Port of Tauranga has sold its industrial property at 345 Neilson Street in Onehunga to Trade Depot for $88.7 million as part of its capital recycling programme.
The port says the programme is aimed at unlocking value from non-core property assets and reinvesting the proceeds in strategic infrastructure projects supporting its core port and freight operations.
Known as Gateside, the Onehunga property comprises 6.84 hectares of heavy industrial-zoned land and 17,779 square metres of buildings.
Trade Depot is an existing tenant at the property and intends to use the site to support its continued growth and expansion in the Auckland market.
Port of Tauranga general manager property and infrastructure Dan Kneebone says the transaction is a positive outcome for both companies.
“We’re pleased to have reached an agreement with Trade Depot and look forward to seeing them maximise the site’s potential,” Kneebone says.
“The sale allows us to redirect investment into projects that strengthen our core port and freight operations and improve our capital efficiency.”
