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NZ Debt sale opens door for Gisborne buyers

Property Here - Saturday, September 14, 2013

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Seven bare land sites and one partially developed site in Gisborne's evolving Awapuni Business Park are being offered for sale by mortgagee tender closing on September 19.

"Tenders are being called for on individual lots, a combination of lots, or the entire offering," says Colin McNab of Bayleys Gisborne, who is marketing the property with colleague Karen Raureti.

McNab says the land is zoned rural industrial and has infrastructure in place with roading, landscaping and services to the boundaries.

"The sites in Commerce Place are just off Awapuni Rd, which doubles as State Highway 35, and are only 4km from Gisborne's CBD or around 1km from the established main Awapuni industrial area, which is almost full to capacity," McNab says. "Maybe Gisborne wasn't quite ready for this new industrial park when it was launched, however, the market dynamics have changed and industrial land any closer to the city is at a premium,"

"Gisborne's established industrial subdivision neighbouring this one is recognised as being short of reasonable size industrial or commercial sites for new developments so this land is the logical extension for Gisborne's industrial activities given streamlined access to the port and easy access to SH35.

"The conditions of sale brought about by the mortgagee tender environment should present some cost-effective buying for switched on investors or owner-occupiers," McNab says.

The bare land options vary in size from 1000sq m to 4304sq m, with one huge site of 1.8289ha.

On the partially developed lot, original plans for a four-stage unit-titled development offering a total 13 units stalled, with the three completed units now up for tender.

The undeveloped three stages of the site comprise areas of 3232sq m next to Awapuni Rd, 1365sq m in the northeast corner of the holding, and common areas of 2441sq m.

The partially developed portion comprises a building with three strata titled units. Two of these units are configured to offer work space below and apartment living above, while the remaining unit is suitable for a workshop facility.

The buildings have reinforced concrete slab foundations, pre-cast concrete ply walls, Colorsteel roofing and aluminium joinery.

Unit 3 is configured as a large, open-plan warehouse with three overhead doors and toilet facilities. It was previously occupied by a construction company as its office base.

Units 1 and 2 have a total gross floor area of 206.54sq m.

"The ground floor has double garaging with overhead access doors, ranch sliders to the southern side, office and workroom space, and toilet facilities. Second-level offices and apartments have a good-quality fit out with ranch sliders to decks.

"The apartments have views out to Young Nicks Head so despite being among a light industrial area, albeit under-developed at this stage, they are actually quite desirable," says McNab.

"The idea was for work-live scenarios for owner-occupiers and the completed units are being offered for sale with vacant possession."

McNab accepts that the future usage of the land on offer may not follow the originally foreseen unit-titled path that part of the subdivision was earmarked for.

"This industrial subdivision lends itself to light manufacturing, transport depots and machinery or truck service usage," he says.

"With all the logging activity in Gisborne and logging truck movements to and from the port, there is demand for heavy vehicle and machinery service opportunities.