Corner site drawcard in central Tauranga

Spring St end of The Strand in Tauranga. Photo / Bay of Plenty Times

Kevin Wehipeihana of Bayleys Tauranga is marketing 63-69 Spring St, a strategically located and multi-tenanted property on the corner of Spring and Durham Sts in downtown Tauranga.

"Corner sites in the Tauranga CBD don't often come on to the market," says Wehipeihana. The property will be auctioned by Bayleys on December 2.

The multi-level property is held in four titles with a total land area of approximately 2449sq m and a total lettable building area of 2129sq m. The property comprises two buildings with the main building constructed in the 1950s as a three-level structure while a penthouse level was added at a later date. A major refurbishment of the whole building was carried out last year.

A further single-level building was completed nearly five years ago. There is also a small vacant lot on Spring St.

Anchor tenants are tertiary training organisation Te Wananga O Aotearoa, land development consulting group MTec Consultants and the Public Trust. Retailers Carina Jewellery and Tres Chic have shop space within the development.

The property produces rental income of approximately $460,000. On-site parking for 45 vehicles is provided with potential for more if the vacant and sealed lot in Spring St was to be developed. "The intrinsic long-term development potential of the site is tangible and throws up some exciting possibilities," Wehipeihana says.

"The downtown Tauranga shopping environment has been upgraded and enhanced in recent years with improvements made to roads, footpaths, seating and plantings. Tauranga is looking good.

As provincial commercial areas go, growth is heartening."