Well-known Tauranga office building Harrington House has been sold as a range of projects in the surrounding area continue to reshape the city centre.
Tauranga’s CBD is currently going through a period of significant revitalisation with more than $600 million of developments on the go.
These key projects include a civic precinct with a library and community hub known as Te Manawataki o Te Papa alongside a new courthouse.
There is also the Craigs Investment Partners building on Devonport Road that is expected to be completed by the end of the year, a new hotel, the Northern Quarter office building, and the mixed-use Panorama Towers development.
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Harrington House, located at 32 Harington Street, comprises a ground floor with two podium levels, with split basement car parking, and a multi-level office tower.
Home to anchor tenant Beca, the property is also occupied by retail stores, law firms, medical providers, the NZ Transport Agency Waka Kotahi, and other professional services businesses.
Kevin Baker, Director of Focus on Property, is part of the purchasing group and says they are confident about the trajectory of the Tauranga CBD.
“The area is a hive of activity at the moment with cranes visible signalling that change is on the way and over the next few years we will start to see the benefits,” Baker says.
“Our intention is to strategically refurbish Harrington House in conjunction with the existing tenants over time.
"This is a landmark CBD asset in Tauranga, and we believe there are strong growth indicators for the CBD that will support future tenant demand in the building.”
Tauranga is one of New Zealand’s fastest-growing cities and Stats NZ projections suggest it could become the country’s fourth-largest city in just over 20 years. With an estimated population of 158,900 in 2023, that is tipped to reached 248,200 by 2053.
Simon Clark, Managing Director of Colliers Tauranga, brokered the deal alongside colleague Alan Pracy, Director at Colliers Hamilton, and says Harrington House benefits from its central location and has considerable potential to be refurbished into an A-grade office building.
“The vendors had held the asset for over 30 years and wanted to sell to someone who respects the history of the property as one of the first office towers in Tauranga city and for it to remain a major part of the city skyline,” Clark says.
“With further public and private investment flowing into the CBD there will be a continued need for high-quality office space in this key location, ensuring the building will remain a keenly sought property to secure space in.
“The building offers excellent ocean views from the upper floors and with all the surrounding amenities on its doorstep, it makes for a compelling location for businesses.”
- Supplied by Colliers
