AEL Business Center Ex- Canterbury Frozen Meat Building, Cashel St
To purchase the Warren and Mahoney-designed Canterbury Frozen Meat building and convert the empty floor space into retail and serviced offices for, a government tenant and small businesses (recognising that larger floor plates were sitting empty in many buildings on the east side of the City).
Location: Theex Canterbury Frozen Meat Building, 199-201 Cashel St, Christchurch, 2004.
Type and Area:2133 sq m Warren & Mahony Office & Retail Refurbishment ∙
Brief: to purchase the Warren and Mahoney-designed Canterbury Frozen Meat building and convert the empty floor space into retail and serviced offices for, a government tenant and small businesses (recognising that larger floor plates were sitting empty in many buildings on the east side of the City).
Developer Role:Completed Best Use Feasibility Analysis, Secured Pre-Leasing Commitment, Arranged Funding, Confirmed Purchase, Managed Approvals and Refurbishment Project, Finalised Leasing and Sales
Outcomes: completed an extensive refurbishment project, stripping the existing 70’s interior fit-out and redeveloping the space into small to medium-sized offices, thereby improving the building from D to B/C grade. This refurbishment was accomplished very quickly, taking only 6 weeks, thus minimising disruption to the building’s cash flow. With the refurbishment complete, the AEL Business Centre was also created on the second, third and fourth floors, totaling approximately 840 square meters of lettable area raising the value from NZD 2.8 Million to 4.5 Million.
Financial, Value: $1,800,000 Capital Allocated, $4,235,000 Ford Baker Project Valuation Apr 2005 and $14,505,000 Total Developer Transactions (accounting for each of the main development functions performed i.e. Business Case/Funding $1,8mil, Project Management $4,2mil…).
Partners& Tenant(s):PPCS (Now Silver Fern Farms), AEL Group, Butler Employment Law and Various other small businesses, Department of Corrections Prison Services Lewis & Barry Ltd Engineers. Lanyon and Le Compte Construction Graeme Jacobs Architect.
Notes:First end-to-end property development management service provided where the building was source for affiliated company Cashel Holdings, a business case study conducted on the leasing market, feasibility cost-benefit analysis, contract negotiated, due diligence, financing arranged,building, leased and supported
Business Centre with Ground Floor Retail – Cashel Street, Christchurch Key Clients: Canterbury Frozen Meat, Prison Services. Developer: Dan Tremewan. Architect: Graeme Jacobs Engineers: Lewis and Barrow Ltd. Construction: Lanyon and Le Compte. Project Team: In-house Contractors. The brief: Project Realisation: Dan