Rare offer spells industrial gold in Tauranga

A rare sizeable offering of industrial development land in Tauranga is expected to attract the attention of buyers across the North Island’s Golden Triangle.

The nearly 6400sq m site will be created from a proposed subdivision in the cityfringe industrial stronghold of Greerton.

With an estimated flat, useable area of up to 4000sq m, the new landholding is coming to market as the city faces a dearth of available land to meet demand from a burgeoning industrial sector.

Large industrial occupiers are increasingly exploring Tauranga due to an acute shortage of industrial land in Auckland, according to Bayleys research. Benchmark annual rents for modern industrial warehouse space in Tauranga now sit at $130-$145 / sq m and benchmark yields are between 4.25-4.75 per cent.

The vacant site to be created at Lot 2, 67 Maleme St, is being marketed by family sales team Brendon, Lynn and Ryan Bradley of Bayleys Tauranga. The deadline sale closes on Thursday 1 December, unless sold prior.

Brendon Bradley said the site formed part of an established and coveted industrialzoned area on the city’s southern perimeter. “This is a notoriously tightly held industrial stronghold. The opportunity to buy vacant development land within this zone is a genuine rarity, and the scarcity of industrial space will underpin demand.”

The location’s appeal was heightened by its proximity to SH29 with logistical ease to other major arterial routes, he said.

Lynn Bradley said an indicative scheme plan would see the lot subdivided from a larger site.

Subject to council resource consent, the site is likely to support a new building of around 2000sq m, suiting a substantial industrial occupier. Water, wastewater, stormwater, power and fibre services will be made available as part of the subdivision.

The new title is expected to be issued around the end of March 2023.