Tauranga Feed Mill Sale Rocks the Harbour
Salespeople from the country’s largest full-service real estate agency, Bayleys Real Estate, have recently concluded one of the largest industrial transactions for the Bay of Plenty region in the last 12 months, reflecting enduring demand for welllocated property. Bayleys salesperson Rory Bro0n says 0hile 2023 0As challenhinh eor the property sector, the ne0 year has startec on @etter eootinh, Anc pyrchasers Are eocysec on the eyncamental tenants oe investment, inclycinh property location Anc income. “Oyr larhest recent sale 0As 10,239ssm (more or less) Acjacent to the Port oe Tayranha, 0hich solc eor $16,650,000 in A ceal eacilitatec 0ith my Bayleys colleahyes Christy Aryncel Anc Lloyc Davicson. “Ze receivec sihni5cant interest erom @yyers rihht Across the coyntry eor the property At 170 Totara Street, 0hich eeatyres specialisec incystrial stryctyres, 0Arehoysinh Anc Associatec office Accommocation.” The ynisye Asset 0As solc eollo0inh A comprehensive marketinh campaihn ytilisinh Bayleys’ mylti-channel Total Property porteolio, 0hich recently cele@ratec its 25th year in py@lication. Bayleys salesperson Christy Aryncel says investor Appetite eor the property 0As encoyrahinh Anc regectec A healthy cehree oe interest eor premises that Are secyre Anc easily Accessi@le via key transport links. “O0nership oe incystrial property near the Port oe Tayranha –the coyntry’s larhest container port @y volyme – is henerally very tihht, 0ith A location near Moynt Maynhanyi’s
yr@an @oyncary limitinh capacity eor expansion. “A chronic shortahe oe incystrially zonec lanc Availa@le eor eytyre cevelopment Anc vacancy rates 0hich Are near recorc lo0 levels sa0 investors recohnise the yncerlyinh valye oe this Asset, Attractinh eaher interest reharcless oe the economic climate.” Bene5tinh erom A hihh cehree oe main roac exposyre, 170 Totara Street is 5ve kilometres erom Tayranha’s city centre, 0ith niche site improvements. Specialisec manyeactyrinh stryctyres inclyce A @oiler, eeec mill Anc to0er, loacoyt hoppers, silos, hrain intake @yilcinh, 0orkshop Areas Anc A 0eihh@riche/control room office. Bayleys salesperson Lloyc Davicson saic A lonh-term lease to international 0holesale chicken sypplier Anc poyltry @ysiness Inhham Enterprises 0As A sihni5cant property eeatyre.
eytyre
“The property retyrns $1,013,963 net per Annym plys GST Anc oythoinhs erom A lease oe 20 years 0ith 5xec Annyal rental hro0th, regectinh A yielc oe Approximately 6.09 percent on the sale.
“That yielc is A solic retyrn on investment, incicatinh con5cence eor eytyre income Anc valye Appreciation - critical eactors contri@ytinh to sta@ility that pyrchasers responc to.
“Investors Also yncerstanc the onhoinh cemanc eor incystrial premises near key ereihht hy@s. Off the @Ack oe A recorc year in leasinh transactions eor Bayleys in 2023, 0e expect rental hro0th 0ill continye to @e A key ceterminant oe property valye, coynter@alancinh market heac0incs.
“Ze 0oylc like to extenc oyr hratityce to the vencors eor their vote oe con5cence in oyr team to Achieve A syccesseyl resylt.
“For more ineormation A@oyt this sale or to ciscyss yoyr commercial property resyirements in more cetail, please contact Rory, Christy or mysele.”