Com­mer­cial build­ing con­sents hit $270m

Bay of Plenty Times - - Front Page - Zoe Hunter

In­vestor con­fi­dence is be­ing cred­ited for a boom in Tau­ranga com­mer­cial prop­erty con­sents as val­ues jumped 22 per cent above the same time last year.

Pri­or­ity One projects man­ager An­nie Hill said the pace of growth had ac­cel­er­ated dur­ing the first 10 months of this year.

She said from Jan­uary to Oc­to­ber there was $270.9m in com­mer­cial con­sents, up from $222.6m in the same pe­riod in 2017.

“This re­flects the on­go­ing con­fi­dence of in­vestors in com­mer­cial prop­erty due to un­prece­dented lev­els of growth in the busi­ness com­mu­nity, with com­pa­nies based here ex­pand­ing and new busi­nesses re­lo­cat­ing from else­where.”

There had been strong growth in com­mer­cial builds in the past three years, which re­flected a more pro­duc­tive econ­omy, she said.

Mean­while half of the $81m worth of build­ing con­sents is­sued in Tau­ranga last month were for com­mer­cial de­vel­op­ments.

Nearly $40m for 66 com­mer­cial build­ing con­sents was is­sued by the Tau­ranga City Coun­cil in Oc­to­ber, ac­cord­ing to Pri­or­ity One’s lat­est monthly build­ing con­sents re­port.

The largest con­sents in­cluded $1m for al­ter­ations to the Mit­subishi Mo­tors show­room, $1.1m for the in­fra­struc­ture works at Cop­per Crest Re­tire­ment Vil­lage, $4.5m for the fit out of Tau­ranga Cross­ing’s new cinema com­plex, and $19m for the Farm­ers de­vel­op­ment ground works.

The to­tal value of build­ing con­sents was the largest is­sued by the city coun­cil in the past five months since a record $113m was is­sued in May 2018.

Hill said the Farm­ers de­vel­op­ment, which re­ceived the high­est value com­mer­cial con­sent in Oc­to­ber, demon­strated the ma­tu­rity of the city as a re­tail and leisure des­ti­na­tion.

She said the apart­ments in­cluded in the large-scale de­vel­op­ment would mean more peo­ple will be based in the city cen­tre 24/7.

“This will en­cour­age the pri­vate and pub­lic sec­tors to in­vest in fur­ther amenity and cre­ate a more vi­brant in­ner city,” she said.

Tau­ranga Cham­ber of Com­merce chief Stan Gregec said the new Farm­ers build­ing would be a game-changer for that end of town.

“To­gether with other new com­mer­cial and shop­ping projects, we’re go­ing to see Tau­ranga CBD trans­formed com­pletely in the next few years,” he said. “A lot of peo­ple might be see­ing con­struc­tion and in­con­ve­nience at the mo­ment. But we need to see through and be­yond this to what Tau­ranga will be­come.”

Gregec said the city could ex­pect to see some “new buzz and vibe” hap­pen­ing fast when uni­ver­sity opened next year.

“Tau­ranga CBD has a bright fu­ture ahead.”

Brett Ni­cholls, spokesman for El­iz­a­beth Prop­er­ties Lim­ited, part of the James Pas­coe Group that owns Farm­ers, said the de­mo­li­tion of the main struc­ture was al­most com­plete.

Ni­cholls ex­pected the re­tail part of the de­vel­op­ment would be open within two years, with the apart­ments and town­houses planned to be com­pleted by 2021.

“Our vi­sion is for this fan­tas­tic new build­ing to be a cat­a­lyst for the rein­vig­o­ra­tion of the CBD.”

About 400 work­ers were ex­pected to be in­volved when con­struc­tion was at its peak.

Tau­ranga Cross­ing chief ex­ec­u­tive Steve Lewis said the $4.5m con­sent was for the fit-out of the de­vel­op­ment’s Event Cinema com­plex.

Lewis said more than $150m had been in­vested into stage two of the de­vel­op­ment, which will in­clude the six-screen Event Cin­e­mas, restau­rants, eater­ies and fash­ion stores.

The bulk of the $150m was be­ing in­vested into con­struc­tion con­tracts with Bay of Plenty busi­nesses and jobs for their con­struc­tion work­ers, he said.

“When we com­plete stage two next year, we es­ti­mate that the re­tail­ers at Tau­ranga Cross­ing will be em­ploy­ing about 1000 peo­ple in re­tail jobs.”

Tau­ranga Mayor Greg Brown­less said it was pos­i­tive that the city’s re­tail fa­cil­i­ties were up to scratch as more peo­ple moved to the area.

“No doubt the new [Farm­ers] com­plex will bring jobs and with more jobs comes more money be­ing spent in the area,” he said.

Brown­less said the CBD de­vel­op­ment would also at­tract more busi­nesses to the area.

“Suc­cess tends to at­tract suc­cess,” he said. the very

Cop­per Crest Re­tire­ment Vil­lage.

Farm­ers De­vel­op­ment.

Tau­ranga Cross­ing Cinema Com­plex.

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