Verdict In: investment elevated by urban renewal

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A distinguished heritage building at the core of Tauranga’s Central Business District is positioned to benefit from the city’s revitalisation program, which continues to transform the urban skyline of New Zealand’s fastest-growing region.

The tenanted commercial premises on 395 sq m (more or less) at 57 Spring Street is in a prime location adjacent to Te Manawataki O Te Papa-Heartbeat of Te Papa, a new civic precinct that forecasters say could attract triple the number of visitors to the city centre by 2035.

Bayleys Tauranga salesperson Rory Brown says the subject property is a local landmark, offering investors and occupiers an opportunity to secure a prominent foothold on the northern side of busy Spring Street.

“Downtown Tauranga is experiencing significant growth reflective of cohesive private and public sector investment. Operators are taking notice, and we are seeing once vacant or underutilised spaces in the city centre attractively repurposed to promote new commercial, retail, and visitor activity.

“Businesses already committed to the city centre are enthusiastic about ongoing development works, which include a swathe of upscale office suites, including Craigs Investment Partners new seven-storey ‘world office’ at 2 Devonport Road, and a vibrant mix of office, commercial and hospitality space in the Northern Quarter buildings on the Strand.

“This transformation is set to catalyse local economic growth, which could deliver a steady appreciation of property values in the area and a level of prestige for the subject property given its heritage architectural qualities.”

Brown is marketing the Spring Street property for sale by deadline, closing at 4:00 pm on Thursday, 11th July (unless sold prior) with Bayleys’ colleagues Christy Arundel and Lloyd Davidson.

The 598sq m (more or less) floorplate fully occupies the total site, except for a cobblestone patio in the northern corner and two small basement storage rooms.

Local law practice The Firm has a three-year lease to February 2025 plus renewal rights for the 297sq m (more or less) ground floor, which comprises a modern mix of open-plan and partitioned workspaces, board/meeting rooms, and staff facilities.

Bayleys Tauranga salesperson Christy Arundel says the property returns a net annual rent of $171,900 plus GST from two leases, including the current owner’s negotiable occupation of the first floor.

“The well-appointed approximately 300sq m first floor is currently tenanted by the current building’s owner. However, there is flexibility here, providing an opportunity for an owner-occupier to secure the space for themselves or choose to keep the lease in place and enjoy the strong annual income.”

Both levels have been refurbished in recent years to a high quality, offering versatile commercial accommodation. This includes welcoming reception areas, excellent natural light, and air conditioning throughout.

Bayleys Tauranga salesperson Lloyd Davidson says the property is a cherished heritage-listed building, celebrated for its iconic front feature columns.

“This heritage status does not impede the building’s functionality, ensuring it remains a versatile and attractive investment option for a new owner,” he says.

View Property here

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