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Silverfin Property's New Timaru Development Gets Its First Tenant

Thursday 28 April 2016, 11:36AM

By Beckie Wright

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Progress has moved quickly on The Landing development on Theodosia Street, Timaru, with Hunting & Fishing set to be the first to open its new store in the $10 million building in the next two to three weeks. However, those wanting to try out the menus at Columbus Coffee, Burgerfuel, Hell Pizza and Pita Pit may have to wait a little longer.

Project manager Mark Perriam said the Theodosia St base building was coming together nicely, the scaffold has come done and the carpark is now sealed, with only superficial elements and landscaping to go. "I think the building itself looks superb and credit has to Gibson and O'Connor who have done a great job keeping the construction on target," Perriam said.

Some of the tenants had begun fitting out the interior of their part of the 2100 square metre, two-storey building already, with Hunting and Fishing the furthest along, Perriam said. “When businesses did large fit outs they were required to individually get consent from the Timaru District Council for the work, on top of the consent for the base building.”

Mark Perriam said some of the businesses were still waiting on those consents, though they were beginning to trickle in now. "My guess would be that just about all the retailers will be open within the next two months," he said. "Timpany and Walton might be a little bit longer just because of the work that will need to go into their quality fit-out that they've designed."

This site was vacant for some years before Perriam evaluated it in late 2014 and looked at what type of development would best suit the current market in that location. It soon became evident that many of the offices in Timaru had been affected by the earthquakes and most required re-strengthening work to bring their seismic rating up to an acceptable level. This created a demand for quality new offices. In addition the high traffic count on State Highway 1 makes it an attractive location for many national retail operators looking to expand into New Zealand’s provincial cities and towns. The Timaru building has a similar flavour to a previous development of Mark Perriam’s. Perriam recently purchased a warehouse on Auckland’s North Shore and did a total renovation from industrial warehouse to a new retail centre. Located on Constellation Drive the building was fully tenanted by completion