Chance to corner the market in Taupo¯
A substantial development site on a prime corner in Taupo¯ is poised to benefit significantly from redevelopment of the surrounding central business district.
Spanning 2790sq m at 67 Ruapehu St, one of the primary arterial routes from the lakefront to the northern end of the CBD, the property occupies a commanding position on the corner with Horomatangi St.
Bayleys salesperson Gary Harwood says the CBD has undergone a $25 million redevelopment, which has enhanced access for vehicles and pedestrians and is designed to provide a more business-centric town centre to attract visitors and drive economic development.
“The subject property has been a key benefactor of works under the Taupo¯ Town Centre Transformation (TTCT) project, which has eased congestion and upgraded vehicle and pedestrian access along Ruapehu and Tongariro streets specifically.
“Ruapehu St is the main entry point to Taupo¯ CBD and Horomatangi St is one of the primary retail destinations.
“The property enjoys huge profile and great visibility, and improved linkages provide a significant opportunity for a new owner to tenant or occupy themselves while drawing up development plans to maximise the site for future use.”
Harwood is marketing the property for sale by tender with colleague Lisa Christensen, closing at noon on Wednesday, October 25, unless sold prior.
There are 1026sq m of improvements on site comprising a showroom, offices and automotive workshops currently occupied by the Taupo¯ Hyundai and Isuzu vehicle dealerships.
Christensen says the site features a northwest-facing aspect gaining all-day sun and is centrally located next to the new Taupo¯ District Council chambers, currently under construction.
“Development fundamentals of the site are superb as it will be sold with vacant possession, providing a new owner with immediate opportunity.”
The site is dual-zoned under the Taupo¯ District Plan. The portion fronting Ruapehu St features Taupo¯ Town Centre Pedestrian Precinct zoning, providing for mixed-use development that permits a higher intensity and scale of activity than is generally found in the wider Town Centre Environment.
The rear portion is zoned Taupo¯ Town Centre Retail Expansion Project, designed to revitalise the town centre, focussing on commercial activities, particularly retail.
“With construction disruption of the TTCT behind us, a new owner stands to benefit from immediate hold over the site, which could capture value uplift from works and increased visitation to the region – both domestic and international – over the coming summer.
“The TTCT has been lauded as creating a world-class environment for Taupo¯ Town Centre, which has delivered local prosperity and a quality-built environment by providing employment opportunities and vibrancy.
“Growth projections for the town estimate we could see a 77 per cent rise in the local population between now and 2060, creating demand for housing and commercial services. The property presents a superb opportunity for a new purchaser, as it’s an excellent time to maximise development momentum by securing a strategic, high-profile position in the tightly held, evolving CBD precinct.”