|TERRY THORNTON, AREINZ
Principal, Thornton Realty
With a real estate career spanning more than 20 years, Terry Thornton has been involved in every aspect of the industry, orchestrating many successful project and marketing campaigns along the way.
Never one to follow a conventional path, Terry based himself in Auckland working with respected commercial and industrial specialists, Bayleys and Colliers. He found his niche tackling challenging and diverse real estate projects around New Zealand and has been involved with many high profile property transactions over the years.
After an absence of 25 years, Terry returned to Hawke’s Bay in 2001, continuing his association with Bayleys, becoming a local franchise partner and setting up the Havelock North office.
This progressive region provided the perfect environment for him to set up his own agency in 2006 by forming a small specialised team, with the emphasis on being the “delicatessen” not the “supermarket” .
Recognised as a leading marketer of premium property covering all sectors of Hawke’s Bay real estate, Terry’s core principle is to build strong relationships and tailor independent marketing packages for each property he represents.
As a licensed auctioneer for over 35 years, Terry has conducted hundreds of auctions as diverse as antiques, fine art, plant, machinery and property.
At last count, Terry’s career sales and leasing exceed $230 million. Some of the notable transactions being:
• When with Bayleys Auckland, the sale of the old Auckland Star Hotel site at 23 Albert Street, for $25m. Even by today’s standards it is significant, as a 3295m2 site it is the most expensive sold in NZ and currently valued for rates at $19.025m. The building on the site is headquarters for ANZ bank, with a total value of $201m.
• In 1996, conducting the auction of 45 BNZ bank branches throughout NZ over a 3 day period in Auckland, Wellington and Christchurch, all of which sold under the hammer for a total of $26.1m - 15.2% in excess of the reserves.
• In 1997, selling 12 ASB branches - all under the hammer for $6.35m.
• The Shoal Beach seaside development at Aramoana, Central HB, where 14ha was sold to the developers who subdivided it into 51 sites. This was followed by the auction of 11 sites (all sold under the hammer in excess of the reserves) and selling a total of 23 sites in the first week.
• For Eastern Equities Corporation (HB Farmers Transport/Roadfreighters), conducting a tender campaign on a lease-back basis to sell 5 of their depots in Gisborne, Napier, Hastings, Waipawa and Feilding. They were all purchased by investors for a total of $9.7m.
• On a commercial basis, the lease and subsequent sale of a Hastings office building with 4000m2 of lettable space + 110 car parks - the majority to the HB District Health Board as anchor tenant and the balance to four others for an annual rental in excess of $700,000. The complete development was sold for $8.35m.