Mr Page said police were sent after a "call for assistance" made about midday on Saturday.
Mr Te Moananui left before police arrived but the Armed Offenders Squad later found him at the Campbell St property.
"He was called upon to surrender, however he presented a firearm at police, at which point he was shot. Despite police instantly undertaking CPR, he was pronounced dead at Thames Hospital a short time later."
Mr Page also said initial police reports that Mr Te Moananui was in custody was "incorrect".
"This was a mistaken belief at the time based on initial information. Police confirm that the dead man was not in custody at the time of the shooting."
The post mortem has been completed in Auckland and the cause of death will be determined by the Coroner.
A number of investigators from across the Waikato have been called across to Thames to assist with the scene examination, area inquiries and the investigation.
Inquiries were focussing on the activities of Mr Te Moananui yesterday and the preceding weeks.
Police would like anyone who interacted with Mr Te Moananui recently, or saw any of the events from Saturday to please make contact with the Operation STROBE team at the Thames Police Station, Phone 07 8679600.
Waikato district commander Superintendent Bruce Bird said the incident was tragic for all involved.
Information can also be provided anonymously through the organisation Crimestoppers, ph 0800 555 111. Four investigations into this matter will run concurrently, including investigations commenced by the Independent Police Conduct Authority and the Coroner.
