Study puts sale of 1.4ha block in Bureta on hold

A decision by Progressive on the balance of its site, which formerly included the Bureta Park Motor Inn, was not expected until later this year.

The sale of a prime 1.4ha block of land in Bureta has been put on hold to allow its Australian owner to weigh up development options for the site next to where a Countdown supermarket is being built.

It followed an earlier sale process not reaching a conclusion after Progressive Enterprises considered offers for the residential-zoned property.

The land, which included a big chunk of what many people mistakenly thought was part of the council reserve, attracted more than 20 registrations of interest from individuals and companies. Uses ranged from residential to commercial developments.

Duncan Woodhouse of Colliers International said a feasibility study was under way to work out how to achieve the highest price and best use of the land. In the meantime, the sale process had been put on hold.

He said buyers were interested in purchasing the property but the vendor needed to understand in more detail the opportunities for the land.

Options being studied included changing the use of the land, selling it with its residential zoning, the owner doing the subdivision, and the demand for a mixed use residential/commercial development.

Any use other than a conforming residential development needed a resource consent or zoning change from the Tauranga City Council.

A decision by Progressive on the balance of its site, which formerly included the Bureta Park Motor Inn, was not expected until later this year.

Meanwhile, strong interest had been shown in leasing the row of new shops that will adjoin the supermarket on the other side of the site.

Mr Woodhouse said conditional interest had been shown by a range of tenants, including an upmarket bar and restaurant, a cafe and other food and retail users.

"We are in negotiation with a number of parties and have received really good feedback."