THOMPSON SECURES DEVELOPMENT RIGHTS FOR TIMARU’S SOUTH STAFFORD STREET
S&P and Development Agreement with Thompson Part Of Revitalisation Of Stafford Street
Timaru, 27 July 2022 – Timaru District Holdings Limited (TDHL) today announced it has entered into a sale and purchase agreement with local construction company Thompson Engineering and Construction (Thompson) which will be part of the revitalisation of the southern end of the South Stafford Street Precinct.
Thompson is an established local Timaru business and included with the sale and purchase agreement is a contract with TDHL for the commercial redevelopment of part of the southern end of Stafford St. This will deliver agreed outcomes for the precinct including making it a destination which brings a positive visitor experience and contributes to Timaru’s heritage, identity, and connections.
Frazer Munro, the General Manager for TDHL, says the agreement with Thompson followed a rigorous tender and selection process where several bidders had to meet a robust set of criteria that scored proposals based on outcomes for the precinct, ability of the developer to deliver, and financial contributions to Timaru’s economic vitality.
“Thompson met the criteria and clearly demonstrated their ability to deliver and their willingness to undertake a long-term partnership approach with TDHL for the people of Timaru, to revitalise the southern end of Stafford St via a commercial redevelopment,” says Munro.
Munro adds that the first stage of the development will see Thompson build a premium hotel on a 2,000m2 site which is currently two old retail stores and the former Majestic theatre.
“A new hotel will positively revitalise this area of South Stafford Street, create momentum for further commercial development and is consistent with the remaining TDHL sites. Ultimately, the Thompson development proposal will add value to the people of Timaru and the region,” says Munro.
Significantly, this development will support and have strong synergies with Councils cultural facility upgrades across the road and reinforces the value of such developments to the community and vibrancy of the CBD.
A spokesperson for Thompson says they are delighted to partner with TDHL to develop this part of South Stafford Street.
“We are first and foremost a Timaru business and since 1979 have built a track record of success in the wider South Canterbury region. We value our strong relationship with TDHL and look forward to a partnership that will successfully deliver a quality hotel and lead to other commercial opportunities for the precinct.”
The commercial development of the hotel will commence with full design and application for consents, then onsite the demolition of the existing old retail buildings and new earthworks will occur once these have been issued.
ENDS
For more information please contact:
Frazer Munro, GM TDHL, Mobile 027 220 5545
Note to editors – artist impressions of the new hotel development are attached with this release.