The land and commercial building housing the Bay of Plenty branch of one of NZ’s largest independent brokerages and a financial advisory and accounting firm has been put on the market for sale – and is expected to be targeted by property investors, according to real estate company Bayleys.
The 978 square metre modern office building, located at 1 Valley Grove in the Tauranga suburb of Bethlehem sits on 1,310 square metres of freehold land, and houses
BrokerWeb Risk Services and Anthony Harris Ltd.
The Bethlehem branch of the brokerage, which has six branches nationwide, holds a six-year lease running through until 2023. Anthony Harris Ltd., meanwhile, is currently on a lease running through until 2019. The two tenants pay a combined net annual rental of $144,128 plus GST for the office spaces, according to a scoop.nz report.
Built in 2008, the Valley Grove property will be auctioned on August 02 through Bayleys Tauranga.
Salesperson Lynn Bradley commented: “As a comparatively modern property which has been meticulously maintained over its relatively short lifespan, the building’s suburban location is perfectly suited for the needs of its small-to-medium-sized office tenants.
“The property should have huge appeal to the commercial market as a strong passive investment opportunity.”
A Westerm Bay of Plenty socio-economic planning report shows that Tauranga West, which includes the suburb of Bethlehem, is set for a substantial land and building redevelopment in the next 50 years.
“Continued infill development is anticipated. Redevelopment of some sites is expected to maximize site potential, with a number of large vacant sites to be developed,” the report said.
Bradley added that the Valley Grove offices’ location, which is some 6.5 kilometres from the central business district, would continue to attract the interest of investors in want of a commercial property on the fringe of the suburb’s town centre.
“As a venue purpose-built to accommodate a professional services business, such as BrokerWeb Risk Services and Anthony Harris Ltd both currently in occupancy, the property will benefit long term from the demands on such firms by a growing suburban population – anything from a medical centre through to lawyer’s chambers,” she said.
“Bethlehem town centre will continue to prosper from the area’s growing population, and while there are multiple locations earmarked for residential expansion around the suburb, commercial properties this close to the central business district are constrained by existing use – ensuring those there now will be there well into the future.”
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