Roading woes drawback to foreign investor

Brett Schofield of Macquarie Goodman Australia told the Property Council's annual commercial property investment seminar at the Auckland Club why the listed trust had invested $150 million in New Zealand in the past 18 months.

But he also told of the drawbacks, criticising a lack of infrastructure in Auckland (particularly its congested motorways), a different form of documentation on lease agreements and less skilled lawyers.

Occupancy costs in Sydney were so refined that many tenants would estimate how many gear changes their vehicles needed to get from a property to a motorway, he said.

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