Coastal & Country is an independent real estate agency and advisory business based in the Bay of Islands. We cover residential, rural lifestyle, horticulture, farming, commercial, tourism and special project property categories and going concern businesses — and we strive to deliver a premium service and result for every client.

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Robt. Jones vs MacDow

High Court Expert Witness

Perhaps the biggest property litigation in New Zealand history involved prospective investor Robt. Jones Investments defending a NZ$130 million liquidated damages claim from MacDow Properties relating to early withdrawal from a contract to purchase the Coopers & Lybrand (now ANZ) Tower in Auckland. The legal arguments focused on a fundamental requirement of the contract for certain leasing criteria to be achieved before the purchaser was obliged to acquire the building. Ipso facto if the thresholds could never have been met there was no obligation to purchase and there could be no liquidated damages claim.

In 1992 Nigel Mayson developed the first comprehensive relational database of commercial buildings and tenants for the Auckland property market which could interrogate data by various inputs such as building grade, location, tenant size, lease expiry, rental level etc. The database was a valuable tool in modelling historical and predicted supply and demand trends and preparing supporting evidence.

Responsibilities

  • Analysis of current building vacancy and demand levels.
  • Analysis of building stock and tenant numbers by property category.
  • Description of underlying factors affecting supply and demand.
  • Forecasting the potential future level of demand.
  • Modelling impacts of oversupply and scarce tenant demand on reversionary rentals.
  • Forecasting future investment value.
  • Presentation of expert evidence in court.

Client
Robt. Jones Investments