Private investment worth $1.5b aiming to rejuvenate Tauranga

Source: 1News

Plans to rejuvenate Tauranga have been revealed with private investors pouring $1.5 billion into projects that will transform the CBD of New Zealand’s fastest growing city.

Underinvestment has resulted in the central business district resembling a ghost town.

“Tauranga has grown a lot over the course of time and particularly in the last few years, but it hasn’t grown a lot in the city centre,” Priority One chief executive Nigel Tutt said.

He owed it to "a bit of lack of confidence in the city centre, so this is us putting together a bunch of developments that are now happening that will help to give more people confidence to invest and develop and live and study in the city centre".

Twenty planned developments, with a combined total of $1.5 billion of investment from private investors, will help generate 40,000 more jobs by 2050.

There will also be 2000 high-density homes in the CBD by the end of the decade.

Tutt said the move will "give vibrancy" to the area, with the University of Waikato expected to "grow massively as a destination".

Developer Richard Cashmore is behind Craigs Investment Partners’ new national headquarters.

"Tauranga is New Zealand’s fifth biggest city, and by far and away the fastest growing city in the country and it's a wonderful place to live, so people from all walks of life want to be here," he said.

The city's governance has been in the spotlight in recent years, with a former mayor telling 1News this would never have happened if the council had not been replaced by commissioners.