Tauranga set to get new $8 million commercial property
Tuesday 20 April 2004
The biggest commercial property development in central Tauranga for three years is about to start.
By The LandlordThe $8 million building will contain the new 1700sq m head office for sharebrokers, ABN Amro Craigs, and joins the city centre construction boom led by high-rise apartments.
It will be at least twice the size of the downtown's last significant commercial development, the nearby Winz building.
The development, on the corner of Cameron Rd and Spring St, will also have 1000sq m of set-back shops.
The four shops are planned to be finished by the end of the year, with the ABN Amro Craig office opening three months later.
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Housing confidence has been dealt a hefty blow by the Covid-19 crisis with house price expectations plummeting to new lows.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.