Iwi’s head office placed on the market for sale
A brand 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, has been placed on the market for sale.
The single-level office building for sale within Tauranga’s Seventeenth Avenue 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 Ngati Ranginui Iwi Incorporated Society has contract relationships with various Government departments such as the Ministry of Education, the Ministry of Health, the Ministry of Justice, the Ministry of Social Development, and the Ministry for Child Youth & Family.
The organisation employs some 18 fulltime and 70 part-time staff. With more than 6,000 registered members who affiliate with Ngati Ranginui Iiwi, 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 Avenue Business Park building up for sale is occupied by Business Administration Services Entity Limited - a 100 percent subsidiary of the Tauranga-based Classic Builders Group.
Classic Builder’s sister company, CBC Construction, not only built the premises, but developed the wider Seventeenth Avenue Business Park. CBC Construction has won accolades for its commercial property projects in the Bay of Plenty for three years running. The award-winning properties are now occupied by SIMS Distributing, JenkinsFreshpac, and Classic Builders.
Elsewhere in the city, CBC Construction has been the firm behind such high profile commercial property projects as Trustpower’s $25 million Tauranga HQ, and Tauranga’s $22million ANZ Business Centre in Cameron Road. The company won a Property Council New Zealand award for excellence in 2013 for its work on the ANZ site.
The building being offered for sale within the Seventeenth Avenue Business Park currently generates a combined annual rental income of $174,450 +GST. Individual tenancies within the 692 square metre commercial block encompass:
• Ngati Ranginui Iwi Society Incorporated – on a brand 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.
• Business Administration Services Entity Limited - also on a brand new six-year lease running 2023, with two further three-year rights of renewal and two-yearly rent increase reviews also linked to the consumer price index.
The 1724 square metres of freehold land and single-storey building within the commercially-zoned Seventeenth Avenue Business Park are being marketed for sale by tender through Bayleys Tauranga, with tenders closing at 4pm on September 14 (unless sold prior). The property’s registered address is 166 Seventeenth Avenue.
Bayleys Tauranga salesperson Lloyd Davidson said the investment-grade property included 16 car parks. He said the rectangular-shaped block neighboured two other newly built and fully tenanted premises designed along similar architectural lines.
The three hectare Seventeenth Avenue Business Park contains multiple commercial tenancies – including Radfords Software, the Blind Foundation, and education provider Te Wanaga o Aotearoa.
“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,” Mr Davidson said.