A new build trophy asset with a blue-chip tenant signed to a long-term lease in the sought-after industrial hub of Tauriko in Tauranga will appeal to buyers looking for a prime passive investment.
345 Matakokiri Drive, Tauriko is nestled in Stage 3 of the Tauriko Business Estate and with construction set to get underway, the building will provide 1,629sq m of office and warehouse space, subject to final measure, on a 3,044sq m freehold site that is zoned Industrial.
Road Science, a subsidiary of Downer New Zealand, has committed to a 20-year lease.
The rental income from the property will be $335,031 plus GST and operating expenses, plus additional fit-out rental.
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The building has been designed and developed by iLine Construction to suit the needs of the tenant. Building materials, fixtures, and services will be of a high standard providing confidence to buyers and it will be built to 100 per cent NBS.
The property sits in a cul-de-sac head and the site benefits from convenient access as traffic movements are more moderate and easier to circulate. There is also generous car parking on-site.
The eastern boundary overlooks a low-level floodplain, creating a pleasant green backdrop for occupiers to enjoy. The motorway network can be easily reached from the property.
Colliers Brokers Rachel Emerson and Duncan Woodhouse have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 3 November, unless sold prior.
Construction is set to commence once the building consent has been processed by the Tauranga City Council and the building will be constructed out of precast concrete and structural steel.
The striking office has been architecturally designed and will be clad with a mix of woodgrain precast concrete and Dimond Heritage Tray steel cladding. The property will also include a 10sq m deck, 82sq m of canopy, and a 430sq m yard.
Emerson, Industrial and Retail Sales Broker at Colliers Tauranga, says high-calibre properties of this nature are rarely presented to the open market.
“The new owner of this outstanding asset will be able to enjoy a steady rental stream from a newly built property,” Emerson says.
“The length of the lease shows the commitment of Road Science to this site and there is also built-in rental growth with five yearly market reviews and 2 per cent annual increases (unless it’s a market rent review date).
“Road Science is New Zealand’s leading designer and supplier of advanced bitumen and bitumen-based products. Focused on research and development, their products are designed using cutting-edge testing equipment. Road Science products are manufactured and supplied from state-of-the-art facilities throughout New Zealand.”
Woodhouse, Commercial and Industrial Sales Broker at Colliers Tauranga, says the Tauriko Business Estate has experienced continued demand as the area has developed.
“Businesses and investors are drawn to the Tauriko Business Estate for its high-quality new buildings, national brand neighbours, and the ease of access around the region and further afield. Occupiers can comfortably reach Rotorua, Hamilton, and Auckland as well as the Port of Tauranga via the toll road,” Woodhouse says.
- Article supplied by Colliers
