North’s beating heart hits market
A famous Kerikeri farmers’ market and its expansive landholding have hit the market, offering an array of possibilities for savvy investors, ambitious owner-occupiers and visionary developers to shape its future.
The Old Packhouse on Kerikeri Rd has been developed and owneroperated over the past 10 years by Judy and Warrick Hyland.
Promoted as “the beating heart of Kerikeri”, the former orchard and fruit-packing facility is now a bustling meeting-place for locals and visitors, supporting local growers and artisans.
Its popular cafe, bakery and butchery contribute to a combined annual turnover of $1.8 million. Weekend and Friday night markets regularly attract big crowds, generating a $350,000 annual income for the owners.
The property comes with infrastructure and consents to host weddings and conferences, a purpose-built covered stage and open fields for large outdoor concerts. It is consented for two major open-air gigs a year.
Two large houses are available for
possible rental or occupation by new owners.
The freehold land and buildings housing The Old Packhouse Market and the sprawling property at 505 Kerikeri Rd are being marketed by tender closing 4pm, Thursday June
20, through Gary Lucas of Bayleys Bay of Islands and Ben Clare of Bayleys in the North.
The main market building and houses, together spanning almost
2000sq m are underpinned by more than 5.6ha of land over five freehold titles.
Lucas said the site offered exceptional prospects for a wide
range of buyers looking to build on the legacy of The Old Packhouse.
“Investors have the option to purchase all or parts of the property. Leasing options could be created for the cafe, butchery, events space and outdoor venue, or a single lessee across the whole property.
“New owner-occupiers could be passionate about what has been, or could be, created on the property and will look at the opportunity to establish, add to, or grow The Old Packhouse brand, or their own variation of that,” said Lucas.
Existing activities provide diverse revenue streams, with the chance to significantly increase revenue through strategic development, he said.
“A new owner could explore adding midweek markets over the summer targeting Bay of Island cruise ship passengers. A resource consent is in place to develop a wedding, conference and events centre, including another commercial kitchen and new bathroom facilities in the packhouse space. This could host up to four nuptials or other events per week,” said Lucas.
Clare said significant infrastructure was already in place to support current and future growth.
“Roading access accommodating high traffic volumes is now facilitated by a turn-off bay and pedestrian refuge on Kerikeri Rd. Septic and water supply capacity is over specification, ready for further expansion.”
The sizeable freehold landholding may also appeal for a substantial development for an alternative use. Subject to appropriate planning approvals, this could be a residential or retirement project, or a commercial complex, Clare said.