Auckland city’s flexible workspace Generator has experienced something of a shakeup this month as property management firm Precinct Properties took over full ownership.
Last week Precinct Properties acquired the remaining 50% of its shares in Generator, which now makes it the sole owner of the company.
The takeover led to Generator founder Ryan Wilson’s exit from the business, but he couldn’t be happier that Generator has done so well.
“The Precinct acquisition is exciting news for the business as it means that Generator moves into a new era, able to expand into new cities and new services, with the backing of one of New Zealand’s largest listed property companies,” says Wilson.
Wilson opened Generator in 2011 when its doors opened to 32 members. Now there are more than 1200 members across five Auckland CBD locations.
“We established Generator in a refurbished heritage building in Britomart in 2010 and at that time there were only 426 registered co-working spaces in the world. None of them had the combination of service, tailored workspaces, hospitality and events that have been the hallmark of Generator’s success,” says Wilson.
“For me the proof of that success has been the number of members and businesses who are still part of Generator today. Of the first ten businesses that signed up in 2010, six of them are still members today,” says Wilson.
Wilson also helped the company to grow in market share and in floor space. In the 2017-2018 year the business grew more than 400%, and now Generator’s floor space covers 12,600 square metres.
“Precinct bought a 50% ownership in May 2017, demonstrating the impact co-working has had on the real estate industry and, more specifically, highlighting the value that Generator’s unique offering and culture could bring to Precinct’s property portfolio,” he says.
Precinct Properties CEO Scott Pritchard says the acquisition provides an opportunity to grow into the fast-growing flexible space market.
“Generator allows us to provide flexible office space and meeting and events solutions to a broad range of New Zealand businesses, while maintaining our reputation for providing high-end, world class city-centre office spaces.”
Generator is now home to small and large business alike, including large brands like Facebook, Spark, and Getty Images.
“I’m proud to leave Generator in great heart and recognise that the time is right time to step aside and entrust the business to someone with a fresh vision and different perspective,” Wilson concludes.