e TecK’s Diamond Vale Business Park, as most of e TecK’s Existing or Legacy parks, was developed back in the 1960s without the respective sub-division development approvals for the Factory Shells located on this park. As a result, the tenants operating at these buildings did not have leases. The lease is not only critical to the management of the tenancy by e TecK as landlord but it is a source of financing for the tenants’ investment on e TecK’s parks. These investments enable a segment of e TecK’s mandate to be fulfilled as it relates to asset optimization.
In August 2020, e TecK’s Real Estate Assets Division completed a regularization process as prescribed by the Town and Country Planning Division, in order to effect the leases to the tenants of Factory Shells at Diamond Vale. The regularization process involved a multi-faceted approach to attain development approvals through key stakeholder engagements, amalgamation of shell sizes and the management of surveying services.
The approvals required were from the following stakeholders:
• Town and Country Planning Division
• Diego Martin Regional Corporation
• Director of Surveys
The above-listed approvals have been completed representing a key milestone for the company. This means that companies (tenants) are now afforded the opportunity to invest or reinvest in the development of businesses thereby ensuring some measure of sustainability of businesses at the parks. A similar exercise was completed in 2018 for Factory Shells located at e TecK’s other Legacy Parks in Macoya and Trincity which were developed in the 1980s.
e TecK wishes to express its appreciation to all stakeholders who provided assistance and support in this very critical exercise.