Earthmover Limited Partnership

Earthmover LP comprises two experienced private developers based in the Bay of Plenty. Whilst also being involved in a range of commercial and residential projects throughout Auckland, Bay of Plenty and Waikato, the developers have recently delivered an industrial trade unit development in Mount Maunganui. Earthmover LP work closely with Veros Property Services, who have been appointed as Development Managers and Project Managers for the Earthmover Crescent Trade Units.

Veros

Who are we

Veros are a multi-disciplinary property company providing services from property advisory, planning and development management to create and prove property projects, or as we say at Veros, to make projects real. We manage the feasibly, interrogate the market, engage the consultants and the contractor. We are also project managers throughout the delivery of the project.

Why are we building

Hamilton comprises a strong industrial market with a rich history in production, manufacturing, distribution and innovation. Given the strength of the market, Veros saw an opportunity to deliver a product that would be sought after by a range of occupiers and investors. The strength of the location and growth in the region is expected to underpin the value of these units to provide a solid long term investment

FAQs

  • What am I buying?

    You are purchasing a Stratum in Freehold Unit Title (Warehouse Unit) in Earthmover Trade unit development. For more information on what this means, please refer to the Pre-Contract Disclosure Statement which will accompany the Sale and Purchase Agreement.

  • How many units are there?

    There are 23 units in the complex.

  • What is the expected completion date?

    Target completion date is March 2021.

  • What consents are in place?

    The proposed development is a permitted activity under the Hamilton City Council (HCC) zoning provisions and therefore HCC have advised that resource consent is not required. Building consent will be lodged once detailed design has been completed.

    The Sale and Purchase Agreement will be conditional upon the vendor obtaining all necessary consents to complete this project. Given the nature of the development and ability of the main contractor, we don’t anticipate any issues obtaining building consent.

  • What are the deposit requirements?

    Your new purchase requires a 10% deposit which is payable upon the agreement becoming unconditional from the purchaser’s end. Your deposit will be held in a solicitor’s trust account and will earn interest (less tax and normal solicitors trust account fee) in your name, which will be credited on settlement.

  • What are the construction materials?

    Design has focused on delivering long term, low maintenance units. Built to last, primarily consisting of pre-cast concrete panel inter tenancy walls, with exterior being either concrete or long-run Coloursteel cladding. Roofing will comprise long-run Coloursteel. Joinery comprises powder coated aluminium with steel doors. The roller door is commercial grade powder coated steel. The buildings have also been designed to incorporate external guttering with minimal roof penetrations for low on-going maintenance requirements and weather tightness.

  • Is construction and funding contingent on a minimum level of presales being achieved?

    Yes, typical of projects of this nature, our bank requires a minimum of 10 units to be sold prior to commencing construction. The sales process has recently commenced and we aim to hit sales targets in early 2020.

    There are also a number of other anticipated pre-conditions of finance which the vendor will need to satisfy with its bank in order to complete this project. The Sale and Purchase Agreement will be conditional upon the vendor obtaining satisfactory finance and pre-sales.

  • Who is the developer?

    Earthmover Limited Partnership is the development entity who
    have engaged Veros Property Services Limited (“Veros”) as development managers. (https://www.veros.co.nz).
    Collectively the development team are respected locally based industry participants with a reputation for quality and delivering on time and on budget.

    The same team have recently completed Portside Industrial in Mt Maunganui.

  • Who is the construction company building the complex and can I have confidence in their workmanship?

    Veros are currently in discussions with three reputable contractors and working through the procurement process. The preferred contractor will be selected based on reputation, capacity, experience and ability to demonstrate a strong understanding of the project. We envisage a preferred contractor being appointed in the coming weeks to progress design.

  • How do the car parks work?

    Each unit will be allocated car parks that will be for their exclusive use, being registered as an Ancillary Unit on the Freehold Unit Register (title).

  • What fire protection is designed into the building?

    The building has been specifically designed with fire protection as a prime consideration. Each unit will be fire rated in accordance with the NZ Building Code and include an alarm. Design allows for no height restrictions to the storage of non-hazardous goods.

  • What is the likely mix of owner occupiers and investors?

    We would anticipate that the likely mix of owners would predominantly be owner occupiers due to the nature of the market. All owners and occupiers will need to comply with the Body Corporate Rules (these will be included in the Agreement for Sale and Purchase).

  • As an investor, when can I lease my unit?

    Any purchasers will be able to market their unit for lease at any time however tenants for units of this nature will not typically agree to a lease until the development is nearing completion. Inspections can be arranged if agreed by the main contractor.

  • I know a unit within Earthmover will be a great investment but is there anything else I should know?

    The property is in Te Rapa North, the largest industrial precinct in the Waikato, and is therefore a great location for a long term investment. Hamilton has experienced strong growth in recent years, which is expected to continue. With a rich history in production, manufacturing, distribution and innovation, these units are underpinned by strong market fundamentals.

  • Is there a defects and maintenance period?

    Yes, from the date of completion of the building work you will have a 12 month defects and maintenance period within which the builder is required to remedy any defects or faults in materials or workmanship in the items supplied or undertaken by the vendor excepting those arising as a result of wear and tear. In addition to this you will be covered by the builder’s normal warranty and the workmanship and material warranties held by the Body Corporate.

  • What leeway is allowed for within the terms of the agreement for the developer to change any and all aspects of the development as they appear in the specifications contained within the contract?

    The developer is required by the funding institution (bank) to ensure that the agreement provides for the ability to change materials or specifications if they were (a) unavailable or (b) not practical or functional. In practice changing materials that support the look and function of the building and your unit wouldn’t normally occur as we will be going through a rigorous design process. In the event that we have to exchange materials or finishes then we will do so for something that is equivalent or better in value and performance.

  • How will I be kept informed of any progress or issues with the development and its construction?

    A bi-monthly newsletter (email format) will keep you informed of progress and other matters of interest on the project and on the surrounding area.

  • What does the body corporate do?

    The Body Corporate controls the administration and general running of Earthmover Units including “common areas” owned by the Body Corporate members. The Body Corporate is responsible for all general maintenance and upkeep of all facilities. This includes administering health and safety compliance, obtaining a building warrant of fitness and insurance for the overall building (you will need to take out your own insurance in respect of contents). Unit owners are able to attend Body Corporate meetings and vote on various matters at its Annual General Meeting. There will be a committee made up of elected owners responsible for running the Body Corporate. The Body Corporate is tasked with ensuring that all costs are reasonably and properly incurred. The Body Corporate works with and alongside the appointed building manager.

  • Can the price increase from what is agreed?

    No, the price is the price unless both the vendor and purchaser negotiate a variation to such price. The vendor does not have the ability to change the price without agreement in writing by the purchaser.

  • Does the price include GST?

    No. GST is excluded in the prices for all commercial units. We suggest purchasers talk to a tax specialist (such as an accountant) should they have any doubt in this regard.

  • How will data be handled in the building?

    Each unit will have the ability to have fibre installed into the unit on completion. The purchaser’s will need to arrange for fibre boxes to be installed by their provider. We recommend making contact with Chorus or Ultra Fast Fibre prior to completion as there can be a waiting time to get a contractor onsite.

 

Veros Projects / Track Record

Veros have been involved in a wide range of projects throughout the Waikato and Bay of Plenty. Our team are experienced in delivering developments across the board including residential subdivisions, medium to high density residential, commercial and industrial.

For more information about what we do, please visit veros.co.nz