Paeroa fizzing at property’s possibilities
The land and buildings which previously housed a roading and civil works storage depot has been placed on the market, identified as a huge redevelopment opportunity in the Hauraki Plains town of Paeroa.
The flat land on a corner site with dual road access points is situated on the town’s urban boundary, and currently sustains a mish-mash of warehousing and garage space, engineering workshops and a singlestorey office block.
The approximately 15,859sq m property is zoned for industrial use under the Hauraki District Council Plan. It is occupied by a multitude of tenants who make good use of the substantial yard space.
The freehold land and buildings at 1 Grey St, Paeroa, are being marketed by Bayleys Hamilton. Tenders close on October 26.
Salesperson Josh Smith said while the property was generating revenue from the existing tenancies occupying infrastructure and buildings, its biggest potential lay in being redeveloped.
“The property offers a virtual ‘blank canvas’ development opportunity for any new owner, with the benefit of potential short-term leasing incomes while the necessary resource consents are acquired for any construction. Existing tenants occupying the 2500sq m of buildings within the property are on a mix of annual, monthly, and causal leases,” he said.
“The location is large enough, and close enough to Paeroa’s CBD, that it could easily sustain a large supermarket. At present, the only large supermarket in town is a Countdown operation, with a smaller Four Square shop also in the main street.
“That leaves the way open for a potential Pak’N’Save or New World to open up. I would suggest the overwhelming majority of residents would welcome a second nationally branded supermarket in town.
“Alternatively, there is enough space across the yard area to sustain the development of a tradie-type hub of terraced tiltslab warehouses sized between 120-200sq m to service tenancies such as electrical, facilities, plumbing or small engineering firms,” Smith added. “From this perspective the site could appeal to an owneroccupier looking to purpose-build their next premises in a cost-effective manner, while also undertaking a degree of property development to generate rental income. Otherwise, there is enough land to sustain two or three larger warehouse structures.”