Conservative and self-effacing, Bill Leckie, joint managing director of Colliers International’s Wellington franchise, has been involved in some of the country’s biggest deals.
Leckie’s 30 years’ experience in commercial real estate was tested when he became involved in selling The Palms shopping centre in Christchurch and a half share in Tauranga’s Bayfair shopping centre – two of the biggest New Zealand regional shopping centre sales in the past decade. Both centres presented challenges to Leckie.
The Palms sale was highly confidential, restricted to pre-identified parties and the vendor had high expectations in a market that was softening. It sold for more than $200 million.
Leckie worked on Bayfair with John Goddard, Colliers’ international sales director, and devised a strategy around the joint venture conditions Tower Property Nominees imposed as part of the sale. Twelve bids were received; four parties were taken to a second stage and lifted their initial bids, some by as much as 10%. AMP Capital bought the half share for more than $120 million at a record yield.
Both sales were completed because of Leckie’s and Goddard’s years of networking, knocking on the doors of Australian institutions and building strong relationships. Both are equally well known and respected in Australian and Asian markets.
Leckie started in property down the same route as most New Zealand valuers – working for the old Government Valuation Department.
It was a grounding Leckie is grateful he had, but after a few years he became, stifled, slightly bored and wanted to earn more money. In 1979 he made the move to brokerage. “I saw better opportunities and more excitement.”
He quickly joined forces with Rosemary Bradford at Harcourts where a disciplined office was established. His discipline extends from work to exercise, diet and a good family attitude, says Bradford. “The core of our Colliers’ business is founded on these values.”
Soon after he started in brokerage some of his worst fears were realised. Leckie’s modest savings were with PSIS, which went into receivership. He has less than $20 in his pocket, no car and it took nearly five years to untangle his money from the receivership.
The affable Leckie took the only course he could – he got on with his job. Throwing himself into the unknown stems from a belief that one of the ways to get ahead is to trade beyond experience, to trade beyond the safe zone and formulas.
It has paid off. Leckie has been through every shade of the market, from the 1980s and recent booms to being out in the cold and is one of the country’s most successful commercial real estate brokers. “Going through boom and bust cycles is one of the best lessons any broker can have. It teaches you how to adapt and be flexible in any market.
In the past year, Leckie has been involved in negotiating more than $500 million worth of properties. Some of his biggest deals, besides Bayfair and The Palms, have included Grand Plimmer Tower, Allied Prime Finance Tower, Todd Tower and Chews Lane.
Leckie is particularly proud of his involvement in building up The National Portfolio. “Colliers is recognised as being the strongest player in the international market, achieving outstanding results through this process.”
He says the owners of Grand Plimmer Tower made several attempts to sell it off-market and went to contract a number of times, but each sale fell over. “The disciplined approach of Colliers’ National Portfolio gave the property widespread coverage and sold at an outstanding price – better than could have been achieved off-market.”
Leckie’s core values of discretion, discipline and telling the truth when dealing with clients has given him a lot of repeat business. “People trust him and rely on him for good judgment and discretion,” says Bradford.
Although regarded as one of New Zealand’s top brokers, he has not sought the limelight, nor been tempted to go elsewhere, while other agents have come into the Wellington market and left again. “I’m here for the long haul.”
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