A recently built building on Cameron Road has been sold for what is believed to be a record price for a Tauranga CBD property to a syndicate managed by Maat Group.

The property at 306 Cameron Road sold for $41.4m.

The public offering was fully subscribed by the closing date of April 12.

Interest has come from around New Zealand with Tauranga investors picking up a sizeable share. The property was sold by LLoyd Davidson, Jim McKinlay and Russell Adams of Bayleys

'It has been a privilege to be involved in such an iconic project from working with a great team of the developers, through the leasing stages and final sale,” says Lloyd Davidson, who has been involved since inception.

The property is fully leased with anchor Tenants IRD and Tauranga City Council along with Generation Homes, PGG Wrightson, Pro Active Physio, KKB and Donuts – 94 per cent of leasing by Bayleys.

The property at 306 Cameron Road comprises a five storey complex plus basement floor. The building house 105 car parks.

There are a number of green features including an end of journey facility with showers and lockers and security for 100 bikes, many of which are electric.

The Maat group now has 13 properties in its stable with a total value of over $300m.

'The property leant itself to syndication due to the scale of the property, the quality of Tenants, lease terms, the fundamental quality of the building and the location. It ticked all the boxes,” says Jim.

Neil Tuffin, Managing Director of Maat group says: 'Our investors where particularly pleased that we have been able to add a Tauranga property to our portfolio particular one of this stature.”