Sentimental Bob back in business
Tuesday 6 July 2004
Sentiment – and not just dollars and sense – is behind Sir Robert Jones' increased investment in the Wellington property market.
By The LandlordSir Robert confirmed yesterday his purchase of Lambton House for $18.3 million – his fourth big building buy this year.
On settlement, his company Robert Jones Holdings Ltd planned to spend $400,000 refurbishing the 14-storey building's lifts and air conditioning.
The building, fronting both Lambton Quay and The Terrace, houses the head office of Land Information New Zealand.
A combination of affection for his home town, cultural factors and property trends has helped to reawaken Sir Robert's interest in the Wellington market.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.