Strategic Durham Street site
- Outstanding potential for future single or split-level tenure
- Seismically sound building with an A Grade - 100% NBS rating
- Strategic position in the heart of Tauranga CBD Tertiary precinct
- Current annual net rental discounted 50% to $89,750+ GST & OPEX
Location is the key to this stratum in freehold commercial office building with an expansive frontage occupying a prime position in the highly sought after educational hub on Durham Street. The building provides office accommodation to three levels together with access via Durham Lane to basement carparking and storage.
The property is currently fully occupied by tertiary provider Aspire 2 International Limited with the current lease term due for renewal on the 1st of February 2022. However, since the start of Covid-19 in March 2020, the tenant has been paying a discounted annual net rental of $89,750 + GST and has recently indicated they would like to re-negotiate a reduced lease area on short term tenure from the renewal date. This provides multiple options for a new owner to consider.
This commercial opportunity must command serious attention from prospective purchasers who recognise the strong add value attributes to refurbish, repurpose or re-lease the premises and capitalise on the obvious mixed-use potential the property has to offer. With the recent upgrade of Durham Street designed to create a contemporary and inviting community space to enhance the new University of Waikato campus across the road, this property is strategically positioned for growth in the coming decade.