Council owns over 100 commercial properties, most of them leasehold land only and within Whangārei’s Central Business District (CBD). Many of the freehold properties are small 300sqm lots, undercapitalised, the improvements being at the end of their economic life and not generating an acceptable commercial return for the council. Hence, they are ripe for redevelopment and there are a number of bundled contiguous titles to make it financially viable to do so.
Council wishes to engage a Development Partner (the Partner), where council provides the land and capital while the Partner provides due diligence expertise and redevelopment project (the Project) oversight. Alongside sound construction and redevelopment experience, the distinctive value to council will be the Partners strong networks with potential tenants from key national and Australasian branded companies.
The Partner is not a financial investor, or the final decision-maker, Council has the capital to undertake the Project(s).
The Partner is not intended to be a consultant charging on a time or delivery basis, or solely a construction company, where cost overruns are of no consequence and intensive value engineering is not undertaken. Rather, the Partner is to be engaged on a profit share basis, sharing in a development margin. In this way the Partner is incentivised to extract the most value from any project by attracting quality tenants, maximising rental returns and curbing unnecessary costs while overseeing the design and construction of quality buildings.
There are multiple redevelopment project opportunities in Councils property portfolio.
|Closed||29 Nov 2023 4:00 PM NZDT|
|Notice Type||Registration of Interest (ROI)|
|Contact Details||Phil Heatley
|Published||1 Nov 2023 12:00 PM NZDT|