Two adjoining properties in the tightly held Mount Maunganui commercial precinct feature excellent locational fundamentals and attractive future development prospects, Bayleys salespeople say.
The mirror image sites held in two titles totalling 1,446sq m (more or less) at 20 and 22 Tawa Street are in a prime position at the southern end of the town centre on a corridor that adjoins main arterial Maunganui Road.
Bayleys Tauranga salesperson Brendon Bradley says the location is a primary focus for investors, given demand dynamics driving acquisitions across the Golden Triangle economic area.
“The magic area between Auckland, Hamilton and Tauranga continues to strengthen, with the number of people forecast to live within the area to grow by around 700,000 within the next two decades.
“Mount Maunganui is a critical cog in the wheel of this economy, with properties close to the commercial precinct, Port of Tauranga, container terminal, and Tauranga Airport most attractive to investors.
“The Port of Tauranga is New Zealand’s largest container port by volume, and Mount Maunganui is arguably New Zealand’s best-placed commercial and industrial precinct, positioned to benefit from demand for new developments to satiate consumer appetites.”
Marketing of the properties for sale together or separately is by Bayleys Tauranga family team Brendon, Lynn and Ryan Bradley by deadline closing at 4:00 pm on Friday, 1st December 2023 (unless sold prior).
Described by the salespeople as a prime investment asset occupied by an established daycare facility, the property at 20 Tawa Street was converted for current use in 2013, including seismic strengthening to an A-grade (100 percent of New Building Standard) assessment.
Comprising a reception office, manager’s office, play and sleep rooms, storage and amenities, the 403sq m (more or less) property is licensed for up to 50 children and features covered outdoor space plus six car parks.
Family owned and operated business Bambinos Early Childhood Centre has exercised the first of its renewal rights to February 2028, with one three year option remaining.
The property generates a net annual rental income of circa $72,864 plus GST and outgoings.
Lynn Bradley says the strong tenant covenant is particularly attractive for investors recognising the opportunity to collect immediate income whilst potentially making preparations for the development of the neighbouring property.
Adjoining the childcare centre is a 130sq m (more or less) refurbished three bedroom dwelling at 22 Tawa Street, offered for sale with vacant possession and significant scope to repurpose, redevelop or extend the premises for future use.
“The site lends itself to future offices or a mixed-use multi-level development, which would maximise the potential of the commercial zoning with a 12 metre build height.
“Plans could echo the previous successful transformation of neighbouring properties north on Tawa Street that have been redeveloped into modern commercial space.”
Ryan Bradley agrees, noting there is potential long-term scope to take advantage of a superb development foundations, including rear service lane access to both sites via Phoenix Lane.
“Being predominantly level, with typical services available and a combined 30 metres of frontage to Tawa Street, are significantly attractive credentials, which, when combined with a scarcity of developable commercial opportunities in the central business district and demand for premises, presents a well-rounded opportunity for investors and add-value purchasers,” he says.