Record $68m in Tauranga commercial consents issued
The majority of a record $68.7 million in Tauranga commercial building consents issued during March was for retail development, new data shows.
Priority One’s latest building consents report showed Tauranga City Council issued the highest value of commercial consents ever in just one month.
Business leaders say the record showed commercial development in Tauranga was “full steam ahead” and also reflected the confidence investors had in the region and its future.
The $68.7m included a record 10 consents worth $1m or more, with the largest totalling $23m for the Farmers development on Elizabeth St.
A total of $15m was issued for stage two of the Mainfreight development at Mangatawa Lane and $13m for a multiplex cinema complex at Bayfair Shopping Centre.
It also included 29 individual consents totalling $4.5m for tenancy fit-outs at Tauranga Crossing in Tauriko.
Priority One chief executive Nigel Tutt said commercial consents were “very strong” at the moment and continued a two-year trend.
“Large investments in both retail malls and commercial buildings show that investors have a lot of confidence in this region and its future,” he said.
Tauranga Chamber of Commerce chief executive Stan Gregec said the city’s commercial building sector was “in good heart”.
Gregec said the record value in commercial consents showed the development of shopping malls and the new Farmers’ building in the CBD were “full steam ahead”.
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