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Investors tool up as top developer’s headquarters go up for sale

The near-new, A-grade commercial building sits prominently on a freehold corner site on Totara Street, within walking distance of downtown Mount Maunganui.

It was built in 2020 by Form Building & Developments for use as its head office, with four other tenancies fully leased to national and international businesses, one currently subleasing.

The five tenancies, with a weighted average lease term of 7.8 years, will provide a new owner with a total annual income of $596,000 plus GST.

With a team of over 170, Form Building & Developments tackles major projects across Auckland, Bay of Plenty and Waikato – from remediation to retail, office fitouts, multi-storey apartments, school buildings and industrial facilities.

Its Tauranga/Bay of Plenty projects include the Mount Central retail complex on nearby Maunganui Road, a growing number of high-end apartment blocks, along with New Zealand’s largest kiwifruit post-harvest facility in Tauriko, and a major mussel processing plant in Ōpōtiki.

The other tenants are:

• Form’s subtenant, ADM New Zealand, part of a global group founded over a century ago which is one of the world’s leading agricultural processors – producing food ingredients, animal feeds and biofuels.
• KAMAR, a Tauranga-based provider of school administration and student management software used by parents, students and staff at schools throughout New Zealand.
• PFP, a log exporting service provider with offices in Auckland, Tauranga, Gisborne, and Portland in Australia. Operating since 2002, PFP has shipped the equivalent of some 210 million logs.
• Resource management and planning consultancy Mitchell Daysh. With offices in Auckland, Hamilton, Napier, Dunedin, Nelson and Mount Maunganui, its services include project management, consents, plans and policy statements.

The property at 33 Totara Street, Mount Maunganui, is being marketed for sale by negotiation, through Rory Brown and Lloyd Davidson of Bayleys Tauranga.

Brown said the property consisted of a modern three-storey commercial building of some 1,612 square metres on approximately 800 square metres of commercial-zoned freehold land.

“This modern, standalone commercial office block is divided into five premium tenancies. Workspaces on the first and second floors are fitted with floor-to-ceiling windows on three sides, ensuring plenty of natural light and affording views towards Tauranga Harbour and the Kaimai Ranges,” said Brown.

Davidson said 19 on-site parking spaces and a rear access lane added to the site’s convenience.

“The corner location ensures high exposure at the northern end of Totara Street, the gateway to downtown Mount Maunganui whose shopping, eateries and entertainment are within walking distance. Mount Maunganui Main Beach, Pilot Bay and Mauao/Mount Maunganui are also within easy reach.

“The property sits across the road from the Port of Tauranga and enjoys excellent transport links. Totara Street carries regular bus services. It’s also a main access route to Hewletts road, which allows access to Papamoa, Tauranga Central, Port of Tauranga and the North, South and Western highways out of the city,” said Davidson.

Click here for more information on the listing.

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