Large development land parcel in Napier on the market
One of Napier's largest blocks of development land has been put up for sale.
The 4139 square metre site is located in one of the city's most burgeoning suburbs, Ahuriri.
The site is one block back from the waterfront and while it is currently being used for warehousing, shedding and storage purposes by Napier Provedoring Co, the property is ripe for residential development.
Colliers International broker Danny Blair said this was a very rare opportunity to snap up a versatile site that had a rateable value of $1.45 million.
"This large parcel of land is prime for re-development and being north facing would be well suited to a residential conversion or alternatively a great land bank with potential holding income from the quality existing 2000 square metre warehouse."
The site was zoned as Hardinge Rd residential, which allowed for a range of permitted residential and business activities, Blair said.
"This would be a great site for conversion to apartment/townhouses, traveller's accommodation or a day care centre."
The site's location, in the "bustling seaside suburb", was a real attraction for developers, he said.
Ahuriri had experienced significant growth over the past ten years, with the average capital value increasing by 15 per cent between 2011 and 2014, Blair said.
Ahuriri underwent an extensive development about five years ago and the area continues to flourish, with the development of shops, bars, hotels and apartments, as well as the Ahuriri business park, which was a base for a variety of businesses, he said.
The suburb is well-positioned to Napier's central city and in close proximity to the Napier Port and Hawke's Bay Airport.
The property is for sale by negotiation.