The demand for prime commercial and industrial premises continues to grow in the wider Bay of Plenty region as occupiers drive a flight to quality.
As the uncertainty posed by Covid-19 abates, development activity has reached a multi-year high across the region with building consents for 170,185sq m of commercial and industrial construction approved over the year to April 2022, according to figures released by Stats NZ.
That figure has only been surpassed once this century, indicating that Bay of Plenty is undergoing a significant period of growth and commercial investment.
Rich Davidson, Commercial and Industrial Sales Broker at Colliers Tauranga, says there’s several factors driving companies to reassess their options as they look to the future.
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“Modern workplaces provide welcoming surroundings for staff members and offer a point of difference in a tight labour market,” Davidson says.
“Looking across the property sector, commercial and industrial sales activity rebounded strongly in the region in the year to March 2022.
“Investors, and owner-occupiers have been particularly active in the market with competition for assets driving the value of sales to a new record, for a year ending in March, of over $836 million.
“The 2022 figure exceeded the previous record of $725 million recorded in 2020. Activity was particularly evident within the industrial sector with transactions of industrial assets generating 45 per cent of the annual sales total.”
The combination of high levels of demand from both occupiers and investors has fuelled interest in the micro-unit development in Papamoa known as The Hatch, which is located at 230 Parton Road at Papamoa Junction, moments from the beach and nearby motorway network.
Only six units remain available for purchase in the block of 23. The site is zoned Commercial, which provides for a wide variety of uses, including office, retail, trade supply, medical, light industrial, and high-density residential.
The highly functional units vary in size from 55 to 90sq m. With concrete tilt slab construction, high stud with clear span, and roller door access, as well as having large windows for natural light, they are incredibly versatile.
Davidson and colleague Simon Clark have been exclusively appointed to market the units for sale and are taking enquiries.
“The remaining units are priced from $474,000 plus GST meaning buyers are able to acquire an affordable premises and buyers will have the ability to control their own destiny without lease obligations,” Davidson says.
“Current uses include, professional office space, a pilates and boutique fitness studio, food outlets, retail, and storage and distribution, among others, while the units are well-suited to meet the demands of the thriving e-commerce sector.”
Clark, Managing Director at Colliers Tauranga, says the units are strategically located in an area that will be exposed to significant foot traffic numbers.
“The Hatch sits within Papamoa Junction, a 52,000sq m mixed-use precinct comprising commercial, light industrial and medium-density residential developments,” Clark says.
“It is the first mixed-use development of its kind in the Bay of Plenty region, and a timely response to a surge in population growth and investment in Papamoa.
- Article supplied by Colliers
