Genesis Energy Offices
Genesis Energy were looking for a premises to consolidate staff into from different offices around the Waikato. Foster Develop proposed a scheme that converted the old Foodtown supermarket on the corner of Bryce & Tristram St’s into an a-grade office space. This involved the creative use of space and existing structures, and involved dealing with a number of complex property issues with leasehold land, existing leases and subdivisions. Fosters worked with DV Bryant Trust as the development partner, providing a yield underwrite, and sharing the development surplus above this underwrite. Foster Develop negotiated the leases with Genesis Energy, Civil Defence and Urge Café, and worked with them to provide integrated fitout solutions through Foster Construction. The project had a number of significant changes during the design and construction, with the most significant being the upgrade of the new office structure to Importance Level 4. The finished product is a 7,000m2 office building with large floor plates, undercover parking and a number of green design features. The building has transformed the way Genesis Energy operates, delivering a number of efficiencies and greater collaboration between staff.
For DV Bryant Trust, partnering with Fosters is an ongoing commitment for the greater good – having a strong portfolio of well-managed assets enables the Trust to fund its philanthropic activities in the Waikato. DV Bryant Trust provides $1.5m of funding to communities across the greater Waikato region.
Fosters Virtual Facilities Management (VFM) service is ideal support for DV Bryant Trust Finance and Property Manager Rachel Caldwell who manages the Genesis building asset in Hamilton.
“As a small team managing a significant portfolio of buildings and tenants, alongside the philanthropic work, we need 24/7 support,” says Rachel. “Fosters VFM service enables us to reliably provide a high-quality service, ensuring the building is maintained to the highest standard.”
Key for Rachel is having a long-term view of asset management. “Fosters completed the Genesis build in 2018, so know the property well. Our VFM agreement involved an initial assessment of the building condition earlier this year, leading to a three-year maintenance plan. We now have strategic oversight of compliance and maintenance, which means we are proactive rather than reactive in looking after it.”
Fosters VFM specifically oversees compliance work and scheduled maintenance, also dealing with any responsive maintenance that may arise. Property owners or tenants pay for the service monthly.
“Having maintenance overseen by competent building professionals gives us peace of mind. We also have different areas of expertise covered, from roofing to air conditioning. And we can respond with urgency which is important to our tenants.”
Communication is critical to the success of the partnership, too, she says. “Fosters are excellent at keeping our tenants informed and we have great visibility as landlords.
“With Fosters, we expect and receive a high level of service. We’re partners working towards a common goal of a well-managed asset and happy tenants.”