A new parcel of Tauranga CBD land has arrived on the market ripe for another multi-storey redevelopment, the seller says.
The flat site at 160 - 168 Devonport Road is currently occupied by three tenants; a charity, an ethnic foods supermarket and a gym.
However, a senior real estate salesman believes the location's most likely future use would be mixed-use redevelopment.
Lloyd Davidson of Bayleys Tauranga said the development could comprise offices or apartments above - some with harbour views - and retail stores at street level.
"Tauranga Council's city centre zoning is designed to maintain and enhance the role and function of the central business district as a commercial, retail and civic hub," he said.
"The council city centre zoning allows for the potential development of buildings through intensification of use up to a 16m height - which for this location could sustain a mixed-use scenario with retail operations continuing on the streel level, and either commercial premises or residential dwellings on the upper floors."
It could stay fully-tenanted while development planning consents and approvals were sought, he said.
The supermarket has a lease to 2022, the charity - Life Unlimited Charitable Trust - to June next year and the gym - Beyond Fitness - to May next year.
A major redevelopment of the site would be the latest in a long line of projects shaking up the Tauranga CBD.
Last month the Bay of Plenty Times revealed plans for a $100m new development on the city's iconic "Farmers Corner".
The project included two expansive floors of retail, multiple levels of parking with space for close to 400 vehicles plus 70 to 90 high-end apartments.
That news came after plans were released in July for a $50m skyscraper at 2 Devonport Rd that will include retail, offices and luxury apartments.
Big city centre developments
- $50m skyscraper at 2 Devonport Rd: retail, offices, luxury apartments
- $100m redevelopment of the Farmers corner with two floors of retail, parking and high-end apartments
- $90 million Waikato University campus in Durham Street including student accommodation