A high-spec industrial property at 3-5 Hynds Rd, Greerton, Tauranga, has been put on the market for sale and short-term lease due to the rapid growth of the owner-occupier's health-related business.
"The owners, Cubro Ltd, purpose-built the premises in 2006 with the intention of occupying the building for the long term," says Duncan Dysart of Bayleys Tauranga who is marketing it for sale by tenders closing on August 8.
"However the stellar growth of their successful rehabilitation, medical and healthcare equipment business has driven them to reassess their future business needs and they are now in the process of building larger premises within the evolving Tauriko Business Estate to accommodate expected expansion," Dysart says.
"They are proactively staging their transition from the site and will lease back these premises for a period of two years from settlement, giving someone else the chance to occupy in two years' time, or for an investor to take the time to secure a new tenant."
Businesses could take advantage of the excellent location with easy access to the Port of Tauranga and the CBD. "While Cubro will commit to a two-year lease paying an annual net rental of $450,000, if their new premises are completed on time it may be possible to take earlier possession if required."
The buildings sit to the rear and northeast boundaries of the 6219sq m flat site. The 986sq m, two-level office, boardroom and amenities block faces Hynds Rd. At the rear is a 2900sq m high stud warehouse having pallet-racking capabilities up to eight metres high. There is also a 190sq m low-stud workshop and 312sq m loading canopy allowing easy dry loading facilities.
An extensive concrete yard provides service to the warehouse, staff carparking and outdoor storage. The complex has two vehicular access points and ample public car parking.
"Given that the buildings were constructed with tilt slab and steel portals in 2006, we understand that no earthquake upgrade work is required which bodes well for both the inherent property value and the potential for steady rental returns down the track," says Dysart.
"The premium-grade offices and boardroom make for enjoyable work conditions and also provide an impressive facility to host or entertain clients. The property has a quality fit-out with air conditioning while the pallet racking and office furniture are optional but can be tendered for."
There is also the option of tendering for a further 3283sq m of vacant land which backs on to 3 Hynds Rd.
"This land at 13 Sherson St could be purchased for a yard area or future development," says Dysart. "It is level with services to the site and is currently grassed. Apart from boundary fencing it is yet to be developed."
Dysart says the industrial property market in Tauranga and Mount Maunganui is coming out of a fairly quiet period, with industrial vacancies in many areas now lower than they have been for some time.
"Several large design and build properties are under way in the Tauriko Business Estate but this property in Hynds Rd offers a high quality building and facilities for less than current design build costs - along with great holding income while making a transition to the site."
Hynds Rd is off Chadwick Rd in Greerton which is about 2km from State Highway 2 and 3km to the Expressway to Mount Maunganui and the Port of Tauranga.
The properties Bayleys has up for tender form part of a small pocket of industrial zoned land fronting Hynds Rd, Chadwick Rd, Sherson St and Alach St.
The Tauranga Racecourse adjoins the southwest boundary of the Hynds Rd site and the Tauranga Golf Course and Greerton Shopping Centre are also close by.