Plans for the biggest commercial property development in Tokoroa since the 1980s have been unveiled with construction scheduled to start early next year.
Professional and healthcare entities are the likely tenants alongside the region's polytechnic learning institute, say Ryan Bradley and Brendon Bradley of Bayleys Tauranga who are seeking to lease space on the street level within the proposed complex.
The new commercial centre at 30-32 Chambers St on the northern entrance to the town will comprise a two-storey commercial premises occupying 9708sq m of land.
The land, bordered on two sides by Chambers St and State Highway 1, is the site of the former Tokoroa Returned Servicemen's Association.
The larger of the two dual-storey buildings is being purpose-built for Toi Ohomai Institute of Technology, the education provider with campuses in Tokoroa, Rotorua, Tauranga, Taupo and Whakatane.
Toi Ohomai is the largest tertiary education provider in the Bay of Plenty, and the third largest institute of technology in New Zealand. Its new Tokoroa site is being designed to accommodate 20 staff and 350 students - forecast to grow to 500.
The upper floor of the adjacent second building in the Chambers St complex is to be tenanted by a forestry sector company.
The remaining 849sq m of ground-level commercial space at 30-32 Chambers St is being marketed for lease through Bayleys Tauranga. Ryan Bradley says the workspace being offered is a "blank canvas".
"Tokoroa has not seen a new-build commercial project on this scale for quite some time. The location and quality of design and build will redefine commercial property in the town centre," Ryan Bradley says.
"The architect's concept plans for the available ground floor show the size and structure of the building. The exact interior configuration of the space on offer for lease, however, is still very much open to negotiation.
"So, any new tenant or tenants on the ground floor could occupy premises ranging in size from 150sq m up to the full area of 894sq m.
"Bearing in mind this is a new build, combined with the substantial floor plate available, the space would be perfect for one large private medical and healthcare practice, or multiple practitioners in a healthcare hub.
"Such a concentration of tenancies could also sustain a separate retail pharmacy. All of this will be complemented by access to 126 on-site car parks, with vehicle entrances off both Chambers St and Hodgson St."
Construction of Chambers St blocks is scheduled to start early in 2020, with completion early in 2021. The commercial block with the space for lease has been designed with floor-to-ceiling windows and a stud height of nearly 4m.
Naming rights for the hub — including signage on the three road frontages — could be negotiated in conjunction with leasing terms for the available ground floor space, Brendon Bradley says.
He adds that the tenancy mix of the Chambers St development was brought together in synergy with the South Waikato District Council's (SWDC) plan for Tokoroa's central business district, which came into effect in 2015.
"As indicated in the plan, several of the permitted activities under the Town Centre Zone classification are to be housed in the new development, being an education facility, car parks, commercial services, and potentially healthcare," Brendon Bradley says.
The project is being led by the South Waikato Investment Fund Trust (SWIFT) an independent development agency established in 2014 as an off-shoot of the SWDC.
Chairman of the SWIFT Trust, Phillip White, says the site's prime location, combined with state-of-the-art timber buildings reflects the district's history.
"This project provides an opportunity to draw interest to the growth opportunities in the South Waikato," White says
Project leader SWIFT was founded on a $20m opening fund derived from the sale of Powerco shares formerly advanced to SWDC. Since then the organisation's stimulus fund has grown to around $27m. Rental from the various tenancies at Chambers St will continue to grow SWIFT's balance sheet.
Situated within an easy drive to Tauranga and Rotorua, and midway between Taupo and Hamilton on SH1, Tokoroa is the largest town in the South Waikato. The district is well serviced by road and rail, with access to three airports.
It has a population of more than 25,000 and is home to major organisations including Carter Holt Harvey, Oji Fibre, Waratah, Fonterra, and Coca Cola Amatil.