The sale of a standalone industrial property within the Tauriko Business Estate reflects the confidence in the A Grade Commercial and Industrial property market in Tauranga post-Covid, according to Bayleys Commercial.

Set on 1,510sqm of land, the 542sqm property at 12 Whiore Ave incorporates a large warehouse with three roller doors, a showroom, plus offices and amenities on both the ground and first floor. 

At a glance:

• A standalone industrial property at 12 Whiore Ave, Tauranga has been sold for $1.777 million at a yield of 4.5 per cent.
• The address has a new five-year lease in place, with built-in 2 per cent per annum rental growth and market rent reviews.
• The transaction was brokered by Bayleys Commercial Sales Manager Mark Walton and Commercial and Industrial Specialist Myles Addington.

The address has a new five-year lease in place, with built-in 2 per cent per annum rental growth and market rent reviews.

A total of five offers were received for the property, which sold at a 4.5 per cent yield.

Source: Bayleys Commercial

Bayleys Commercial Sales Manager Mark Walton, who marketed the property with Commercial and Industrial Specialist Myles Addington, said the result showed the demand for commercial and industrial space had grown stronger as the local economy boomed off the back of a fast-growing population, thriving agricultural industries and record trade volumes.

"Those buildings in good locations and with strong tenants we believe there will continue to be strong buyer interest," he said.

"But secondary buildings with weaker tenants on short leases there's likely to be less demand and this will be reflected in the price with the yield range widening."

Click here for more information.

Similar to this:

Bayleys backs New Zealand’s tourism sector with acquisition of Resort Brokers

New Zealand accommodation portfolio for sale

ALDI $648 million east coast logistics portfolio sold to Charter Hall