A large greenfield development site in Napier will pique the interest of developers and investors who can secure a high-profile site of significant scale for their next major project.
88 Willowbank Avenue, Napier is an 8.199ha parcel of freehold land that is strategically located and primed for a subdivision development given the need for more housing to accommodate the expanding requirements of Napier and the greater Hawke’s Bay region.
The site is located approximately 3.8km south of Napier’s town centre and approximately 800m west of the foreshore and State Highway 2 on a rural strip of land within the wider Napier urban residential area. The property sits within the Main Residential Zone under the Napier City Operative District Plan.
The value of this property is enhanced by the proximity to a number of local primary and secondary schools, golf courses, reserves, and amenities. The recently built, 317-unit Summerset Palms retirement village sits adjacent to the site.
Start your property search
Danny Blair, Director at Colliers Hawke’s Bay, and Peter Chrisp, Director at Arataki Property, have been appointed to market the site for sale and are taking expressions of interest with a closing deadline of 4pm on Thursday 12 May.
The property is located in an area that is well set up for development given the ease of access and connectivity to the surrounding road network. Further residential developments and open agricultural fields are located to the south and south-west.
Blair says sites of this size are rarely presented to the open market making this an outstanding opportunity with long-term upside that will appeal to a wide range of buyers.
“The flat contour of the site provides a blank canvas for the astute developer to think big and create a development of substance that will make its mark on Napier’s cityscape,” Blair says.
“There is ongoing demand for new sections in Napier and the supply is unable to keep up so this major landholding will be highly sought-after among prospective purchasers.
“The flexible nature of this site allows for a wide range of development options for the buyer.”
Data from Stats NZ shows residential building consents in Napier city have increased year-on-year for the past four years, which is in-line with other notable growth trends in Napier and the wider Hawke’s Bay region.
The population for Napier was estimated at 66,700 in 2021, marking a major increase from the 2011 figure of 59,000, according to Stats NZ, while the total population for the Hawke’s Bay region grew by 15 per cent across the past decade.
Chrisp says the ongoing growth of the area should provide buyers from within and outside the region further incentive to allocate their capital towards Hawke’s Bay, which offers an attractive lifestyle for a wide array of people.
“The numbers tell the story behind the ongoing expansion of Napier and the Hawke’s Bay as a whole, which is underpinned by a vibrant local economy,” Chrisp says.
“Data from the Real Estate Institute of New Zealand shows median house price figures topped $800,000 for the first time in Napier in the final quarter of 2021 as interest in the city continues to surge.”
Blair says when weighing up the pertinent factors at play, this site shapes as one of the most exciting offerings to the market in the Hawke’s Bay region.
“Given the significant growth potential on offer from this vast landholding we expect there will be strong interest and would encourage all interested parties to do their due diligence and contact us immediately.”
- Article supplied by Colliers
