Historic house will stand test of time

Rydal House in the heart of the CBD had a major refurbishment in 2000 - and has a roof top car park.

A Tauranga landmark commercial building, Rydal House, which was specifically designed and constructed for the Public Trust in 1954, is being offered for sale.

"This is one of Tauranga's best known buildings that has stood the test of time," says Philip Hunt, commercial and industrial specialist with Ray White Commercial Tauranga who is marketing it for sale by deadline private treaty closing Thursday, August 14, at 5 pm - unless it sells beforehand.

The three-storey building with 20 car parks at 29 Grey St, Tauranga, occupies a 744sq m freehold site and comprises a ground floor net lettable area of 332.30sq m; first floor net lettable area of 448.09sq m and second floor net lettable area of 445sq m.

The property is situated in the heart of Tauranga's CBD and is surrounded by professional offices, trading banks, retail stores, cafes, restaurants and inner city services.

"Rydal House was designed by British-born and Wellington-based architect Stanley Fearn (1887-1976), who earned national acclaim for his design of several Public Trust and civic buildings throughout New Zealand," Hunt says.

"The Public Trust was the sole tenant of the building until 1998 when the current owners decided to embark on a major refurbishment of the building. In 2000, a major refurbishment - designed and project-managed by Craig Henderson of Matrix Consultants - was carried out respecting the building's original design and retaining or enhancing most original features."

The interior was virtually gutted and upgraded systems installed, including modern electrical and data cabling, air conditioning, fire alarm and sprinkler systems, new ceilings and lighting.

"The common areas and amenities were also refurbished to a high standard," Hunt says. "Interior partition walls were removed to allow for modernised open-plan office areas."

Hunt says a feature of Rydal House is a vehicle ramp on its western boundary from Tauranga City Council's adjoining inner city car park building that enables access to Rydal House's roof top car park with space for 16 car parks. Another four car parks are provided at ground level with access from a "right of way" easement to the north side of the building.

"With the Tauranga City Council parking building at Rydal House's 'back door', it is a very convenient location for client car parking."

The frontage of the property on to Grey St is 20.12m and the depth of the site is 35.83m.

The building is fully tenanted and earns a net annual rental of $302,000 plus GST. Tenants include Priority One, Stratum Consultants, Demden Ltd, Veros Property Consultants, Ignition, Adcorp and Southpac Trust.

"This is an excellent mix of tenants which makes it a very desirable addition to any investor's portfolio," Hunt says.

"Probably the best thing about this building is its contribution to Tauranga's CBD through its magnificent and imposing image," Hunt says.