Investors tool up as top developer’s headquarters for sale
The Mt Maunganui office block anchored by one of the country’s top building and development companies has been put up for sale.
The near-new, A-grade building sits on a freehold corner site at 33 Totara St, within walking distance of downtown Mt Maunganui. It was built in 2020 by Form Building & Developments as its head office, with four other tenancies fully leased to national and international businesses, one currently subleasing.
The five tenancies, with a weighted average lease term of 7.8 years, provide a new owner with total annual income of $596,000 plus GST.
Form Building & Developments tackles major projects across Auckland, Bay of Plenty and Waikato. The other tenants are:
■ Form’s sub-tenant, ADM New Zealand, part of a global group which is one of the world’s leading agricultural processors.
■ KAMAR, a Tauranga-based provider of school administration and student management software
■ PFP, a log exporting service provider.
■ Resource management and planning consultancy Mitchell Daysh.
33 Totara St is being marketed for sale by negotiation through Rory Brown and Lloyd Davidson of Bayleys Tauranga.
Brown said the property consisted of a modern three-storey commercial building of some
1612sq m on approximately 800sq m of Commercial-zoned freehold land.
“This modern, standalone commercial office block is divided into five premium tenancies. Workspaces on the first and second floors are fitted with floor-to-ceiling windows on three sides, ensuring plenty of natural light and affording views towards Tauranga Harbour and the Kaimai Ranges,” said Brown.
Davidson said 19 on-site parking spaces and a rear access lane added to the site’s convenience.
“The corner location ensures high exposure at the northern end of Totara St, the gateway to downtown Mt Maunganui whose shopping, eateries and entertainment are within walking distance. Main Beach, Pilot Bay and Mauao/Mt Maunganui are also within easy reach.”