A high-profile commercial property in Tauranga that is undergoing extensive renovation and modernisation presents prospective purchasers with the opportunity to secure a premium asset with future growth potential.
33 Oak Lane, Judea is a 2130sq m landholding that currently includes three commercial units with a fourth under construction that is due for completion in June 2022.
When Unit 4, which is being rebuilt into a two-level high-spec office block, is complete, there will be 981sq m of total floor area at the property.
Fosters Construction recently agreed to a nine-year lease, with three-yearly CPI plus 1 per cent rent reviews, on all four units, providing a strong tenant covenant.
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Their lease will provide annual net rental income of $215,000 plus GST and operating expenses.
This property, which has great access to all major roadways, drive-around access, 23 dedicated car parks, and a heavy goods vehicle park is situated in the vibrant Judea valley with expansive views over the adjoining river and estuary.
Colliers Brokers Simon Clark and Rich Davidson have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday December 16, unless sold prior.
Units 1, 2, and 3 all have 153sq m of warehouse space, a 27sq m ground floor office and 27sq m of mezzanine area.
When complete, Unit 4 will be integrated alongside Unit 3 and will include a 160sq m ground floor office, a 200sq m first floor office, and a 9sq m balcony.
Clark, Managing Director at Colliers Tauranga, says Units 1 and 2 are scheduled to undergo further renovations in 2023, which only adds to the appeal of this site.
“Works will include repainting the interior and exterior, roof maintenance, and replacement of the existing roller doors with motorised units,” Clark says.
“The commercial zoning allows more intensive uses over time and with its high profile and easily accessible location, this will be attractive to future prospective tenants.
“Fosters Construction are a well-known firm in the Bay of Plenty and Waikato and have completed a number of prominent local projects during the past few years, including the recent Bayfair Shopping Centre development in Mount Maunganui.”
Davidson, Commercial and Industrial Sales Broker at Colliers Tauranga, says this is a highly visible location that is user-friendly for the occupants.
“The property is located in Judea and enjoys expansive water views over the inner harbour. The location provides fantastic access onto Waihi Road via a fully signalled intersection, which has direct access onto Takitimu Drive and from there Mount Maunganui and Tauriko, as well as Tauranga’s CBD, are easily reached.
“The neighbouring buildings directly in front of the property facing onto Waihi Road are being totally rebuilt into a multi-unit commercial complex and are scheduled to be completed in 2023/2024, which exemplifies the gentrification in the area that is taking place at a rapid rate.
“The demand for high-quality commercial sites in Tauranga continues to grow and we expect that trend to continue as we head into 2022. We encourage all prospective buyers to do their due diligence and contact us immediately.”
- Article supplied by Colliers
