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 6,400-square metre site for sale will be created from a proposed subdivision in the city-fringe industrial stronghold of Greerton.
With an estimated flat, useable area of up to 4,000 square metres, the new landholding on Maleme Street is coming to market as the city faces a dearth of available land to meet strong demand from a burgeoning industrial sector.
A recent commercial market update from Bayleys Research shows economic connectivity in the “Golden Triangle” between Auckland, Hamilton and Tauranga is boosting demand for industrial space.
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Large industrial occupiers are increasingly exploring Tauranga due to an ongoing acute shortage of industrial land in Auckland, according to the research.
Benchmark annual rents for modern industrial warehouse space in Tauranga now sit at $130 to $145 per square metre and benchmark yields are between 4.25 and 4.75 percent.
Bayleys Research expect the industrial property market’s strong performance to drive continued development in the Bay of Plenty city – subject to the availability of precious land.
The vacant site to be created at Lot 2, 67 Maleme Street, Greerton, Tauranga, is being marketed for sale by family sales team Brendon, Lynn and Ryan Bradley of Bayleys Tauranga.
Sale is by way of deadline sale closing on Thursday 1 December, unless the property is sold prior.
Brendon Bradley said the site formed part of an established and coveted industrial-zoned area on the southern perimeter of the city.
“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 from future occupiers.”
The location’s appeal was heightened by its proximity to State Highway 29 with logistical ease to other major arterial routes, he said.
Lynn Bradley said an indicative scheme plan would see the approximately 6,395-square metre lot for sale subdivided from a larger site, with the other lot being home to the existing VTNZ Maleme Street vehicle testing centre.
The plan is subject to resource consent approval from Tauranga City Council.
“The estimated flat, useable area of the lot for sale is 3,500 to 4,000 square metres from the road-front boundary. The balance of this lot is a scrub-covered escarpment that rises towards the rear of the property.
“The site is likely to support a new building of around 2,000 square metres, working around an overland flow path, facilitating the presence of a substantial industrial occupier,” she said.
Water, wastewater, stormwater, power and fibre services will be made available as part of the subdivision.
The new title for the subdivided vacant lot is expected to be issued around the end of March 2023.
Ryan Bradley said the Maleme Street site sat within the Industry zone under the Tauranga City Plan, typified by a strategic location near high-order roads, rail lines and shipping routes.
“This zone facilitates industrial uses such as manufacturing, processing, storage, packaging, wholesale distribution, bulky goods display and marine-related activities.
“The sheer breadth of possibilities can be seen in Greerton where occupiers are engaged in activities ranging from manufacturing, transport and construction, through to automotive, engineering, electronics, home and building supplies, food processing and agricultural supplies.”
- Article supplied by Bayleys
