A Cameron Road trophy
* Please note our Vendors instructions, this property will not be sold prior to Auction.
- Land area: Collective 2,192m2 (approximately) freehold sites held over three titles
- Tenancy: Two tenants returning a net of $190,715.84 (plus GST per annum)
- Zoning: Zoned 'City Centre'
- Opportunity: Ideal for mixed-use redevelopment
This is a rare opportunity to purchase a collective property of scale (three titles) located on Tauranga's 'Golden Mile', Cameron Road, which offers good returns, and a wide range of redevelopment opportunities.
The subject properties are held over three adjoining freehold titles, totalling approximately 2,192m2 of land Zoned 'City Centre'. Situated on the northern side of Cameron Road between Spring Street and Elizabeth Street. The site benefits from its location to major business centres, proximity to current and projected Tauranga CBD Developments, and convenient access to major arterial routes.
The properties are currently fully occupied by two tenants, with the addition of a service lane at the rear of 199-207 Cameron Road owned by the Tauranga City Council, which is leased to the tenant via the property owner. Accordingly, the properties are achieving a total net income of $190,715.84 (plus GST per annum) with vacant possession of the properties from 31st August 2020, unleashing the development potential of the sites.
Tauranga is an area currently enjoying substantial growth and development with large scale projects including the new multi-million-dollar University Campus, expected to open in 2019 coinciding with Student Accommodation; The Farmers Trading Company major redevelopment featuring a mix of Commercial Retail and Residential Apartments, and the new Quest hotel / apartment complex currently under construction.
Given its location, the substantial population growth and the rapidly escalating development of education and service sectors the redevelopment potential could range from mixed use Commercial / apartments to office, retail, or a high-quality hotel or student accommodation. With the current site provisions already providing for a 19 metre building height platform (as per the Tauranga City Plan).
An ideal opportunity to plan your future redevelopment whilst still enjoying passing income.