$10m building adds to Tauranga banking hub

The new Westpac Centre will feature new technology, and offer 24/7 banking and include conference rooms and other facilities for business clients. Photo / John Borren

Construction is nearly finished on the new $10 million mixed-use commercial and retail building on the corner of 12th Ave and Cameron Rd.

It is scheduled to open in August with anchor tenant Westpac Bank.

The bank is shifting its area office, business banking centre and 11th Ave branch to the new Westpac Centre with up to 40 of its staff moving into the purpose-built premises.

It is the latest in a string of development projects in the Cameron Rd commercial precinct, which has seen the area develop into a banking and business hub, with BNZ and ANZ operations nearby.

"It's evolved with customer behaviour," said Susan Grey, Westpac's area manager Bay of Plenty-Coromandel.

"Our current 11th Ave site is already one of busiest transactional sites in terms of personal customer relations. For our business bankers it was about being amongst the hub which is developing, where customers have easier access to Cameron Rd than getting into downtown Tauranga. The new site at that end of town will give those customers easier accessibility to their business bankers in modern new premises."

Ms Grey said the new location would feature new technology, and offer 24/7 banking and include conference rooms and other facilities for business clients.

However, she noted Westpac would still keep a significant presence in Tauranga's central business district with its new Red Square premises.

Westpac will be spending about $1 million in fitting out the new premises.

The bank will take up 647sq/m for its regional business office and its retail branch operations.

The development includes a cafe of up to 200sq/m and four-to-five retail units on the ground floor, and 700sq m of first-floor offices. The site also has a forecourt area with 34 car parks and 35 car parks to the side and rear.

Veros has managed the project and negotiations with prospective tenants.

Veros director Duarne Lankshear said the building would have a solid commercial/retail mix. "This site is a very attractive proposition for retail brands looking for a high traffic, high-profile site with plenty of parking for customer convenience," he said.

"With Westpac corporate office as the anchor tenant we expect the adjacent tenants to trade well over the long term."

Mr Lankshear said the project was yet another solid sign of the current upsurge in activity in the Tauranga building and commercial property industry.

"This property is another top quality building developed and owned by locally-based investment group. They are long-term investors and recognise that good quality design will attract and support good-quality tenants. "