Mirror-image properties reflect opportunities
Two adjoining properties in the tightly held Mt Maunganui commercial precinct feature excellent location fundamentals and attractive development prospects, Bayleys salespeople say.
The mirror-image sites held in two titles totalling 1446sq m at 20 and 22 Tawa St are in a prime position at the southern end of the town centre on a corridor that adjoins main arterial Maunganui Rd.
Bayleys Tauranga salesperson Brendon Bradley says the location is a primary focus for investors, given demand is driving acquisitions across the Golden Triangle economic area.
“The magic area between Auckland, Hamilton and Tauranga continues to strengthen, with the number of people forecast to live within the area to grow by around 700,000 within the next two decades.
“Mt Maunganui is a critical cog in the wheel of this economy, with properties close to the commercial precinct, Port of Tauranga, container terminal and Tauranga Airport most attractive to investors.”
Marketing of the properties for sale together or separately is by Brendon, Lynn and Ryan Bradley of Bayleys Tauranga with the deadline at 4pm, Friday December 1 unless sold prior.
Described by the salespeople as a prime investment asset occupied by an established daycare facility, 20 Tawa St was converted for current use in 2013, including seismic strengthening to the A-grade 100 NBS.
Comprising a reception office, manager’s office, play and sleep rooms, storage and amenities, the 403sq m property is licensed for up to 50 children and features covered outdoor space plus six carparks.
Family owned and operated Bambino’s Early Childhood Centre has exercised the first of its renewal rights to February 2028, with one three-year option remaining.
The property generates a net annual rental income of around $72,864 plus GST and outgoings.
Lynn Bradley says the strong tenant covenant is particularly attractive for investors recognising the opportunity to collect immediate income while potentially making preparations for development of the neighbouring property.
Adjoining the childcare centre is a 130sq m refurbished three-bedroom house at 22 Tawa St, for sale with vacant possession and significant scope to repurpose, redevelop or extend the premises.
“The site lends itself to future offices or a mixed-use multi-level development, which would maximise the potential of the commercial zoning with a 12m build height.
“Plans could echo the previous successful transformation of neighbouring properties north on Tawa St that have been redeveloped into modern commercial space.”
Article supplied by Bayleys