Developers dream investment on the market for sale

A large scale site with huge development potential is on the market for sale in Hawke’s Bay.

The 9609 square metre site is situated between Hastings central business district and the Napier-Hastings Expressway on the Stortford Lodge roundabout.

The mixed commercial/residential buildings have several tenants - producing an annual holding income of $184,000 plus upside from a current vacancy.

The site is 55 percent zoned commercial service, with the remainder used for residential purposes. It has a 2010 capital valuation of $2.687million, and total rates of $37,826.

The tenants include:

• A 336 square metre single storey retail/showroom, car wash and garage/workshop tenanted by Mobil Oil New Zealand Limited on a three year lease with an annual rental of $96,500 plus GST.

• A 126 square metre ground floor car cleaning and polishing operation and first floor offices tenanted by Shortford Auto which has a monthly lease with a monthly rental of $400 plus GST.

• A 166 square metre split level building comprising dining and bar area with mezzanine level, gaming area and garden area with canopy. The building is tenanted by Tommos Restaurant on a monthly lease with an annual rental of $31,000 plus GST.

• Three single storey two-bedroom attached flats with weekly rentals of $150, $220 and $200.

• A single storey two-bedroom house with a weekly rent of $190.

• A single storey three-bedroom house with a weekly rent of $240.

• Single storey offices measuring 38 square metres which are currently vacant.

The property is for sale by Bayleys Hawke’s Bay though tender closing on September 23 and is being marketed by Bayleys salespeople Rollo Vavasour and Clint Barber.

Mr Vavasour said: “This is one of the biggest sites which is ever likely to become available for sale in the Stortford Lodge area and I expect it to generate considerable interest,” he said.

“This would make an ideal opportunity for a developer seeking a holding income in a location which has significant development potential. We already have several large corporate tenants who have expressed interest in this location.”

Mr Vavasour said the site’s ideal location on Omahu Road, the main arterial from Hastings to the Napier/Hastings Expressway, gave it exposure to more than 20,000 vehicles a day, through significant frontage on both Pakowhai and Omahu Roads.

“Neighbouring properties include the Hawke’s Bay District Health Board, Farmlands, Wrightsons, National Bank, Burger King and Dynamic Meats,” he said