Taupo¯ neighbours in prime position
Two neighbouring development sites are for sale in an area of Taupo¯ that is undergoing rapid change.
187 and 189 Spa Rd allow buyers to secure a combined landholding of
2024sq m. Each site spans 1012sq m and is identical in shape. The sites are to be sold either as one sale or as a separate offering, but one will not be sold without the other being sold at the same time.
Each site has a three-bedroom residential dwelling on it, providing approximately $700 per week in total holding income. If required, the two current tenancy agreements can be terminated, with required notice, to provide an incoming owner with vacant possession.
The sites are zoned Spa Road Mixed Use Environment by Taupo¯ District Council.
The southern side of Spa Rd between Kaimanawa St and Totara St has undergone a considerable transition over the past 10 years, with the environment establishing a mixed-use character, trending towards substantially commercial use rather than residential.
The area now contains some residential properties interspersed with commercial and office activities.
Rural supplier Farm Source occupies a prominent position next to the sites on the corner of Spa Rd and Pihanga St, while nearby developments along Spa Rd include a new NPD service station and motor vehicle dealerships.
Hugh Milloy, investment sales broker at Colliers Taupo¯, is marketing the sites with the deadline for offers closing at 4pm, Thursday February 29, unless sold prior.
The sites are less than a fiveminute drive from the heart of central Taupo¯ where a dynamic mix of hospitality options and retail stores await.
Development of these sites will continue to enhance the mixed-use feel of Spa Rd, which provides complementary commercial services to the existing residents.
Milloy says the zoning offers flexibility for buyers who will have a blank canvas to work from in a highly visible location.
The zone permits a maximum building coverage ratio of 50 per cent and a maximum plot ratio of 100 per cent.
The added bonus of holding income provides another selling point for prospective purchasers. Buyers can rely on a steady rental stream as they plan their future moves for these sites that are loaded with potential, Milloy says.