Tenco generates recurring revenue for best-in-class property developer

Tenco was commissioned by Precinct Properties to roll out an embedded network across its prestigious Commercial Bay development in Auckland.

Commercial Bay combines world-class urban shopping with a state-of-the-art office tower and food destination. The project encompasses five buildings and is positioned at the bottom of Queen Street – historically the mercantile hub of Auckland. 

Tenco provided a suite of bespoke solutions to Precinct during both the development and construction cycle, which included:

1. network connection agreement review

2. negotiation of local network costs during construction

3. embedded network setup and management

4. electricity supply procurement services (construction and post completion phases)

5. provisioning of all retail electricity meters 

6. gas and water billing services post completion

Tenco Managing Director Nick Price who oversaw the project says, “Tenco ensured that the property was setup as two separate embedded networks in a timely and compliant manner (one for the retail centre and another within the PWC tower).  We also worked with Precinct and their construction team to make certain that electricity supply costs during construction were minimised and the metering was installed on-time and ready for the opening of the property to guarantee a best-in-class experience for all of their incoming clients.” 

Precinct’s National Operations Manager, Paul Singleton says, “Commercial Bay would be an incredibly large undertaking for any property developer.  Tenco made the electricity network setup process seamless with its customer-centric approach and broad capabilities, resulting in substantial commercial benefits for Precinct and its clients.” 

“Precinct, our clients and our shareholders all win when our electricity network is managed by the experts.  We’re able to capture a recurring revenue stream and increase the capital value of the development.”

“Tenco provided regular reporting and technical data to Precinct throughout the construction cycle – so we could be confident that the project was on track.  We’ve worked with Tenco since 2013 and knew that we could trust them to get it right.”

Tenco is the largest provider of private utility network solutions in New Zealand.  Tenco has been serving the property industry since 1998 and manages over 300 networks

Price says, “nearly all the large commercial property owners have had embedded networks established across their portfolios.  Our clients own shopping centres, office towers, apartment buildings, airports and retirement villages. Tenco’s experience, technology and industry knowledge means it has all the necessary facets required to operate successfully across the full spectrum of the New Zealand electricity market. We have agreements with all the main industry participants including local network companies, electricity retailers and metering equipment providers.”