Large iwi tenant at business park
The building at 166 Seventeenth Ave, Tauranga, houses Ngati Ranginui’s asset management and administration offices. Photo / Supplied
A new commercial office building housing one of the Bay of Plenty’s biggest iwi asset management and administration organisations, along with one of the province’s most awarded construction firms, is now for sale.
The single-level office building for sale within Tauranga’s Seventeenth Ave Business Park contains two tenancies. One half of the building is home to the Ngati Ranginui Iwi Incorporated Society whose core business is managing fishing assets, the provision and liaison of health and social services, administration support, and representation for the tribe.
Established in 1990, the society has contract relationships with Government departments including the Ministries of Education, Health, Justice, Social Development and Child Youth & Family. It employs 18 fulltime and 70 part-time staff.
With more than 6000 registered members who affiliate with Ngati Ranginui Iwi, the tribe has 10 maraes across Tauranga’s northern perimeter around Judea, Otumoetai and Omokoroa.
Meanwhile, the second part of the premises within the elongated Seventeenth Ave Business Park building is occupied by Business Administration Services Entity Ltd, a 100 per cent subsidiary of the Tauranga-based Classic Builders Group.
Classic Builder’s sister company, CBC Construction, built the premises and developed the wider Seventeenth Ave Business Park.
CBC Construction has won accolades for its commercial property projects in the Bay of Plenty for three years running. These are occupied by SIMS Distributing, JenkinsFreshpac, and Classic Builders.
Elsewhere in the city, CBC Construction has been behind high profile commercial property projects such as Trustpower’s $25m Tauranga HQ, and Tauranga’s $22m ANZ Business Centre in Cameron Rd. The company won a Property Council New Zealand award for excellence in 2013 for its work on the ANZ site.
The building for sale in the business park now generates a combined annual rental income of $174,450 net. Individual tenancies within the 692sq m commercial block encompass:
- Ngati Ranginui Iwi Incorporated Society — on a new six-year lease running through to 2023, with three further three-year rights of renewal and two-yearly rent increase reviews linked to the Consumer Price Index (CPI).
- Business Administration Services Entity Ltd — also on a new six-year lease running to 2023, with two further three-year rights of renewal and two-yearly rent increase reviews linked to the CPI.
The 1724 sq m of freehold land and single-storey building within the commercially-zoned business park are being marketed for sale by tender through Bayleys Tauranga, with tenders closing on September 14, unless sold earlier.
The property’s registered address is 166 Seventeenth Ave. It features in Bayleys’ latest Total Property portfolio magazine.
Bayleys Tauranga salesperson Lloyd Davidson says the investment-grade property includes 16 car parks. He says the rectangular-shaped block neighbours two other newly-built and fully tenanted premises designed along similar architectural lines.
The three hectare Seventeenth Ave Business Park contains multiple commercial tenancies including Radfords Software, the Blind Foundation, and education provider Te Wananga o Aotearoa, says Davidson.
“The Seventeenth Avenue Business Park comprises like-minded business owners operating out of similar professional offices. Located on the central business district fringe, the enclave is just 10 minutes from the city’s downtown precinct, and is targeted for considerable expansion over the coming decade.”