Cocaine is an imported, highly addictive powder drug not commonly found by Police in Bay of Plenty.
This seizure follows enquiries at the apartment complex in December last year when one man was arrested when found in possession of 6 grams of methamphetamine and 25 grams of cocaine.
Detective Sergeant Darryl Brazier, of the Mount Maunganui Police said: "This is a significant seizure. The cocaine has a potential street value of between $260,000 and $1 Million, depending on purity, while the methamphetamine alone has a street value of approximately $220,000.
Cocaine is a highly sought-after and heavily addictive drug and it is unusual to locate such a large quantity at one time.
The seizure of this large quantity of drugs, destined for the street market, will undoubtedly prevent significant community harm. We will continue to treat any information concerning drug-dealing activity with urgency."
Enquiries are continuing and more arrests are likely.