Past Projects
The following provide a few snapshot examples of projects Richard and Jeff have completed or provided service to.
Dwelling Renovation, Proliant NZ - Feilding:
TPS acquired a property in Feilding for American firm Proliant to develop a pharmaceutical factory. The company decided to make use of the circa 100 year old homestead to accommodate their staff during the factory construction and to provide a quality home away from home for visiting US based staff. We were presented a tight fixed budget, an even tighter delivery timeframe and the Christmas/New Year shutdown to contend with. The project involving a full internal refurbishment, which included re-wiring, re-plumbing, 3 new bathrooms, a new kitchen and fit-out/furnishings right down to the washing machine and linen was completed on time (if only just) and under budget.
Braxmere Fishing Lodge - Turangi/Lake Taupo:
We were engaged in early 2013 by the new owners of Braxmere in an advisory and project management capacity. the project involved a full internal and external refurbishment of the complex's 10 motel units. The units were essentially just shells as had been gutted by the previous owner. The location and regulatory environment provided challenging hurdles for this project, however the refurbishment was successfully completed including landscaping and re-establishment of the boat launching facilities and the motels re-opened in December 2013. View: www.braxmere.co.nz
MICO (nee Mastertrade), Rangitikei St - Palmerston North:
We dramatically increased value on a bulk retail property. We identified this was a prime location, with a rental well below market and a tenant in distress (Radfords). Within a few months of purchasing the property Radfords closed down. We negotiated an early exit with them and secured a new tenant (Mastertrade, now MICO), refitted the property to suit and leased at market rental; resulting in circa 35% increase in value achieved in circa 12-months.
REPCO - Kilbirnie, Wellington
A turn-key design build project where a relationship was developed with the tenant Repco. A lease agreement was entered into prior to committing to the land purchase and construction. This project was seamless and took just 5 months from start to Repco being able to begin trading in the new premises.
Industrial Development - Great South Road, Auckland:
This project was undertaken for the financier to achieve project exit.
Residential housing:
We have project managed a number of renovations through to complete new builds (house and land packages) and everything in between. Locations of these projects have ranged from the Far North to Blenheim, including main centres such as Auckland through to challenging locations such as Gisborne, Mahia and Ruakaka.
Lifestyle subdivision - Matamata:
Another project undertaken for the financier to achieve project exit.
Matakauri Lodge - Queenstown:
Project undertaken for the financier to achieve project exit.
Frimley Park - Hastings:
Featherston Park - Hamilton:
Dwelling Renovation, Proliant NZ - Feilding:
TPS acquired a property in Feilding for American firm Proliant to develop a pharmaceutical factory. The company decided to make use of the circa 100 year old homestead to accommodate their staff during the factory construction and to provide a quality home away from home for visiting US based staff. We were presented a tight fixed budget, an even tighter delivery timeframe and the Christmas/New Year shutdown to contend with. The project involving a full internal refurbishment, which included re-wiring, re-plumbing, 3 new bathrooms, a new kitchen and fit-out/furnishings right down to the washing machine and linen was completed on time (if only just) and under budget.
Braxmere Fishing Lodge - Turangi/Lake Taupo:
We were engaged in early 2013 by the new owners of Braxmere in an advisory and project management capacity. the project involved a full internal and external refurbishment of the complex's 10 motel units. The units were essentially just shells as had been gutted by the previous owner. The location and regulatory environment provided challenging hurdles for this project, however the refurbishment was successfully completed including landscaping and re-establishment of the boat launching facilities and the motels re-opened in December 2013. View: www.braxmere.co.nz
MICO (nee Mastertrade), Rangitikei St - Palmerston North:
We dramatically increased value on a bulk retail property. We identified this was a prime location, with a rental well below market and a tenant in distress (Radfords). Within a few months of purchasing the property Radfords closed down. We negotiated an early exit with them and secured a new tenant (Mastertrade, now MICO), refitted the property to suit and leased at market rental; resulting in circa 35% increase in value achieved in circa 12-months.
REPCO - Kilbirnie, Wellington
A turn-key design build project where a relationship was developed with the tenant Repco. A lease agreement was entered into prior to committing to the land purchase and construction. This project was seamless and took just 5 months from start to Repco being able to begin trading in the new premises.
Industrial Development - Great South Road, Auckland:
This project was undertaken for the financier to achieve project exit.
- Prior to our involvement the highest offer for this project was $12.5m.
- Consulted to financier and worked with the vendor to obtain consent and complete a Unit Title subdivision of the property.
- Achieved sales of $16.65m. The expenditure was funded through cashflow and was circa $150k.
Residential housing:
We have project managed a number of renovations through to complete new builds (house and land packages) and everything in between. Locations of these projects have ranged from the Far North to Blenheim, including main centres such as Auckland through to challenging locations such as Gisborne, Mahia and Ruakaka.
Lifestyle subdivision - Matamata:
Another project undertaken for the financier to achieve project exit.
- We were presented a farm property with a poorly designed lifestyle subdivision consent.
- Prior to our involvement it was taken to the market as a whole; the result was a disappointing highest offer of $2.5m.
- TPS (on behalf of client) applied for and was granted a variation to the consent. We then took to the market as 5 blocks.
- Achieved sales of $3.5m. Total expenditure was $200k.
Matakauri Lodge - Queenstown:
Project undertaken for the financier to achieve project exit.
- This is example of how providing an alternative use (without actually implementing) can add significant value.
- The lodge was taken to the market by tender ‘as is’.
- The highest offer was $7m.
- By illustrating an alternative use that was realistic and consentable; a subsequent offer and sale was achieved at $13.5m.
- Total expenditure was $40,000.
Frimley Park - Hastings:
- TPS managed the sell down process within a residential subdivision in which the financier had 40 sections required to sell.
- They had achieved almost no sales in the preceding 6-months.
- TPS achieved $5m in sales over a 3-month sell down period despite a very soft market.
- The sections were sold individually.
- Prior to TPS involvement the highest bulk offer was indicated at a 40% discount.
- Total value added was circa $2.2m.
Featherston Park - Hamilton:
- When TPS were first asked by our client to assess this project the individual sections had titles and were in theory totally pre-sold, however purchasers were refusing to settle due to a range of complicated legal and compliance issues.
- We consulted with and established a good relationship building with Hamilton City Council, and completed required works to achieve compliance.
- There were initially 80 sections when we first became involved in this project.
- We successfully negotiated with 20 of the existing buyers to reach settlement.
- That left circa 60 sections to sell down.
- Bulk sale offers were at discounts level of 50% plus.
- Established a comprehensive sales strategy and achieved full sell down of individual sections recovering circa $...m verses a bulk sale value of circa $3m.