Some Practical Examples

By way of illustration as to the Group's flexibility in problem solving, we offer the following examples:

Bridgestone Firestone, Mt Wellington

Bridgestone approached the Group with a request to solve their problem of having a remaining 9 year lease liability on existing premises in Newmarket, but with a desire to merge the Bridgestone and Firestone Auckland operations under one roof, following the latter's acquisition.

Location were able to assume responsibility for that lease liability in return for design and delivery of a new National Distribution / Office complex at Mt Wellington, in a joint venture with AMP's Industrial Property Fund, who assumed final ownership of the completed development.

Location then focused its attention on assigning the Newmarket lease liability, which it was able to do to Team MacMillan BMW, thus completing the transaction.

Penguin Books, North Harbour

At the time of the Group's introduction to Penguin, the business was housed in older, industrial premises on Wairau Road, Glenfield, and was subject to a 9 year, ongoing lease liability.  However, Penguin wished to relocate to new design-build premises in order to cater for growth.

Location negotiated, and concluded a purchase of the incumbent building through a purchase option contained within Penguin's lease.  Location became the purchaser of the building and by so doing, was able to extinguish Penguin's ongoing lease liability and relocate them to new design-build premises at North Harbour.

Location was responsible for all design work involved in the new building, in conjunction with the tenant's desires, together with its ultimate construction and completion.  The new building was sold to the publicly listed entity, Property for Industry, and Location also on sold the Wairau Road building to Mitre 10 NZ Ltd, as its new national headquarters, thus completing the transaction.

Noel Leeming / The Warehouse, Newmarket

The founder of The Warehouse retailing chain approached Location with an opportunity to purchase a portion of a larger than required, prime redevelopment site in Broadway, Newmarket, previously utilised as a car dealership.  At the time, The Warehouse had no appetite for undertaking any form of development other than for their own, specific use.

Thus, Location purchased half the site and in conjunction with The Warehouse, conceived a joint plan for a bulk retail centre that incorporated two, distinct buildings but utilised common entrance ways / car parking etc.

Each building was constructed and tenanted independently with ultimate sales to third party investors.