Location:  Transfield Building, Thorndon, Wellington, an easy walk to Parliament.

Type, Area: Industrial Office Warehouse, 2851 sq m + Land

Brief: manage the design of an independent living complex aimed at the retirement sector within the vacant Transfield site in Thorndon Wellington. The result was The George: researched, detailed and presented to the client with supplier procured ready for the implementation phase.

Development Role:Navigated Regulatory Environment, Assess Viability, Acquired Site, Completed Business Case, Secured Funding, Conceptualised Best Use, Managed Repurposing of Design for New Use, Co-ordinated Suppliers, Negotiated Leases & Sale

Outcome: plan to re-develop and convert to warehouse developed to consent stage but by the time we went for the detailed quote the builders advised of a 90% increase in cost and while our check with the market signalled cost had not increased to that extent they had never the less increased to the point the project was no longer tenable given sales prices and not increased by the same margin. Our second option was to create apartments rather than townhouses but when we checked the market sales price for the underlying land and buildings we found a buyer who required the entire building at a price which provided a significant margin on the purchase price and subsequent cost.

Financial, Value:$2,600,000 Capital Allocated, $3,250,000 Colliers Project Valuation, $9,469,000 Gross RealisationValue and $12,350,000 Total Developer Management Transactions ∙

Key Supplier/Client Transaction: Transfield, Presbyterian Support. Novak + Middleton. Engineers: Beca. Landscape Architects: Boffa Miskell

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