Keep it safe in Central Vault

WELLINGTON - Vaults and safe deposit boxes conjure up images of glittering diamonds, priceless family heirlooms -- and slick criminals planning heists.

But John Mulvey, who recently bought Wellington's only private vault, said anyone planning to rob The Central Vault would have to be crazy.

Built by insurance company NZI in 1931, the vault has 75 centimetre-thick walls reinforced with steel, a 10 tonne door and is airtight when the door is shut.

A new addition is a finger print scanner to even allow would-be vault visitors to get into the foyer.

Even if a crim did manage to reach the vault, it takes two keys to open each box, one held by the custodian, the second unique key by the customer.

Not even Mr Mulvey or the custodian can open the box as they do not have a copy.

"I think it would be one of the dumber things for someone to try and rob."

As Michael Caine suggested in the film The Italian Job, you could always try and "blow the bloody doors off". Even on that point, Mr Mulvey is sceptical because it would set off heat sensors.

Before buying The Central Vault, Mr Mulvey worked for the National Bank and Bank of New Zealand. He also runs a business consultancy firm, Prosys Consulting.

The feeling that there was latent demand for safe deposit boxes led Mr Mulvey to look at building one. In turn, that led him to the door of the old NZI vault owned at the time by Ron Meiklen, who has stayed on as custodian.

"With home invasions and people becoming more mobile, people want to store their valuables in a safe and sound location."

As well as individuals storing cash and valuables, they also store documents and things of sentimental value like photographs.

Businesses also store back-up documents, data and records. A number of law firms, which are often asked by clients to store valuable documents or items, had taken boxes out to store those things more safely.

Except for signing a declaration that you will not store drugs or explosives, Mr Mulvey said the contents of the boxes are not checked and are only known to the box holder.

"Basically it's up to you what you store in there."

Boxes are usually hired out for a year. A small box costs $140 annually. There are also two secure rooms for larger things like paintings.

"I think it's prudent for every household to have one given the risk of home invasion, fires and natural disasters."

Mr Mulvey bought the business for an undisclosed sum in July this year.

The only other privately-owned New Zealand vault is in Auckland.

- nzpa