Keeping pace with tenant’s growth

Keeping pace with tenant’s growth

Lyndal Woolley admits she never intended to become a developer. But when she and late husband Ren sold the family farm and were looking for smart ways to invest their cash to see them through their retirement property was an appealing option.
They purchased a 4.5 acre block in Te Rapa, Hamilton, containing one building.
It was subsequently divided into blocks and they commenced their first build project constructing a warehouse.
Lyndal says it was a matter of learning as they went along.
“We tried to build warehouses that were versatile appealing to a wide range of tenants. Location was important,” she says.
This led them to purchase land near Auckland Airport even before it was a popular place to develop.
“When we travelled Ren always noticed how around airports it was a good place to develop. So we followed that instinct,” she says.
This has inadvertently led to their latest project, a new warehouse and office facility for veterinary supplier SVS Limited.
SVS had previously occupied another of their warehouses in the area for many years and been an exceptional tenant.
So when SVS’s business grew and it needed bigger premises Lyndal stepped in to develop a new facility for the company.
“The tenant had expanded three times in five years on the previous site and we’d kept extending our facilities to match their growth.

Keeping pace with tenant’s growth
The development by Wooolley Trusts Partnership is a new warehouse and office facility for veterinary supplier SVS Limited. .

 
“We bought the 6500 square metre site and built 3000sqm of warehouse and 400sqm of office space to suit the tenant’s needs,” she explains.
The building, designed by Studio 4 Architecture, is future proofed with the latest racking and packing technology – all selected by the tenant.
Made from concrete tilt slab the building is low maintenance – something Lyndal always targets in her projects.
The building has a 10 metre high stud at its highest point with clear spans and a durable concrete yard.
The building was put out to tender and constructed by AP Construction.
It is the first time Lyndal has worked with the company and she has nothing but praise.
“AP Construction has been wonderful, extremely professional, courteous and has had tremendous communication with me throughout the project.
“They really delivered everything they said they would.”Lyndal says council requirements are usually the biggest challenge and this project was no exception with plenty of hoops to jump through.
The warehouse is located on a main road heading into Hamilton, a great location as Hamilton continues to grow
.Aged 75, Lyndal suspects this will be her final build project but plans to pass her portfolio onto the next generation of her family, making for a sound investment for the future.
Her son, who runs his own successful business, is already a partner with her in some investments.
“It f eels good to see this project completed,” she says.
“It’s turned out just as I imagined. “It is getting harder to do a new build and have the figures stack up but this has been a long term tenant and you always want to retain a great tenant.”
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