Two neighbouring development sites in an area of Taupō that is undergoing rapid change are being presented to the market for sale.
187 and 189 Spa Road are available for purchase, allowing buyers to secure a combined landholding of 2,024sq m.
Each site spans 1,012sq m and is identical in shape. The sites are to be sold either as one sale or as a separate offering, but one will not be sold without the other being sold contemporaneously.
Each site currently has a three-bedroom residential dwelling on it, providing approximately $700 per week in total holding income.
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If required, the two current tenancy agreements can be terminated, with required notice, to provide an incoming owner with vacant possession.
The sites are zoned Spa Road Mixed Use Environment by the Taupō District Council.
The southern side of Spa Road between Kaimanawa Street and Totara Street has undergone a considerable transition over the past 10 years, with the environment establishing a mixed-use character, trending towards substantially commercial use rather than residential.
The area now contains some residential properties interspersed with commercial and office activities.
Rural supplier Farm Source occupies a prominent position adjacent to the subject sites on the corner of Spa Road and Pihanga Street, while nearby developments along Spa Road include a new NPD service station and motor vehicle dealerships.
Hugh Milloy, Investment Sales Broker at Colliers Taupō, has been exclusively appointed to sell the sites with the deadline for offers closing at 4pm on Thursday 29 February, unless sold prior.
The subject sites are less than a five-minute drive from the heart of central Taupō where a dynamic mix of hospitality options and retail stores await.
Development of these sites will continue to enhance the mixed-use feel of Spa Road, which provides complementary commercial services to the existing residents.
Milloy says the zoning offers flexibility for buyers who will have a blank canvas to work from in a highly visible location.
The purpose of the mixed-use environment is to enable a range of business and community activities, as the area transitions from its historic residential character to one that provides for a wider diversity of activities.
Limitations as to the scale of activities such as retail activities are imposed to ensure that, either individually or cumulatively, activities in the zone do not impact on the integrity of the Taupō Town Centre Environment, the amenity of the surrounding area, or the transport function of Spa Road.
The zone permits a maximum building coverage ratio of 50 per cent and a maximum plot ratio of 100 per cent.
The added bonus of holding income provides another selling point for prospective purchasers.
This means buyers can rely on a steady rental stream as they strategically plan their future moves for these sites that are loaded with potential, Milloy says.
Known as a region with excellent lifestyle and adventure activities, Taupō has some of the world s most beautiful, unspoilt natural scenery with Lake Taupō a central feature.
There are snow-capped mountains, pristine native bush, and steaming thermal areas that create an awe-inspiring backdrop for a town that hosts a range of thrilling events such as the Supercars and the Ironman 70.3 World Championship.
- Supplied by Colliers
