talk in general terms because by its nature, tax can be complex and there are technical aspects to the changes which are outside the scope of this article. If you think the changes are relevant to you, seek professional advice.
GST and Provisional Tax Alignment
As most readers will be aware GST returns and payments due dates are now the 28th of the month following the end of the GST period. As from 1 April, Provisional Tax can be paid together with GST with details on the same form (for those who are both GST registered and pay Provisional Tax). There will be an automatic alignment of GST return periods with your Balance Date.
Reduction in Company Tax Rate
As from 1 April 2008 the Company Tax rate reduces from 33% to 30%. There will be a transitional period for imputed dividends at 33% starting from the first day of the company's 2008/09 income year and ending on 31 March 2010 i.e. during this time companies can impute dividends to 33% to the extent of their pre-2008 tax year imputation credit balances. Only dividends paid out to individuals, trusts or other entities that are not on the new 30% tax rate can use the old 33% imputation credits.
Revenue Alert
In the May 2007 budget IRD received $14.6m to target property speculators. The current provisions provide the IRD with the tools to challenge the tax status of many land transactions. Historically the department has not had the resources to administer the law properly. The additional funding will rectify that. Essentially income tax provisions are sufficiently broad to capture any dealer or developer who acquires land for the purpose of sale or subdivision but hides behind an entity that they claim is not tainted by or associated with such dealing or developing activities. Therefore, if you have been dabbling in a bit of property development and calling the proceeds 'capital profits' then don't be surprised if at some time in the future you receive an IRD letter wanting to ask a few questions.
Redundancy Rebate
One of the little known changes coming out of the May 2007 Budget is a redundancy payment rebate to make the taxation of redundancy payments more equitable for those people who find themselves in a higher tax bracket as a result of the redundancy payout. It will apply to payments made on or after 1 December 2006. The rebate is 6% up to $60,000 and capped at $3,600. Taxpayers will have four years from the date of payment to make a claim. As always there are exclusions but if you think you might be entitled seek advice for the details.
Other Changes as a result of the May 2007 Budget
- Research and Development Tax credit
- Kiwisaver changes
- Relaxation of rules relating to tax penalties
- Increased tax incentives for making charitable donations.
- Proposed changes to the rules relating to “Associated Persons”.
So there you go. It doesn't look much but the changes are far-reaching and will have a significant impact on business.
This article was submitted for the interest of members by Stuart King of Nairn Fisher Limited, Chartered Accountants. It should be used as a guide only and it is recommended that you consult with your tax advisor or Nairn Fisher Limited before acting on any of the information contained in the article.
Should You Pay Tax When You Sell A Property?
In recent years, more people have been buying and selling properties. Did you realise income from property sales may be taxable?
When do you need to pay tax on a property sale?
It all depends on your intention when you bought the property.If you bought a property with the intention of selling it - to make a gain from the increase in its value - the profit is likely to be taxable. This doesn't mean that you need to pay tax when you sell the family home. If you bought a property to provide a family home, any profit from the eventual resale will most likely not be taxable, although if you do this regularly we may look at your activities more closely.
It usually comes down to your intention when buying a property. A good test is to ask yourself: "What were my reasons for buying this property?"
To work out your intention, we listen to what you say, and we look at your actions. For example, we may look at your history in buying and selling properties, or at statements you have made about your intention when you bought the property.
We acknowledge that everyone's circumstances are different, and we consider all the facts on a case-by-case basis. We are looking closely at property transactions that have occurred in the recent past, and we have already identified some of the common errors people make.
If someone doesn't pay their tax, or pays less than they should, we all miss out. For example, the estimated loss of revenue from the tax on undeclared property income is more than $100 million a year - revenue that should benefit the New Zealand community.
Another area we're concerned about is the use of Loss Attributing Qualifying Companies (LAQC), where people transfer the ownership of their own family home into an LAQC of which they are the sole or controlling shareholder, then rent the property back to themselves. Typically, the LAQC offsets expenditure against this rental income, such as maintenance, depreciation, interest, rates, and insurance. Again, typically, as these expenses usually exceed the rental income, the loss that is created is then attributed to the shareholders under the LAQC rules, and they offset this loss against their other income.
The expense of living in the family home, such as those listed above, is normally considered to be private expenditure and not deductible for tax purposes. Using a LAQC in order to claim these expenses may seem like an attractive idea, but we consider that, generally, this is tax avoidance.
If you think you should have paid tax on the sale of a property or if you think you have claimed some expenses as tax deductions but shouldn't have, please talk to us or to a tax advisor.
Vodafone New National Alliance Partner
Rotorua Chamber of Commerce Members are entitled to various special offers from National Alliance Partners. Recently the Auckland Chamber of Commerce formalised a new relationship with one of the world's leading communications providers.
The Auckland Chamber of Commerce are pleased to announce Vodafone NZ as the newest Alliance Partner. Vodafone NZ is offering Chamber members the choice of the following plans*:
 $30 a month access and 30c a minute with 100 Anytime minutes on the Vodafone network or landlines while in N.Z
- $35 a month access and 33c a minute with 200 off-peak minutes to any landline or mobile while in N.Z
There are also a number of other offers available for Chamber members.
Vodafone & First Mobile have a dedicated Service Centre for Chamber members catering to all your communications requirements covering mobile, landline & broadband. Simply call 0800 863 266.
*Auckland Chamber Of Commerce Plan available to Auckland, Far North, Northland, Cambridge, Waikato, Tauranga, Rotorua, Eastern Bay, Taupo, Te Awamutu, Gisborne, Chamber Of Commerce members for New & Re-sign connections only. Mobile rate plans exclude GST. Vodafone Terms & Conditions Apply.
Career Month Goes Bay Wide
The success of 2007's inaugural Rotorua Careers Month of May will see the initiative being extended to include Rotorua, Taupo, Tokoroa and Whakatane.
Careers Month is an initiative to highlight to our young people, parents, careers changers, employees wanting to upskill, employers encouraging staff to upskill and the community the opportunity to understand what training and employment possibilities are available on their back door.
2007's inaugural Careers Month attracted over 50 events in the month of May and 2008 preparations are well underway. Chairperson of Careers Month, Jo Gargiulo, encourages anyone who would like to add an event into the calendar to get hold of her. “We would like to not only see training establishments partake in Careers Month but to encourage employers and businesses to open up their organisations for site tours or open days so the public can understand what jobs are available and how to get into particular careers.
“With skill shortages a common problem regionally, nationally and globally Careers Month is a great and creative way for training establishments and businesses to get out there and promote themselves.”
Even though Careers Month is about encouraging young people to train and work locally and show them the options to do so, it is also about encouraging mature students, career changers into new study or careers and employees to upskill to the next level within the organisation, Miss Gargiulo goes on to say
“We want to empower and excite people about their careers and the career journey they take through training and employment. The Careers Month Steering Group is proud of the training and jobs that we can provide in the region and it's about standing tall and saying our region is a fantastic place to live, work, learn and play.”
Careers Month is also about acknowledging our people who have moved out of this region to study and get them to think about returning home with the additional skills and experience they have gained to a region that can provide them with a work/life balance.
“Rotorua, Taupo, Tokoroa and Whakatane are great areas to live, work and be educated in and we as residents of these regions need to be the ambassadors to say 'hey you can get great qualifications and have a great job right on your door step'. We are encouraging people to get educated in the region so it's more affordable especially with accommodation and cost of living expenses”.
Careers Month is not only about promoting education and job opportunities but it is about working collaboratively to build economic wellbeing and sustainability for our future and look at the big picture of trying to alleviate the skills shortages we face as a region.
Events in place for 2008 Careers Month to date are:
- Rotorua Careers Expo.
- Tokoroa Hospital Open Day.
- Rotorua/Taupo Industry
- Training Graduations.
- Rotorua Rotary Careers Evening.
- Building and Construction ITO Bus Trips.
- Hospitality Road shows and Site Tours.
Shop Rotorua
Views of the Art Deco Festival 2008 in Napier
The Art Deco Festival has been held annually since 1989 in Napier. It began as a small two-day festival and now lasts for five days with some events running over a fortnight. It is truly like walking into a time zone! Jazz, cocktails, flappers, zoot suits, sleek cars and other embellishments of the 1920s and '30s are celebrated with glitz and glamour. More than 60 events are run by the Council, clubs and private entities with massive participation from locals and visitors to the city. Last year over 25,000 people went on guided tours through the CBD in five days at $20 per person.
 Forget about dropping into a hospitality venue and finding a seat straight away or finding accommodation! Everything is pre-booked. I pre-booked a two bedroom home in October as there was no-where else available. Bookings are being made now for next year.
There are two Jewels of the Napier Town. One is the Marine Parade Sound Shell area - like our Lakefront but they take full advantage of this space. The second is Emerson Street, the pedestrian precinct. An amazing street: very social, full of fun, and with something going on all the time. A live radio broadcast, excellent buskers, cafés, seating areas, boutique shopping, inner city living, palm trees, market areas and no restrictions on promotions along the entire street area. There is a one-way traffic lane with loading bays. Ask any retailer if they would prefer parking outside their shop and they will throw egg on your face! They love the environment and atmosphere of this street and so did I. The Thursday before the main Festival had begun this area was still very busy and was experiencing normal foot traffic. Friday to Sunday was organised chaos but absolutely fabulous. The Queen Victoria is the largest ship to ever visit the city and it arrived on the Saturday during the Art Deco Festival. The 2,000 passengers who flooded the Napier CBD must have been wondering if they had just entered the Bermuda Triangle! It would be great to recreate some of Napier's magic, using the Lakefront and the Emerson Street concept in our CBD. I was totally impressed by how a small town could have a big town feel, wealth and attitude. Rotorua could absolutely do this.
The Wiggley Experience
- Free use for all Visitors and Locals.
- Every Friday and Saturday evening from
- 6pm to 9pm.
- Saturday from 10am to 4pm
- A great service for the CBD retail area. Providing
- a free hop on/hop off service for shoppers as they tote their bags full of shopping.
It also helps ease the parking challenges and creates a safer transport option within the city in the evenings. There are still six spaces available to advertise on the shuttle. Be in quick to take advantage of a unique way of advertising and support this valuable service.
Contact Retail Promotions Coordinator Cath Weston on 07 3457775 or 0274578777.
ROTORUA CBD RETAILERS FORUM
Thursday 6 March 2008 - 5.30 - 7.30 pm
Committee Room 2, Second Floor, Rotorua District Council Building
- Purpose of Forum
- Release of the results of the Brand Logo Competition
- Release of the new Website
- Building Benefits for Retailing
- Report on last six months promotion
- Discussion on Future Promotion
- Up-Coming Promotions with Shop Rotorua
Retailers should mark these events in their calendar. Information will be released to all retailers as each event is planned. All businesses in the CBD are included within these Promotions and can participate and take advantage of all the events.
21 - 24 March Easter Shopping Spree
Amazing Chocolate Race
14 - 17 April Operation Unigames
Dress the City; Adopt a University
Shopping Spree Unigames
30 May - 2 June Queen's Birthday Shopping Spree Queen's Birthday Market Sale
4 - 13 July Operation Mud -Dress the City for Mud Festival
Mud Shopping Spree
What is Coming to Town soon…
22 - 30 March
The World Fly Fishing Championships arrive in the city at the same time as Shop Rotorua Easter Promotions. The competitors bring their families and not everyone goes fishing!! Shop Rotorua recommends retailers feature a 'Welcome to Rotorua' in their premises to help the visitors to this international event feel at home.
31 May -1 June
The Targa Rally will coincide with Shop Rotorua's Queen's Birthday Market Sale. Shop Rotorua recommends a ‘Welcome to the Targa Rally' sign in premises to recognise competitors and their supporters.
Operation Christmas Winners
Retail
Best Creative Small/Miniature Christmas Window Henri Francis Gemtime Jeweller
Best Creative Large Christmas Window Mike Steiner Interior Design
Best Creative In store Christmas Display Arawa Fine Wines
Hospitality
Best Menu Christmas Theme Freo's Café
All retail and hospitality winning sections receive the following prize pack valued at $1,186 each: $250 radio advertising from More FM; $250 radio advertising from Classic Hits; $250 newspaper advertising from The Daily Post; $250 newspaper advertising from the Rotorua Review;
$150 services from Photo Arts, Your Design Factory; and one dozen beer from Croucher Brewing Company.
Shopping Spree Winners
The Shopping Spree draw was made each week from the average of 5,000 receipts per week in the collection bin. The winners were:
Sue Forsyth who chose to spend her $500 at Furniture Court
Debbie Cartwright who spent her $500 at Serious Fun
Debbie FitzGerald who chose to spend $250 at each of The Flight Centre and Pascoes
Lyn Bradbury who chose to spend $300 with Serious Fun and $200 with McKenzie Country.
Rotorua's Newest Private Equity Group Officially Opens For Business
EROS Capital Ltd, established by the successful father and son team, Phil and Marty Veryy, held its official launch ceremony on 13 December 2007 at its new offices built in the Waipa Valley Business and Recreation Park, Rotorua.
Following their success in developing and growing the Red Stag Timber Ltd business over the past few years, they will extend their business interests via their new private equity company; EROS Capital Ltd. EROS Capital invests private equity into promising ventures in a range of sectors.
“The primary focus is to select those projects to which EROS can add significant value, through its group of businesses, physical and/or human resources and significant networks, as well as contributing financial and human capital. EROS controls the investment funds internally, which allows great flexibility and speed in directing how and where these resources are applied. We are one of very few private equity groups in New Zealand able to operate in this way,” says Phil Verry.
“EROS will be staying true to our corporate ethos of creating solutions by combining people, innovation expertise, and resources, to develop success strategies”, he says.
EROS is already underway with several projects, some of which will have a wider benefit to the Rotorua region. These include:
- The proposed Trailblazers mountain biking centre and resort facility, to be located at the entrance to the Waipa Valley Business and Recreation Park;
- The development of the Waipa Valley Business and Recreation Park into one of Rotorua's premier business and industrial parks with the added value of the proposed mountain biking centre and resort;
- China trade, exporting, some importing and specialised Chinese business translation and facilitation services through its subsidiary company, NZ China Direct Ltd. Part of the current focus of this company is opening a New Zealand store in Rotorua Town, Nanjing China.
- Technology commercialisation, via a new technology investment fund to be applied against select investment opportunities.
- Residential property development, with an initial waterfront townhouse development underway for a rare site on the coast of Lyall Bay, Wellington.
Phil Verry outlined the new company's business model and referred to potential projects in Rotorua, other parts of New Zealand, the Philippines and in China. EROS Capital's new offices provide the operational hub for project teams involved in these projects.
General Manager of EROS Capital, Mark Rawson says “Our role in each project varies greatly, but typically we go beyond merely assisting with funding, and get involved in structuring transactions, strategic planning, IP protection, market and business development, board representation, and providing access to networks and skills.”
Mayor Kevin Winters officially launched the company and its new offices at a function attended by around 100 of Rotorua and the wider BOP's leading business people and politicians.
Mayor Winters said “It is great to see an innovative company such as this, backed by successful people, establish its head office in Rotorua. I congratulate Phil, Lyn and Marty Verry with their success in turning around Red Stag Timber's Waipa Sawmill and I am confident that they will add much more value to our city through the establishment of EROS Capital Ltd.”
Mark Rawson said “The team at EROS Capital welcomes the opportunity to meet with businesses to consider project opportunities where the EROS resources may be able to assist.”
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