A large multi-tenanted commercial complex anchored by the Tauranga RSA has gone up for sale with significant redevelopment potential in a commanding location on Tauranga’s Cameron Road.
The property is owned and partly occupied by the Tauranga Returned Services Association, along with four tenants providing a retail operation, an office, a restaurant, and a motor inn with 22 suites plus a function room.
Including a proposed lease-back arrangement of premises occupied by the RSA, the property will provide a new owner with a total net rental income of $611,296 plus outgoings and GST per annum.
Flexible commercial zoning offers excellent intensive redevelopment potential in the medium to long term, which could be stepped up further under a proposed planning change.
The property at 1237 Cameron Road, Tauranga, is being marketed for sale by family sales team Ryan, Lynn and Brendon Bradley of Bayleys Tauranga.
It will be sold by deadline private treaty closing on Thursday 10 August, unless the property is sold prior.
Ryan Bradley said the property comprised an approximately 2,612-square-metre building on some 7,583 square metres of commercial-zoned freehold land, with extensive on-site parking and over 60 metres of frontage to Cameron Road.
“The building provides retail and office tenancies plus the 644-square-metre Oak Tree restaurant, a functions room, sports bar and lounge bar on the ground floor, plus the more than 700-square-metre Greerton Motor Inn with 22 motel suites on the first floor.
“The proposed lease-back to the Tauranga RSA would apply to the lounge bar, sports bar and common areas including offices, returning $77,156 plus outgoings and GST,” he said.
Lynn Bradley said the site had multiple access points from Cameron Road plus restricted rear access via Hayes Avenue, and provided parking for approximately 134 vehicles.
“This property represents a rare opportunity to purchase a substantial southern Cameron Road commercial site with outstanding future potential for mixed-use commercial/residential development.
“The existing development-friendly commercial zoning under the Tauranga City Plan allows buildings up to 12 metres high, for a vibrant mix of uses including residential with ancillary office and retail, visitor accommodation or educational facilities.
“Beyond this, the site is subject to a pending zone plan change that seeks to further maximise building heights and density along Cameron Road,” said Lynn Bradley.
Brendon Bradley said the property’s attractions were further underpinned by its location.
“This is a strategic commercial site adjacent to the Greerton CBD with extensive frontage to Cameron Road, a core transport corridor that runs the length of the city.
“The site for sale forms part of Greerton’s commercial hub, with retailing on both sides of the street. Greerton is home to an extensive range of over 120 businesses such as shops, eateries and services that are well supported by the local population.
“Greerton is one of the city’s major suburban shopping centres, within seven kilometres of Tauranga’s CBD. It supports an expansive surrounding catchment area and population growth in recent years has continued to strengthen the suburb’s status as a leading retail precinct,” Brendon Bradley said.