Declared auction reserve of just $60 per square metre for Taranaki industrial site
Monday 8 June 2009, 2:23PM
By Bayleys Realty Group
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The motivated vendor of land in Taranaki’s newest industrial subdivision is offering one of the lots – Lot 21 - at a declared auction reserve of $60 per sq m when it goes under the hammer on site on Saturday 27 June.
Marketed by Paul Hebditch and Alan Johnston of Bayleys, four lots in the Corbett Road subdivision will go to auction on that day – Lot 21, and Lots 8, 18 and 19.
“Three lots have already sold in the 25-lot subdivision, with Goughs Cat and Transport Wholesale already committed to this exciting development. With a declared auction reserve of just $60 per sq m, Lot 21 comprising 2600 sq m will make for a fascinating auction,” says Hebditch, who says this is potentially some of the most affordable industrial land on offer in the country.
Located on the southern fringe of Bell Block’s heavy industrial area, the Corbett Road subdivision is within close proximity and easy access to State Highways 3 and 3A. The New Plymouth CBD is just 15 minutes drive away, it’s 20 minutes to Port Taranaki and only 10 minutes drive to New Plymouth Airport making it ideally situated for a variety of industrial purposes.
“The subdivision is located on what will become a major link road through Bell Block’s main industrial precinct so the potential profile for passing traffic is excellent. The area is characterised by a variety of industrial uses including sawmilling, storage, heavy engineering, trucking depots and wholesale uses. The lots on offer here are more suited to heavy industrial activities subject to the usual Council consent and compliance processes,” explains Hebditch.
The developer and owner of the subdivision is a builder and will construct purpose-built premises at an agreed margin for those interested in this option.
“The vendor is extremely keen to negotiate terms to suit prospective purchasers,” says Hebditch. “Essentially, he is willing to look at any conditions prior to the auction and the likes of settlement dates and construction of premises are certainly a negotiable part of these auction contracts if done in advance and with the approval of all parties.”
With one of the lots up for auction – Lot 19 – adjoining the railway line, there is the possibility that application could be made for a railway siding opening up potential for distribution or freighting operations.
“In total, five of the lots in the subdivision are adjacent to the railway line so an investor may wish to bundle these lots together and either land bank them for future development, or create a business that can capitalise on the nearby railway infrastructure. Naturally, investigations through the usual channels would be necessary prior to any commitment based on this premise,’ cautions Hebditch.
“With some imagination and vision, the possibilities for this land are numerous. The market will not remain down for ever and land banking in an area such as this which is supported by strong infrastructure, could have gains in the future,” says Hebditch.
Interest is welcomed on all 22 available lots, which range in size from 3100sq m to a generous 14,200 sq m. However, it is the four lots going to auction – and in particular the declared reserve Lot 21 – that is attracting the most attention currently.