Totara Street

Mount Maunganui

Client:

TYBI Ltd

Location:

Mount Maunganui

Project Size:

1,700 sqm

Completed:

2020 - 2022

Budget:

$10 Million

Project Partners

FORM Building & Developments (Contractor)
Archistudio (Architects)

Project Services:

Development Management
Lease Negotiation
Project Management
Asset Management

Project overview

Veros was initially engaged to undertake Development Management services at 33 Totara Street, including a feasibility study, funding negotiations, and leasing/marketing services. Once the project was determined viable, we proceeded to project manage the design and construction of the new, modern, three-storey commercial building.

The contemporary building now sits on a prominent 1700m² corner block. With main road access and a direct line to the Mount Maunganui commercial precinct, the site benefits from a strong street profile with views over the Port of Tauranga.

Designed by Archistudio, the building provides high-quality office accommodation for Tauranga’s burgeoning business scene, comprising a mix of offices, a ground floor workshop, and on-site parking.

Our team added significant value throughout the project but specifically in the funding and commercial lease/sale negotiations ensuring beneficial results for the client and the overall development.

Peter Williams

Project Director

Project outcomes

Construction started just before the Covid-19 outbreak. The subsequent lockdown and project delays presented a number of challenges, but we worked hard to ensure a fair and reasonable outcome for everyone involved. We managed in a positive, collaborative manner, with work resuming as soon as lockdown was lifted. Once back on site, extra safety measures and physical distancing protocols were put in place, enabling the project to get back on track for our client while meeting the government’s lockdown guidelines.

Demolition of the old site was completed in mid-2020 and construction began on the new build. Tenant negotiations were positive and efficient, with two tenants secured early in the construction process, along with the development of several promising sales leads.

33 Totara Street represented another successful collaboration with a long-term Veros client, and its delivery strengthened our existing relationship, leading to the promise of future projects.

The asset was sold at the end of 2022.

33 Totara Street