An underdeveloped commercial site in the Tauranga suburb of Welcome Bay provides buyers with the opportunity to acquire a landholding of significant scale in one of the country’s fastest-growing cities.
260 Welcome Bay Road, Welcome Bay in Tauranga is an 8,106sq m freehold site that is zoned Commercial providing for uses including office, retail, medical, aged care, residential, and light industrial.
With 170m of street frontage the property is highly visible, and the elevated site has excellent development characteristics.
It is located next to a popular local shopping centre that is home to a Four Square, service station, pharmacy, laundromat, and a range of eateries.
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The site has been used for several decades by the Presbyterian Church of Aotearoa New Zealand as a place of worship and community facility.
The existing buildings on the property comprise a church, which includes meeting rooms and a kitchen, and a garage totalling approximately 400sq m.
Colliers Brokers Simon Clark, Rich Davidson, and Josh Coburn have been exclusively appointed to market the site for sale by deadline private treaty closing at 4pm on Thursday 14 July, unless sold prior.
Clark, Managing Director at Colliers Tauranga, says the site presents a significant opportunity for a major project given the flexible nature of the zoning.
“The new owner will be presented with a range of options for this large site, and they may choose to utilise the existing buildings by repurposing them for their own usage, while they plan for the future,” Clark says.
“Alternatively, they have the chance to clear the entire site and start from scratch and a medium or high-density residential project would draw strong interest within the community given the need for further housing stock in Tauranga.
“There is also scope for a prominent commercial offering that would no doubt be popular due to the growth in the area.”
Davidson, Commercial and Industrial Sales Broker at Colliers Tauranga, says the ongoing growth in the Bay of Plenty region will create strong demand for this site.
“Data from Infometrics shows the Tauranga city population grew by 2 per cent in 2021, compared to the national growth figure of 0.6 per cent as people have continued to flock to the region,” Davidson says.
“This has contributed to higher sales volumes in the commercial and industrial sector. Recent research from Colliers notes that commercial and industrial property sales activity rebounded strongly in the Bay of Plenty region in 2021 with a new annual record of over $970 million.
“This year, demand has remained strong across land sales in the area and the Colliers Tauranga office recently sold a 2.87ha industrial section in Tauriko that drew substantial interest from multiple purchasers.”
Coburn, Director of Site Sales at Colliers, says while there is ongoing commentary around the state of the development land market, the demand for quality sites has remained remarkably resilient.
“The Colliers Site Sales team has transacted over $140 million of development sites in the first two quarters of 2022 alone,” he says.
“Sites with sound development fundamentals such as rarity, outlook, scale, and location are performing strongly despite economic headwinds facing the market.
“With spectacular views of Mount Maunganui, the subject site is prime for a project of scale that will add to the surrounding area."
- Article supplied by Colliers
