Property pays: Rich listers love land

20:37, Jul 31 2014
Antony Gough
RICH LISTERS: The Christchurch Gough family's estimated worth of $350m is based on property and their Caterpillar dealership.

Property continues to be a solid investment for Canterbury's long-established Stewart, Carter and Gough families, according to a wealth list.

The NBR Rich List 2014 also shows that dairy farmers are among the new wealth to ''come to town''.

The high-profile Stewart family is worth $300 million, up from an estimated $280m last year.

Mark Stewart, who has rural properties in Canterbury and the Waikato, paid $15m for Sky TV founder Craig Heatley's old house in Auckland's Takapuna.

Yesterday Stewart said neither he nor his family paid any attention to the NBR list, though others appearing in the ranking did.

''I haven't read it and neither do we follow it to be honest . . . Most people [featured] would view it as quite an invasion I'd imagine. At the end of the day people do their own thing.''


The Christchurch Gough family's estimated worth of $350m is based on property and their Caterpillar dealership.

Their worth was $300m on last year's rich list.

Family member Antony Gough has significant property holdings.

NBR reports that there is no denying his enthusiasm for the Christchurch rebuild, ''but he was forced to call a 'wee pause' to his flagship Oxford Tce retail development [while] tenancies and costs are locked in''.

Philip Carter, a well-known property investor now involved in the rebuild of quake-torn Christchurch, is valued at $120m on the list, down from $150m last year.

Carter set up property company HCG Group to take advantage of the rebuild ''but it has not been conspicuous'', NBR says.

The company is named after its founders - Quin Henderson, Philip Carter, and Ben Gough.

National Business Review chief reporter Duncan Bridgeman said it had been another good year for the country's rich.

From the hi-tech fields of cloud computing, such as Xero, to the great dairying plains of Canterbury and Waikato, ''fortune favoured the brave''.

Kevin Hickman, who co-founded retirement village operator Ryman Healthcare, has had his estimated wealth jump to $350 million, from last year's $250m.

An estimated $50m of his wealth is connected to interests in residential, industrial and rural real estate, NBR says.

The other Ryman founder, John Ryder, is worth $70m though he is no longer as actively involved in Ryman, which started in 1982.

Bridgeman said home-grown rich listers collectively passed $50 billion for the first time, with 13 newcomers.

Their combined wealth of $51.2 billion in 2014 was up from last year's $47.9b.

Most rich listers had gone up in value due to property and share market gains.

The Fulton family, with links to roading firm Fulton Hogan, have an estimated value of $400m.

Queenstown-based jewellery retailer Sir Michael Hill is worth $300m, as is the Motueka-based food processing Talley family.

Hotel chain developer Earl Hagaman, and his wife Lani, are given an estimated value of $180m.

The wine-growing Giesen family, which has established a bottling and warehouse facility in Christchurch, are worth $140m.

Property investor Simon Henry is valued at $130m, and Tim Glasson, director and shareholder in Hallenstein Glasson, is worth $75m.

Mainfreight trucking company founder Neil Graham is valued at $80m.

Businessman George Kerr is worth $80m, up from $65m last year.

South Islanders Ron Anderson and Bob Foster, co-owners of construction and project management firm Arrow International, are each valued at $110m.

The Goodman family wealth, which started from Quality Bakers in Motueka in 1968, is now estimated at $1.1b.

Graeme Hart again tops the national list with an estimated value of $7b, followed by Richard Chandler at $3.2b, the Todd family at $3.1b and the liquor-magnate Erceg family on $1.6b 

The Press