Facilitation of Tenant Leases on Legacy Business Parks – Macoya and Trincity
The Macoya and Trincity Parks were developed in the 1980s without the respective regulatory approvals for the factory buildings on these parks. As a result, the tenants operating at these nineteen buildings do not have leases. The lease is not only critical to the management of the tenancy but it is a source of financing for the tenants’ investment on e TecK’s business parks. These investments enable a segment of e TecK’s mandate to be fulfilled as it relates to the existing industrial parks. These two developments were required to be regularised in order to effect the leases and e TecK’s Real Estate Assets Division were responsible to effect. The regularisation process involved a multi-faceted approach to attain development approvals through key stakeholder engagements and management of surveying services.
The approvals required were from the following stakeholders as follows:
- T&TEC
- WASA
- Fire Services
- Tunapuna / Piarco Regional Corporation
- Director of Surveys
As at December 2018 all of the above-listed approvals were conveyed to e TecK and we are now in a position to proceed with the nineteen respective leases. This represents a key milestone to the relationship between Landlord and Tenant and provides the opportunity for companies to invest and reinvest in the development of business on the legacy parks. This ensures a measure of sustainability to the businesses, the parks and the local economies.
