After 60 years in the property investment game, James ‘Jimmy’ Kirkpatrick was one of the biggest winners following the 2017 revaluation of Auckland properties, which boosted the value of his property portfolio to nearly $600 million.
It’s a far cry from the days when he ran a successful car yard called Midland Motors on New North Rd but his switch to property has paid off handsomely. Now in his late 80s, Kirkpatrick is still active as a company director but the day-to-day running of the James Kirkpatrick Group is left to his King’s College-educated son, James junior.
Industrial properties in South Auckland make up the bulk of the Kirkpatrick empire, with some big ticket properties such as an 11ha manufacturing site in Otahuhu valued at $84m and a $56m property covering almost 7ha in Onehunga.
With industrial property enjoying its lowest vacancy rates for 20 years, and where demand far outstrips supply, Kirkpatrick can afford to sit on unleased property until the right rent is achieved. Known as a long-term investor, the 47% increase in the rateable value of industrial properties over the past three years must be cream on the cake.
Known as one of the few big players prepared to operate in the “spec” space for property-starved Auckland businesses, Kirkpatrick forked out a reputed $48m in 2015 for a 16ha golf course that has now been subdivided into 10 lots now worth around $70m. Still largely in the planning phase, the Ormiston Centre will contain a mix of commercial developments including a hotel