Lane says property in Judea is tightly held. The current owners have had the property for a long time and are now rationalising their portfolio.
"The Judea industrial precinct is just three kilometres from the Tauranga CBD and is home to numerous successful and forward-thinking businesses. As a good indication of its popularity, the last significant sale Bayleys completed in this area was on 106 Birch Avenue in December 2010." The area is zoned for a wide range of industries with development to date being mainly for light manufacturing and distribution centres.
The building has a floor area of 985.7sq m with 56sq m of canopy area. Features include a professional reception area, four offices, boardroom, dry store, manufacturing and packing areas and lunchroom.
"This building has been specifically designed for the manufacture of food. It has covered concrete flooring with drainage and the walls are lined to meet hygiene regulations. The tenants have made significant improvements and the building has been maintained in a generally sound and tidy condition consistent with its age and construction," Lane says.
The second Tauranga property for auction on March 28 is a large first-floor unit in the Hub-on-Cameron complex which is as an ideal opportunity for a passive investor.
Bradley says Unit 4 at 525 Cameron Rd is located on the western side near the intersection with Eleventh Avenue intersection. It forms part of the Eleventh Avenue commercial area which has a broad range of tenants including banks, office complexes, fast food outlets and a Shell service station.
Bradley says the strengths of the property lie in its relatively new construction, its position on one of Tauranga's busiest thoroughfares and the lease to well-known firm RHB Chartered Accountants Ltd, which is headquartered here.
"RHB Chartered Accountants also has satellite offices in Te Puke and Auckland and commenced a five-year lease on this property in October 2011.
"There are a further two, three-year rights of renewal and limited personal guarantees on the lease."
The net rental on the property is $174,132 + GST per annum.
Constructed in 2008, the complex has reinforced concrete columns and beams together with steel portal framing, reinforced concrete floor slabs to each level and exterior walls of pre-cast concrete panels with superior finishes.
There is on-site visitor car parking at ground level along with basement parking plus limited time street parking available on Cameron Road and Eleventh Avenue.
Unit 4 on level one has a net lettable area of 550.3sq m, including a share of the lobby and toilet areas, plus basement storage of 51.3sq m and 13 car parks at basement level. At ground level, there is an entrance lobby with double automatic opening glass doors, lift and staircase.
The space is air conditioned, carpeted and has been partitioned to provide a reception and waiting area, eight individual offices, general office area, interview rooms, board room and lunch room The central lift lobby area, the toilets and corridor are shared with the occupant of Unit 3.
"The office accommodation is of superior quality relative to other office accommodation at present within the Tauranga area," says Bradley.
"We expect good interest in this property which has a current rateable value of $1.9 million."
