22 | Jargonel Properties: Macrennie Commercial Construction T T Virginia Wright Expertise underpins retail developments “Redeveloping an existing building always presents unexpected challenges, but Macrennie managed the project exceptionally well.” REGIONAL DEVELOPMENT Keith Hay Homes has been part of the New Zealand housing landscape since 1938, with founder Keith’s three sons starting out as apprentice carpenters before working their way up to management level and then diversifying the family’s interests by acquiring and developing industrial property throughout Auckland. Today, parts of that portfolio are managed and developed by Grant Hay’s branch of the family under Jargonel Properties, with Grant as managing director and his son, Andrew, as general manager. Andrew brought to Jargonel Properties the expertise and industry relationships built over 15 years in commercial property finance with one of New Zealand’s big four banks. This, together with a mindset focused on growth and diversification, has helped expand the business into offices, shopping centres and large-format retail. Unlike traditional shopping centres with numerous smaller tenancies, large-format retail developments typically accommodate fewer tenants occupying substantially larger premises. Jargonel’s Three Kings development on Carr Road is a prime example. An exhaustive tendering process for stage 1 of the development was won by Macrennie Commercial Construction, who delivered the project so professionally and smoothly that they were given stage 2 as a matter of course, says Andrew. “Redeveloping an existing building always presents unexpected challenges, but Macrennie managed the project exceptionally well. We were so impressed with the outcome that awarding them stage 2 was an easy decision, and no doubt we’ll continue to work with them on future projects.” In keeping with Jargonel’s sustainability philosophy, both stages of the redevelopment retained and repurposed much of the existing structures, transforming them into three modern, large-format retail premises of up to 1000sqm. The development is now home to wellknown retailers, including Resene Paints, Bargain Chemist, Bed Bath & Beyond New Zealand and Pet Direct. Resene, Bargain Chemist and Pet Direct are all 100% New Zealand- owned, while Bed Bath & Beyond New Zealand operates as an independent New Zealand retailer. The tenants had done their own thorough analysis of customer data, and were all happy to commit in advance of construction. With those premises complete and tenanted, Jargonel Properties is looking ahead to further diversification with a new development at 75 Patiki Road in Rosebank. “It’s a really exciting joint venture,” says Andrew. “We’re developing a new 5000sqm warehouse and 500sqm of office overlooking the motorway with great views, so that’s our next big project and on a much larger scale again than what we did at Carr Road.” With construction planned for completion in 2027, Jargonel Properties is now seeking tenants to secure space early in what is set to become one of the Rosebank Precinct’s premier industrial developments.
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