1-19 Devonport Road, Tauranga Central, Tauranga & Surrounds

Substantial Tauranga CBD retail/office hub

- Two adjoining retail / office properties
- High profile prime Tauranga CBD position
- Split risk investments with 16 tenancies
- Total Annual Net Rental $570,183 + GST
- Rental upside from current retail vacancies
- 49 Metre City Centre building height zone

No. 1 Devonport Road is a prime property comprising a two level commercial building with an A Grade seismic rating which includes eight ground floor retail tenancies and office accommodation for five tenants to the upper level who enjoy inner harbour views. Recently redeveloped and refurbished this is arguably the prized No 1 position and the trophy building of the Tauranga CBD. Currently the upper level office accommodation is fully leased while the ground floor retail includes four vacancies which present huge upside for a new owner to tenant and maximise the annual rent roll available from this impressive diversified investment.
No 19 Devonport Road is a character landmark Tauranga CBD property with its original front facade is known as the Davies Building comprising a two level retail / office premises that is currently rated as being earthquake prone. Currently this is part occupied by two tenants with both leases containing demolition / redevelopment clauses and the third large anchor ground floor tenancy vacant. The building provides numerous options for a new owner to seismically strengthen and refurbish prior to releasing the vacant ground floor retail premises or alternatively the property may well be ready for a multi level mixed use redevelopment up to 49 metres.
Astute investors, developers and/or owner occupiers will most certainly recognise the obvious add value attributes these commercial assets present including a strong current holding income and strategic CBD location. Here is an outstanding commercial opportunity to secure a sizeable long term growth asset and a great time to reap the rewards of the ongoing current and proposed redevelopment of the Tauranga City Centre in one of New Zealand's fastest growing regions!