This 5 hectare site in Papakura with over 15,000 sqm of buildings used to be occupied by the Formica/Laminex business when we picked up the management in 2017.
The site presented a number of challenges but also lots of opportunity as we converted it from a single tenanted property into a multi-tenanted site with eight tenants.
The process of reconfiguring and dividing the space took a well-planned strategy. Essentially our Asset Plan was to utilise the existing structure of the property in the most cost effective manner, upgrade a number of the services, re-roof parts of the building, refurbish all the tenancies and ensure shared common amenity areas were central enough to be used by all the tenants. By implementing these plans, we ensured that we were maximising the net lettable area, revenue opportunities and diversifying the size of the tenancies on offer. We then priced the space slightly below the market to incentivise tenants to make the move. With all the planning and works that were undertaken we have managed to considerably increase the value of the property, as it is now fully leased.