The approximately 1.78 hectares of land for sale at 31 Pandora Road, Pandora, sits at a prime position close to key amenities and transport links at the intersection of the city’s commercial, residential and industrial zones.
With the benefit of its mixed-use zoning under Napier City Council’s district plan the site is ripe for a variety of potential development options, according to Bayleys Real Estate salesperson Mark Evans.
“This zone allows for a very broad range of future uses, including industrial, commercial and residential development, as well as residential care or day-care facilities and educational uses,” said Mr Evans.
“Astute developers are likely to recognise a unique opportunity at this location to create a legacy mixed-use development which optimises returns by catering to the strong demand for urban living, shopping and hospitality.”
The property at 31 Pandora Road, Napier, is now being marketed for sale by deadline private treaty closing at 3pm on Friday 11 June, through Bayleys Napier and Bayleys Auckland Central.
Mr Evans and fellow salesperson Peter Gorton said the flat, rectangular site was mostly vacant, with an existing office structure of some 1,050 square metres positioned at the Pandora Road frontage. The property has historically been a leasehold landholding, but will be sold as a freehold site.
“Approximately 3,000 square metres of the site is currently occupied on short-term leases generating gross rental income of about $35,000 plus GST per annum. This would represent useful holding income for a new owner while they plan for redevelopment,” said Mr Evans.
“The site offers an opportunity to increase temporary lease income while the buyer works through design and consenting processes.”
Mr Gorton said a future developer would face negligible site clearance costs.
“Combined with the prized mixed-use zoning, the significant scale of the landholding and its strategic location, this makes this site a highly attractive development proposition,” he said.
“This is likely to attract interest from developers across the Hawke’s Bay and beyond. Regional New Zealand, and the growing Hawke’s Bay in particular, are drawing attention from those looking to add value to property in prime locations.
“The Pandora Road site is large enough to provide economies of scale. There is a distinct shortage of land parcels of this size in this location with subdivision potential,” Mr Gorton said.
Pandora is largely an industrial area that connects large-format retail around Prebensen Drive to the southwest and residential housing to the north. It is framed by the Ahuriri Estuary, inner harbour and quayside apartments and hospitality.
Mr Gorton said the neighbouring Ahuriri area had seen substantial redevelopment over the past two decades, from what was primarily a port and rail warehousing area to a vibrant location to live, work and play.
“Ahuriri village is now a popular destination for those enjoying its quayside waterfront hospitality precinct, shopping complex, family recreation areas and beach,” said Mr Gorton.
The site for sale would benefit from its proximity to this lively area, as well as its convenient transport links, he said.
“The property lies on the main arterial route into Napier from the north, about six minutes’ drive from the CBD, three minutes from State Highway 2 and five minutes from Hawke’s Bay Regional Airport.”
Mr Gorton said the Hawke’s Bay’s population was growing beyond all official expectations and had now surpassed 160,000. This was driving residential demand and local authority experts had identified a supply shortage of some 1,500 residential dwellings.
“This increase in population also supports the commercial and industrial sector locally and drives demand for regional representation from national and international brands.”