Dried Kiwi Industrial BuildingLot 297 Paerangi Place, Tauriko, Tauranga

Project Details

  • Project Name: Dried Kiwi Industrial Building
  • Client: TYBI developments
  • Location: Lot 297 Paerangi Place, Tauriko, Tauranga
  • Completed: July 2017
  • Project Budget: $9M
  • Key Tenants: NZSKP – dried kiwi fruit
  • Project Partners: Contractor: Form Construction
    Engineer: BCD
  • Key Veros Team Members: Peter Williams: Property Advisor
    Mark Hatchman: Development Manager
  • Services Provided: Lease & Development Agreement Negotiation
    Development Management
    Property Management

Brief

Veros was engaged as property advisors and client representatives during the lease negotiations and construction phase of a purpose built food grade industrial building comprising of warehouse, cool stores and office space.

Overview

NZSKP required a purpose built industrial facility to house kiwi fruit processing equipment, along with a cool store and office space. Acting for the landord/developer, Veros guided the project in the early stages of the project with lease negotiations and contract setup.

The development agreement was negotiated on the basis that a design and build fixed cost would be provided by Form Construction for the building requirements and specific tenant required items. Veros acted as a client representative during the construction phase, managing the contractor and tenant requirements.

Veros are now acting as property managers on behalf of the landlord, managing rental reviews, insurance, maintenance and operational expenditure.

Outcomes

Veros added significant value in the early stages of the development during lease negotiation. The lease met the tenant’s specific needs while providing flexibility to change as the business model evolved and specific requirements became known. The lease provided the landlord a long term, low risk and high rental return with high value bank guarantees in place.