Three neighbouring freehold properties in central Tauranga present prospective purchasers with the opportunity to secure a vast landholding for their next major project in the heart of one of New Zealand’s fastest growing cities.
The high-profile sites at 145 Durham Street, 153 Durham Street and 159 Durham Street have a total combined land area of 2,401sq m with approximately 2,127sq m of floor area and can be purchased separately or as a combined offering.
The Commercial Zone properties are spread across three separate titles and a resource consent that is valid until 2022 has been granted for a 12-storey, 56m high development across 145 and 153 Durham Street.
The strategically located properties are next to the new University of Waikato campus and are surrounded by a range of local amenities the Tauranga CBD has to offer, including retail stores, restaurants, and cafes.
Number 145 Durham Street is a 1,029sq m site with six residential dual-level terraced three-bedroom apartments, which are currently tenanted, offering a total floor area of 1,427sq m. The units range in size from 133sq m to 151sq m and have exclusive outdoor decks and balcony areas, and carparks in the basement.
There is a two-level commercial block at the front of the building with two 300sq m units that have stairwell access from Durham Street.
Number 153 Durham Street is a vacant 556sq m parcel of land that is scheduled to be asphalted for car parking, while 159 Durham Street is mostly a single-level building separated into two tenancies with a rear two level portion to house the facilities for the building. The 700sq m property sits on 816sq m of land.
Clark, Managing Director at Colliers Tauranga, says these properties will appeal to a range of buyers given high-quality commercial landholdings are in short supply in the city.
“This is one of the premier offerings to come to the market in the Tauranga CBD this year that provides tremendous flexibility given the properties can be purchased as a joint offering or individually,” Clark says.
“The existing residential and commercial tenancies means there is significant holding income available while the new owner or owners plan their next moves.
“The existing resource consent for the development across two of the properties indicates the significant potential and scope of what could be achieved by an ambitious buyer.”
Data from Stats NZ released in October last year noted Bay of Plenty had the highest percentage population growth of all regions in New Zealand for the year ending June 2020 with growth of 2.8 per cent, an increase of approximately 9,100 people.
Davidson, Commercial and Industrial Sales Broker at Colliers Tauranga, says people have continued to move to Tauranga in recent years due to the more balanced lifestyle provided by the area’s wide array of leisure activities on offer.
“The significant growth in Tauranga and across the Bay of Plenty region has brought extra interest in Tauranga’s commercial property sector from buyers within the city and further afield,” Davidson says.
“This site is a prime location in a sought-after part of Tauranga’s busy CBD, and we expect there will be significant interest in these properties.
“We encourage all interested parties to do their due diligence and contact us immediately.”