First-time commercial property buyers are expected to be in the mix as a new-look offering of bite-sized units goes up for sale in a strategically located Timaru business park.
Some 36 commercial units of 40 to 70 square metres, with individual freehold titles and plenty of communal car parking, are on offer as part of the new Showgrounds Business Park development on Eversley Street.
The units will sit beside the vibrant Showgrounds Hill retail complex housing the likes of Bunnings, Countdown and Black and White Coffee Cartel, plus an array of other retailers.
Ease of access is front of mind at Showgrounds Business Park, with a planned pedestrian link (subject to consent) connecting the new units seamlessly to Showgrounds Hill.
The Timaru business park development caters to emerging demand seen nationally for “micro industrial” premises as a new breed of small investors and occupiers turn their hand to commercial property.
The Industrial-zoned freehold units at Showgrounds Business Park, located at 3-7 Eversley Street, Timaru, are being offered for sale individually by negotiation through Ryan Kerr, Jessica Frewen and William Wallace of Bayleys Real Estate.
On offer are twelve 40-square-metre units, along with 14 with a floor area of 60 square metres, and 10 spanning 70 square metres. These are priced respectively at $195,000, $280,000 and $325,000, plus GST (if any). Buyers are encouraged to act quickly, with pricing expected to rise as the development is sold down.
Kerr said the units had an estimated completion date of late 2024.
“Crafted with attention to detail, each unit in this innovative development will hold a separate freehold title, providing buyers with both autonomy and a stake in this exciting new development.
“Each of the 36 versatile commercial units on offer will boast its own unique dimensions, ensuring there’s something to appeal to a wide range of owner-occupiers and investors.
“Convenience is to the fore with each unit accessible via a roller door, and sharing a communal parking area that ensures hassle-free ingress and egress to and from Showgrounds Business Park,” said Kerr.
Frewen said the bite-sized dimensions of the new premises made them affordable at a level that opened up commercial and industrial property ownership to new buyers – including former residential property investors who may not have previously considered buying commercial property.
“The versatile nature of the units and flexible zoning should ensure interest from a rich mix of occupiers including small businesses seeking offices or showrooms, trade or creative workshops, warehousing, or distribution points for online retailing,” said Frewen.
Wallace said the units would also be in demand among buyers seeking options for their personal use.
“Experience nationally shows many people seek units of this size to store personal ‘toys’ such as campervans, boats, and collectable cars.
“For these people, investing in a unit of this type can stack up very well as an alternative to hiring space in a commercial self-storage complex.”
Wallace said the Timaru development came hot on the heels of a trend which had seen successful “micro industrial” business parks springing up across Sydney, Auckland and Wellington.
“With commercial space in the cities typically scarce, and a new breed of small buyers emerging, there’s a growing demand in the market for this style of development,” he said.