Bowden Road
Each of these case studies was written shortly following completion of the relevant development or other significant lease-related event. While accurate at that time, in some cases, circumstances have changed, including PFI’s ownership of the property, the identity of the tenant, property specific metrics (including rent) and/or use of the property.
Overview
Bowden Road has undergone a transformational change: from an obsolete aluminium adonising plant to an inspirational 5 Green Star warehouse and office development. Completed on time and on budget, this tenant-led development was driven by a bold vision for a best-in-class sustainable property. The end result is a development of the highest quality, that raises the expectation for industrial properties in New Zealand.
Attracted by its size and its central distribution location, the Bowden Road property was purchased in 2012, with a long-term view of increasing the land coverage to deliver greater value for tenants and investors.
Following the end of the previous tenant’s long-term lease in 2022, the collection of old buildings were demolished to make way for a two-stage development, comprising two separate industrial spaces with a common architectural language and a shared 5 Green Star rating goal.
Stage 1 – Tokyo Food pre-leased approximately 40% of the site for a 12-year term. From the outset the building’s design was tailored to Tokyo Food’s needs and operational requirements, including a custom-designed 2000sqm freezer and chiller, a main office with a spacious staff kitchen and a generous mezzanine office.
Stage 2 – Daikin New Zealand entered into a 12-year lease as the base build works were near completion, allowing their requirements for a Trade and Training facility to be added with limited impact on delivery timelines and costs.
Gallery
The Challenges we faced
Development Manager, Rodrigo Herring, described it as a project with challenges from the outset. “First, there was the rocky and contaminated ground conditions – with unsuitable fill – which created additional costs. And then there was the uncertain pricing and supply conditions around in 2022.” Finding a tenant early for Stage 1 was crucial while Stage 2 was started on a speculative basis, without a tenant secured.
The Solutions we utilised
Equipped with solar power generation rainwater harvesting, dedicated fuel efficient and electric vehicle parking, and extensive drought-tolerant native planting, Bowden Rd is both energy smart and tenant-productivity focused. Other sustainable features include recycled steel, sustainable wood and low carbon concrete; low VOC paints; high-energy efficient rated appliances; low-flow water systems; LED lighting; EV charging, and heat recovery air handling units.
The Results we delivered
“Bowden Road is a great example of the level of excellence achievable when you are fully committing to delivering sustainable tenant-focussed developments. It raises the expectations for future industrial spaces, for us, for tenants and for the entire industrial sector.”
