KSS October Edition eKourier 2025

PROPERTY

PROJECTS UNDERWAY IN AUCKLAND

As part of the recent Auckland transaction in July this year there was an agreement with the Vendor to complete projects on three sites which were already planned and in motion. Below we give you a bit more information about these various projects and what stages they are currently at.

Left: Drag plates at Parnell, Middle: New Lynn fitout, Right: Henderson office

Parnell In Parnell we are undertaking some major works in 4 stages: Stage 1 was the installation of some massive flood barriers; the site flooded heavily in January 2023 amidst the Auckland anniversary floods and in order to future proof the basement/ ground floor units as well as lifts to upper floors, we needed to protect them. The installation of these barriers was completed in August with sign off in September 2025. Stage 2 was the first stage of earthquake strengthening for the basement/ground floor which was completed in April 25 and involved adding 600mm wide shearwalls with a significant amount of steel reinforcing. Stage 3 is currently happening and involves earthquake strengthening in levels 2-6; again a significant amount of shearwall strengthening, steel reinforcing and drag plates. Undertaking this work with current customers onsite is a big logistical challenge; a lot of customers are having to move units, there is a lot of noise and dust onsite which needs managing and the concrete cutting work for drag plates in the main hallways actually needs to happen overnight as we can not interfere with customers for

those works.

failed and the centre flooded with water going down all floors and about 37 units with water damage. You can imagine the chaos that caused last minute to get the transaction sorted. We’re very pleased that our teams reacted swiftly with the clean up and managed the situation well. Henderson At Henderson we’re constructing a brand new office; the old building was a three bedroom house with a small retail area in the bottom, whereas the new showroom/office is a modern architectural feature that modernises the entire look and feel of this centre. The new building is expected to be completed this month and the team who are currently working from a portacom can not wait to move into their new premises. We have also changed the entrance area of this site and now customers enter and exit the site via the area where the old office was located, making it a lot easier for customers to manoevre around the corners and be able to touch the pin pad from their car window.

Stage 4 is an extension of the building to add an upper floor (level 7). The current building has 6 levels and there is a floor underneath the ceiling, allowing us to put another floor up top. We are currently waiting for building consent signoff with Auckland Council. Level 7 will contain 209 units, bringing the total amount of units in this centre to 1,101. We are estimating the works for the extension to take about 6 months from signoff from Auckland Council. November 2024 with the first 350 units fitted out. This storage centre has 5 levels and initially only the first 3 were fitted out with storage units. We have now completed another 287 units on Level 4 with final council inspection taking place on 17 September 2025. Within 10 months of opening we have already filled up 222 units, which is an average rent up of 22 units per month. ‘Fun Fact’ about this New Lynn; while we were finalising the paperwork on the transaction of the sale of National Mini Storage, the fire engineers did some work on the sprinklers on Level 4. That night (literally three working days prior to signing!!!) one sprinkler head on level 4 New Lynn The New Lynn centre opened in

We look forward to seeing these projects completed.

The Property Development Team

19 Kennards Kourier Oct 2025