This property is situated on a prime Tauranga Central Business District site adjoining the Tauranga City Councils Spring Street car-parking building and the ANZ Bank in the heart of the city. Constructed over two-levels with the first-floor being recently refurbished and tenanted with four professional office tenancies.
This investment offers, spread of risk across 5 tenants, low rents with lots of growth, a council driven CBD rejuvenation in progress and a potential ground floor retail vacancy makes this a great opportunity for add value or for owner occupation.
Investors can take advantage of the existing rent from 4 office tenants while working on retenanting or occupying the ground floor with potential conversion to high quality office accommodation just like the first floor with high ceilings and great natural light. The owner recently undertook a comprehensive upgrade of the first floor entry and common areas, as well as suspended ceilings, carpet and air conditioning throughout which has created quality office accommodation.
The current rent is $157,217 + GST and Colliers identify some considerable rental upside for the new owner.
Tauranga city has never had so much new and proposed developments, the outlook is bright with the significant expenditure on civic projects on a museum, library, convention centre, civic building and waterfront upgrade. Private investments are well underway attracting local, national and international tenants to call the city their home.
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