Expatriate Auckland property developer David Gaze wants Britons to invest $430 million in New Zealand property.
Wednesday, April 14th 2004, 9:24AM
by The Landlord
South Pacific Property Fund aims to raise $100 million initially, then a further $330 million, and is projecting 7.5 per cent annual net returns.
Gaze, managing director of Gaze Capital in London, said New Zealand offered one of the world's highest yield gaps so British investors were particularly keen on buying property here.
He estimated that $880 million was spent on New Zealand property by overseas investors last year.
"The case for investing in New Zealand has never been stronger," he said, citing sustained low inflation and stable monetary policy.
