CONSTRUCTION of the Don St business hub is “on budget, on time and on plan”, Invercargill City Council (ICC) finance and corporate services director Dean Johnston says.
The three-storey business house and retail space is being built by the council across two sites – the former Todd Auction and Criterion buildings on Don St.
The ground floor of the building will house retail shops and cafes, with businesses occupying the second and third floors. It will also have a laneway between Don and Spey Sts, and a car park accessed via Spey St.
The build was estimated to cost between $12 million and $13m, funded through endowment funds and a loan.
Mr Johnston said the four anchor tenants would now progress the fit-out of their spaces, with the first businesses expected to move in in September.
The council had so far secured four tenants – McCulloch and Partners accountancy firm, Cruickshank Pryde law firm, Three Bean Cafe and Craigs Investment Partners.
Mr Johnston said the leases for two more businesses were expected to be finalised within the next two weeks.
Craigs Investment Partners investment adviser David Goble said they had initially planned to move into the business house in October, but they had not yet received official confirmation from the council.
“We are pretty comfortable with how it is going and we are excited about the move,” he said.
Three Bean Cafe owner/operator Judy Storey said they hoped to have access to the building in September and be open for business the following month.
“We are very excited. Can’t wait.”
The cafe’s current lease expires at the end of this month.