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Landmark commercial delivers profitable workplace synergy

An ex-bank building transformed into an A-grade regional investment hub is being offered for sale amidst a wave of market appetite for premises with dynamic workplace design and commercial flexibility.

The landmark building dubbed ‘The Vault’ at 53 Spring Street occupies 910sq m (more or less) of freehold land in Central Tauranga and is well-positioned to benefit from significant local growth and the evolution of the downtown precinct.

Bayleys Tauranga team members Brendon Bradley, Lynn Bradley, Rory Brown, and Christy Arundel are marketing the property for sale by Deadline Private Treaty, closing at 4:00 pm on Wednesday, 29th May 2024 (unless sold prior).

Brendon and Lynn Bradley say the substantial two-level complex is fully occupied by a diverse range of professional tenants, attracted to the premises for its unique business ecosystem.

“The old ANZ Bank Building was extensively refurbished in 2018 to provide state-of-the-art office accommodation that includes both open-plan and private workspaces, complimented by attractive shared areas.

“A dynamic configuration reflects a commercial shift towards collaboration and flexibility in the workplace, with innovative design emerging as a core pillar for corporates to improve productivity and increase physical attendance following disruption to working patterns post-pandemic.

“The subject property is well-positioned to leverage these workplace trends, effectively delivering a cohesive business environment that attracts and retains its tenants to provide a stable income for a new owner.

‘The Vault’ features a net lettable area of 749sq m (more or less) split into eight independent tenancies of between 62 and 121sq m (more or less). The fully occupied office suites are supported by 32 car parks - 18 uncovered and 14 secured in the basement. “Carparks are like ‘gold dust’ in the Tauranga City Centre, and these are currently below market rental, providing potential for significant upside for a new owner going forward,” they say.

Rory Brown and Christy Arundel say the diverse tenancy roster, which reads as a who’s who of professional services, provides a significant split-risk allure for a new purchaser searching for a proven passive investment.

“The property generates a net annual rent of $337,894 plus GST and operating expenses from tenants with varying lease arrangements, including global accountancy firm Ernest & Young, national property developer Willis Bond, private equity firm Oriens Capital, a law firm, project manager and the agency behind the original redevelopment, Quayside Holdings.

“Most tenants have held long-term leases, undertaking renewals, notably demonstrating a high degree of confidence in the property’s ability to attract and retain high calibre occupants.”

Positioned adjacent to the intersection with Grey Street, the Vault is proximate to Tauranga’s prime retail precinct, attracting some of the city centre's highest foot traffic.

“Downtown Tauranga is currently experiencing significant growth and major transformation, evidenced by a wave of both private and public investment that includes a new Tauranga City Council office building, Northern Quarter Building on The Strand, and the landmark Farmers Department Store/Elizabeth Towers residential apartments, amongst civic facilities and greenspaces.

“The Vault is superbly positioned to leverage this revitalisation of the city centre as an established premises that provides passive investors with immediate income and versatility within the current configuration to continue leasing as a multi-tenanted business hub or reconfigure for own use,” they say.

Click here for more information on the listing.

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