Sir Bob Jones property legacy: How his $2b portfolio is being run now

Jones started his business, the eponymous Robt. Jones Holdings, in 1961.

Sir Bob Jones in 2013. Photo / Brett Phibbs

The businessman died on May 2 last year, aged 85.

Company director Robert Edward Jones of Lower Hutt made his last will on May 3, 2016, appointing executors as:

Son Christopher Lloyd Jones of Lisbon, Portugal – the middle name is the same as Jones’ brother, famous author Lloyd JonesRobt. Jones Holdings’ managing director Greg Riaka Loveridge of Herne Bay, who has been with the company for two decadesLawyer David Butler of Lower HuttBanker Philip Andrew Bennett of Wellington

Because two trusts were identified, the will throws little light on who ultimately stands to benefit from Jones’ fortune.

Sir Bob Jones was in the TV series Dragon’s Den. Photo / Michael Bradley

Jones bequeathed his assets to the trustees of the Jones (No. 1) Family Trust and the Jones (No. 2) Family Trust, both established in 1989.

The only assets specified in the will were two Sydney homes: one at Point Piper in what is said to be the city’s most expensive area, where prices exceed A$15 million ($18.3m), and the other at Darling Point, where prices are in the A$9m to A$10m range.

Sir Bob Jones named two homes in Sydney’s best suburbs in his will.

The Tirohanga Trust was also mentioned in the will. Companies Office records show Tirohanga Nominees and Tirohanga Holdings own all shares in Robt. Jones Holdings.

Greg Loveridge is the sole director of the parent business, Robt. Jones Holdings, incorporated in 2004.

Greg Loveridge of Robt. Jones Holdings. Photo / Robt. Jones Holdings

Loveridge was happy to speak about the legacy and how it is being managed a year after Jones’ death.

He explained the situation clearly.

“Bob was always interested in buying new properties but had not been involved in the business on a day-to-day or even month-to-month basis for a number of years.”

Yet Jones’ big presence is very much missed.

“The office is a lot quieter than it used to be without him there,” Loveridge said.

Sir Bob Jones at the offices of Robt. Jones Holdings in Auckland in 2013. Photo / Brett Phibbs

The family and the business were separate, Loveridge stressed. He had no involvement with the family directly.

However, he did acknowledge having worked with Jones’ son, Chris Jones, for nine years.

Plans from 2017 for a wooden building in Wellington’s Featherston St were never executed.

For Loveridge, the emphasis is exactly the same as it has always been in the 20 years he has been with Robt. Jones Holdings.

“The key thing to know is that Bob’s biggest wish is that he wanted the business to continue and wanted it to grow.”

That wish was certainly fulfilled.

“It’s got size, a solid number of income streams and we do what we have always done with buildings with multiple tenants,” Loveridge said.

The company’s website is about to be updated.

SAP House, 151 Queen St, Auckland: one of the company’s many assets.

Wellington-based company general manager Aaron Leech said it needed a refresh to “get with the times”.

The company, founded by the ex-politician, controls some of New Zealand’s most valuable office towers with hundreds of tenants, including government agencies.

51-53 Shortland St, Auckland, which Robt. Jones Holdings bought in 2018.

As recently as 2023, Jones was still accumulating buildings.

Then, Robt. Jones Holdings bought 51-53 Shortland St, an 18-level Auckland office tower valued at $70 million.

That gave Jones full control of the twin-tower Shortland Centre because he already owned the neighbouring tower at 55 Shortland St, so it made sense to buy the neighbour on the Fields Lane corner.

The two towers rise from a common podium with valuable underground parking for around 300 vehicles.

Sir Bob Jones at the offices of Robt. Jones Holdings in 2013. Photo / Brett Phibbs

Last year, after Jones died, Loveridge also told BusinessDesk the business would continue to operate as usual.

“As per Bob’s wishes, the business is to continue to operate and provide income for his various beneficiaries and charitable endeavours,” he said.

“The management of the buildings remains the same.”

Below is a list of Robt. Jones’ properties. Valuations are included where they are available.

19 Wellington properties

Brandon House, 149-152 Featherston St, a refurbished 11-level building on Brandon St corner, $16.1mCentrepoint, 342 Lambton Quay, $39.5mPencarrow House, 56–66 Jervois Quay, $17.3mThe Bayleys Building, 36 Brandon St, $19.4mEquinox House, 222 Lambton QuayMidland Chambers, 45 Johnston StSolent House, 70 The Terrace, $35.9m44 The Terrace building, $44.5mCity Chambers, 142 Featherston StCivic Chambers, 114 Lambton Quay165–177 Lambton QuayFeatherston House, 119 Featherston St, $16.8mHarbour Tower, 2 Hunter St, $41.7mLambton Centre, 117 Lambton Quay, $27.4mLambton House, 152-172 Lambton Quay, $38.1mLegal House, 101 Lambton QuayWellington Chambers, 154 Featherston St. $23mWoodward House, 188 Lambton Quay, $8.7mProsser Street, 11 Prosser St, Porirua

Eight Auckland properties

37-41 Shortland St, 19-level building previously called the AIG Building, now called 41 Shortland St, $92.5mPerpetual Guardian Tower, 191 Queen St, $77.5mSouthern Cross Building, 59-67 High St, $38mTakapuna Finance Centre, 159 Hurstmere RdTower one and tower two, Shortland Centre 51 and 55 Shortland St – 51-53 is valued at $60m, 55-66 is valued at $82mSAP Tower, 151 Queen St bought from Precinct Properties for $97m in 2014, now valued at $145m129-155 Hurstmere Rd, Takapuna, $35mPD Insurance House, 5-7 Byron Ave, Takapuna

Six Glasgow properties

A Robt. Jones Holdings building in Glasgow, Scotland. Photo / Robt. Jones Holdings145 St Vincent StThe Beacon Building, 176 St Vincent StAllan House, 25 Bothwell St, corner of Wellington StFestival House, 177 West George StThe Gatehouse 201 West George St107 West Regent St

Jones was drawn to Glasgow for its great architecture.

Classical buildings in red brick are among the company’s collection there.

Back story

Robt. Jones Holdings was founded in 1961 and has claimed to be the largest CBD office building owner in Auckland and Wellington.

Records show that various companies own the 27 New Zealand properties, all with Robt. Jones at the start of the company names.

Nineteen are in Wellington, eight in Auckland and six in Glasgow.

Jones rose to political prominence when he founded the New Zealand Party, active from the early 1980s to the early 1990s.

He held controversial views, including labelling beggars a disgrace to society and last decade suggesting Māori should bring Pākehā breakfast in bed, weed their gardens, and wash and polish their cars out of gratitude for existing.

That resulted in a petition that received more than 88,000 signatures.

He did not go ahead with plans last decade to erect a 12-level wooden office building in central Wellington on the site of the Leaders Building on Featherston St.

Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.

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