Three high-density residential development sites neighbouring Mount Maunganui’s leading sporting facility leave little speculation about their potential to satisfy local demand for housing and large-format accommodation options, Bayleys salespeople say.
The mixed land parcel comprising a total site area of 3,034sqm (more or less) at 46, 48 and 50 Miro Street is positioned adjacent to The Adams Centre – Mount Maunganui’s high-performance training facility with a roll call of recent visitors, including the All Blacks, Wallabies, Warriors, Black Ferns, and the English cricket team.
Bayleys Tauranga salesperson Rory Brown says the state-of-the-art Adams Centre is operating near total capacity, mirroring wider region growth trends.
“The properties present a unique chance to leverage preferable zoning fundamentals to deliver much-needed housing supply in one of the country’s fastest-growing regions.
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“There is equal opportunity to establish a multi-use accommodation village to support Adams Centre athlete needs, of which the seller has comprehensive concept plans that will be included with the sale.
“Tauranga City Council is considering expanding the current performance centre to meet the growing requirement for training and administration facilities.
"With limited large-scale accommodation offerings locally and a rapidly growing population, the properties are primed to satisfy strong residential demand.”
Rory Brown and Christy Arundel are marketing the properties for sale together with Bayleys colleague Carmen Dickison.
They will be sold by way of deadline, closing at 4:00 pm on Wednesday, 24th April 2024 (unless sold prior).
The properties currently provide a conservative total annual rent of $179,594 incl. GST, with the following particulars:
46A & B Miro Street: 1,011sqm (more or less) cross lease site and two residential improvements generating $65,260 incl. GST per annum from two periodic tenancies;
48 Miro Street: 1,011sqm (more or less) cross lease site and a block of three flats separately rented on periodic tenancies generating $81,380 per annum, incl. GST;
50 Miro Street: 1,012sqm (more or less) freehold site featuring two premises totalling 160sq m (more or less). The properties return $46,800 incl. GST per annum from a tenant with a fixed-term agreement expiring in July 2024.
Bayleys Tauranga salesperson Christy Arundel says the substantial landholding is categorised in High Density Residential zone, which provides the region’s most significant densification provisions.
“When combined, the land parcel provides a significant 60-metre street frontage overlooking Blake Park, which has an international-grade cricket oval, rugby fields, netball courts, hockey turf, and tennis facilities.
“The sellers have identified the opportunity for residential accommodation to support the surrounding sporting precinct activities, with scheme plans including a staged development for 122 rooms. This would comprise a mix of two-level hotel, apartment, and dormitory-style accommodation blocks.”
The project features a development profile similar to that of the Podium Lodge in Cambridge.
This professional accommodation facility was developed to support the velodrome, rowing, and kayaking communities and was subsequently on-sold to an owner-occupier as a viable business.
Bayleys Tauranga salesperson Carmen Dickison says there is a finite supply of available development land on the Mount Maunganui peninsula – a tightly-held region known for its lifestyle and commercial attributes.
“The properties are superbly positioned near outstanding amenities and a short walk to Mount Maunganui Beach—a regular feature on ‘World’s Best Beaches’ lists.
“Given the superb location and high demand for housing across the region, we expect to receive a strong enquiry from a diverse range of purchasers exploring their development options.”
- Supplied by Bayleys
