News

6th November

2011

in News

Sanctuary Progress Update Nov 6th 2011

Just a quick progress update as I am sure some of you are wondering where things are at, and I have had a few questions. First of all thank you for your patience; this process has forced me to develop some myself – but it has been necessary as there are a lot of stakeholders involved in this project. Since the last email I sent out on 27th Oct:

  • CCC have approved the extension of Snactuary land deal from 3 years to 5 years in support of EPIC
  • A considerable amount of project due diligence has been undertaken by external parties in the past fortnight. This is a requirement due to funding coming from two government agencies, a major bank and other third parties.
  • Legal documents have been prepared for the variety of agreements we need to have in place, including with tenants.
  • The campus Opex model development is progressing
  • Our funding shortfall and crucial project underwrite appears to have found a suitable third party to support us – we are currently in advanced discussion to finalise this important hurdle.
  • Insurance for the campus is also under active review – with earthquake and non-earthquake cover options being considered
  • We have completed a site survey, including a GeoTech assessment and are waiting for the report
  • Tenant allocation to office spaces has been delayed a week due to a re-design requirement – we are now looking to table these within a week

Next Steps

  • By the end of this coming week we aim to send out a tenant information pack for review, this will include:
    • Tenant lease agreement
    • Final site design and preliminary tenant allocations
    • Updated plan for campus build & go-live
    • Opex cost preliminary indication
  • Please note that the final design referenced above does not include any tenant specific requirements – these have not been forgotten but are outside of scope until we have all of the core financials in place and approved. At this point we can then revisit with you any specific requirements – these can be discussed/clarified at our next tenant meeting.
  • The following week, Wed Nov 9th we will hold a tenant meeting to discuss the information released previously and the move forward into formal lease agreements. We will review the proposed campus governance structure and setting up a tenant advisory group.

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