Prominent commercial site in Judea
A high-profile commercial property in Tauranga that is undergoing extensive renovation and modernisation presents the opportunity to secure a premium asset with future growth potential.
The 2130-sqm landholding at 33 Oak Lane, Judea, currently includes three commercial units with a fourth under construction and due for completion in June 2022.
Colliers Brokers Simon Clark and Rich Davidson have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday December 16, unless sold prior.
Units 1, 2, and 3, all have 153sq m of warehouse space, a 27-sqm ground floor office and 27-sqm of mezzanine area.
Unit 4 is currently being rebuilt into a two-level high-spec office block, which will be integrated alongside Unit 3 and will include a 160-sqm ground floor office, a 200-sqm first floor office, and a 9-sqm balcony, making a total floor area of 981 sqm at the property.
Clark, managing director at Colliers Tauranga, said Units 1 and 2 are scheduled to undergo further renovations in 2023, which will only add to the appeal of this site.
“Works will include repainting the interior and exterior, roof maintenance, and replacement of the existing roller doors with motorised units,” Clark said.
“The commercial zoning allows more intensive uses over time and with its high profile and easily accessible location, this will be attractive to future prospective tenants.”
This property, which has good access to all major roadways, drivearound access, 23 dedicated car parks, and a heavy goods vehicle park is situated in the vibrant Judea valley with expansive views over the adjoining river and estuary.
Clark said that developers and vendors Fosters Construction will stay on as the anchor tenant having recently agreed to a nine-year lease, with three-yearly CPI plus 1 per cent rent reviews, on all four units, providing a strong tenant covenant. Their lease will provide annual net rental income of $215,000 plus GST and operating expenses.
“Fosters Construction are a wellknown firm in the Bay of Plenty and Waikato and have completed a number of prominent local projects during the past few years, including the
recent Bayfair Shopping Centre development in Mount Maunganui.”
Davidson, commercial and industrial sales broker at Colliers Tauranga, said this is a highly visible location that is user-friendly for the occupants.
“The property is located in Judea and has fantastic access onto Waihi Road via a fully signalled intersection, which has direct access onto Takitimu Drive and from here Mount Maunganui and Tauriko, as well as the Tauranga CBD, are easily reached,” said Davidson.