Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Leasehold Interest In Large Industrial Complex Goes Up For Sale

The leasehold interest in the land and the buildings housing a substantial industrial warehouse complex and adjoining offices in Tauranga have been placed on the market for sale.

The property at 45 Tukorako Drive at the eastern end of Mount Maunganui’s industrial precinct features some 3,300 square metres of warehousing and offices, sitting on some 8.048 square metres of leasehold land.

Purpose built in 2006, the premises have been occupied since then by Intertruck New Zealand – one of the New Zealand’s biggest truck assembly firms.

The leasehold interest at the Mount Maunganui property, and the buildings on the land, are now being marketed for sale by deadline private treaty through Bayleys Tauranga, with offers closing on July 30. Salespeople Mark Walton and Jo Stewart said the factory, warehouse and associated offices were being sold as vacant - with Intertruck New Zealand giving notice that it will be relocating within the next 12 months to bigger premises in the area.

Walton said the various buildings within the Tukorako Drive property sustained:

  • A 2,275-square metre vehicle assembly space with a 9.73-metre stud height, and large vehicle access through four roller doors spaced out around the premises
  • An 881-square metre engineering warehouse with a 7.3-metre stud height - consisting of a workshop storage area and paint booth also accessible by large vehicles through four roller doors


  • Some 144 square metres of office space – comprising a reception area, administrative rooms, toilets, locker rooms and a staff lunchroom.

The complex is built on concrete foundations with steel portal framing and Colorsteel roofing. It has a new build standards rating of 100 percent. The site is zoned Industrial/Heavy Manufacturing/Suburban under the Tauranga City Council plan, and is located just a short distance from the Port of Tauranga.

The head lease on the property is owned by Quay Lease Limited, and has an annual ground rental of $196,534 plus GST. The lease interest being sold currently runs through to 2026, and is perpetually renewable after that, with ground rent reviews every five years.

A rental assessment of the per square metre rates at the Tukorako Drive property - based on current rates of comparable sites within Mount Maunganui’s industrial precinct – has estimated:

  • The workshop and warehouse space could be let for $122 per square metre
  • The office space could be let for $160 per square metre


  • The sealed yard could be let for $40 per square metre.

“On that basis, the buildings and yard within 45 Tukorako Drive have a forecast annual return of $459,410,” Walton said.

Stewart said the location’s multiple entry and exit roads allowed easy access for heavy vehicles and Tukorako Drive was a hub for heavy vehicle mechanical services businesses – with firms such as Scania, Performance Diesels, 0800 My Mechanic, and Power Hydraulics also based in the road.

She said potential buyers of the Tukorako Drive lease could also negotiate to purchase the five-tonne gantry crane and spray-painting infrastructure from Intertruck New Zealand.

“Because properties of this size and scale are quite niche in terms of the market, there is also the flexibility to negotiate either a delayed settlement date - which would allow any potential new leaseholder to plan their move to the site. Or Intertruck New Zealand would also consider a sale and leaseback arrangement as the company prepares to relocate,” Stewart said.

Last year, two other leasehold properties in Tukorako Drive sold. Number 44 Tukorako Drive – consisting of 679 square metres of vacant industrial and warehouse buildings sitting on 1,501 square metres of land sold for $840,000. Number 22 Tukorako Drive – consisting of 1,008 square metres of vacant industrial and warehouse buildings sitting on 1,501 square metres of land sold for $1,525,000.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>


Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>


NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>


Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

REINZ: Million Dollar Plus Property Sales Increase 11.7% Nationally

The number of properties sold around the country for one million dollars or more during the first half (H1) of 2020 increased by 11.7% compared to H1 2019, with 5,426 million-dollar plus properties sold (up from 4,858 in H1 2019) according to the Real ... More>>

Waste: Government To Regulate Plastic Packaging, Tyres, E-Waste

The Government is stepping up action to deal with environmentally harmful products – including plastic packaging, tyres and e-waste – before they become waste. As part of the wider plan to reduce the amount of rubbish ending up in landfills, ... More>>


Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>


QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>


Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>


FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>