Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
Zespri chief financial officer Dave Hazlehurst explains Zespri’s new building will provide a home for its world-class brand and a future-proof building to support the industry’s strong growth outlook.
“Zespri has well and truly outgrown our existing building as the organisation has grown to support our industry’s rapid progress,” Hazlehurst says.
“With global sales expected to more than double to $4.5 billion by 2025, the new building will provide the facilities we need to deliver this growth for the kiwifruit industry. We’re excited to show our community and growers something we can all be proud of.
“This development will connect us with both our local community and the global markets, and includes redeveloping the public park so the community can continue to enjoy this green space in the heart of the Mount. Zespri’s investment in the new building shows our long-term commitment to the Bay of Plenty which produces around 80% of our premium Zespri Kiwifruit.”
The new building will be a hub for the kiwifruit industry with facilities to host growers and office space for other kiwifruit organisations. It will also provide a fitting venue to host international trade, government and media delegations on behalf of the industry.
Zespri is investing over $40 million for design, build, fit out, furnishing and landscaping of the new 4,800m2 landmark office complex with basement car parking. The three-story complex will stand in a park-like setting and includes onsite parking for around 190 cars, mostly underground, to reduce the traffic impact on the community.
“We’ve incorporated some features to make the building more efficient and sustainable, like a smart façade, efficient heating and air conditioning services, and water recycling. We’ve also developed flexible working arrangements to allow staff to work in different workspaces when doing different work – this increases productivity and reduces the physical footprint of the building,” says Hazlehurst.
The architects for the project are Warren & Mahoney and Beca has been appointed as the project manager. The construction contract will open for tender shortly.
Zespri bought the land on its site at 400 Maunganui Rd from Tauranga City Council in December last year and has been operating from the site since 1996. Work will start on the site in the first quarter of next year, with the building set for completion by the end of 2018.
The old brick Zespri building, constructed in the 1970s, will eventually be demolished and replaced with parkland.
