A strategically located property in suburban Hastings with low site coverage and development potential is available for purchase.
903 Florence Street, Raureka has 592sq m of total floor area on a 2,941sq m landholding that is zoned Hastings General Residential.
The buildings at the property comprise a church hall and an office annex that were previously utilised for a childcare centre that was licensed for a maximum of 35 children.
The property includes large open areas, individual offices, and mezzanine space for storage as well as a large outdoor play area at the rear of the site. There are also 17 dedicated on-site car parks.
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Sitting in the suburban area of Raureka, both local schools are within walking distance of the property.
With a total land area of 2,941sq m, this is a highly appealing purchasing opportunity for residential developers who could help this property reach its full potential through the removal of the existing improvements and reimagining the entire site with a major residential development.
Colliers Hawke s Bay Director Danny Blair has been exclusively appointed by the mortgagee, Bank of New Zealand, to market the property for sale via mortgagee tender closing at 4pm on Wednesday 15 November.
Originally constructed in 1960, there was an extension developed in the mid-1990s. The existing childcare centre spans 472sq m and the storage area is 23sq m, while there is a deck that measures 24sq m. The combined veranda and entrance way is approximately 41sq m.
Blair says there are a range of options available for prospective purchasers who will be able to make the most of a readymade facility.
With the property having previously been utilised as a childcare centre, a new provider may wish to purchase the premises and have their own facility to operate from, Blair says.
This would give them freedom in their business dealings, and they would not be bound to any lease agreements, allowing them to control their own destiny. Suburban areas throughout the country are regularly seeing strong demand for childcare with many centres fully subscribed.
Alternatively, a developer may wish to acquire the site and either reposition the existing improvements at the property or take advantage of the surplus land and intensify the overall usage.
The Hastings District has seen consistent population growth during the past three years with data from Infometrics pointing to steady rises that have been above the population growth of New Zealand.
In 2022 the population for the area was measured at 90,600 with 20.3 per cent under the age of 15, higher than the national average of 18.8 per cent, pointing to potential demand for childcare.
Blair says while the wider Hawke s Bay region has experienced challenges following flooding earlier this year, it is bouncing back well, and the future looks bright.
The region is underpinned by a strong local economy with a thriving primary sector, while there s a host of appealing outdoor activities and beaches nearby.
The subject property presents buyers with the opportunity to secure a quality asset that could be positioned in a number of ways, and I encourage all interested parties to contact me for further information.
- Article supplied by Colliers
