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Substantial residential development site and existing housing complex placed on the market for sale 

The 5,081-square metre landholding and homes are located in the south-eastern suburb of Marewa – sitting between Napier’s central business district some 2.5 -kilometres away, and the coastline. The land is zoned residential under Napier City Council’s plan.

The property is located directly next to the council-run Whitmore Park reserve – home to the Napier Technical Sports Club, with multiple rugby and soccer playing fields along with cricket wickets, as well as lawn bowls and croquet clubs.

The bulk of the flat residential site is undeveloped – used as a grassed lawn play area by tenants in the neighbouring block of terraced homes.

The block of freehold land and eight existing homes at 38 – 52 Barton Avenue in Napier are being marketed for sale at auction on April 8 through Bayleys Napier. Salesperson Kerry Geange said the property’s L-shaped layout and current usage opened up a raft of future development paradigms for any new owner.

“The permutations for development of this site are incredibly broad – largely due to its flat topography and straightforward boundary lines.” said Geange.

“Obviously, the existing modern residential units could be left as-is, and the remainder of the site intensively developed to sustain a significant number of new dwellings subject to council consents.

“This scenario would provide strong holding income throughout the development phase, and offer up the opportunity of retaining the investment dwellings longer term in a separate portfolio.

“Alternatively, the existing dwellings could be levelled, and the site reconfigured entirely to maximise the available land footprint. Under this dynamic the type of homes which could be built on the site could be configured to appeal to entry-level first home buyers, or targeting those moving up the property ladder.

“Being located directly next to one of Napier’s biggest recreational parks with its wide-open spaces and sporting amenities is a huge attraction for either option.

“There is very little development land of this scale in the area, let alone having the benefit of comprising an existing rental portfolio,” said Geange.

The eight individual residential single-level and two-storey dwellings on the site have been recently refurbished and modernised to meet the Government’s Healthy Homes standards - including new kitchens, new bathrooms, and new floorings. The homes are currently rented for between $380 - $540 per week - equating to an annual gross rental of $201,240 when fully tenanted.

The two and three-bedroom units range in size from 61.7-square metres to 173.7-square metres - for a combined floor space of 937-square metre. Some units have lockable garages attached, while others have fenced yard parking immediately outside their front doors.

The dwellings are built on reinforced concrete foundations and floors, with concrete block and fibre cement sheeting walls, and corrugated steel roofing.

Napier City Council’s Long-Term Plan 2021 – 2031 forecasts that some 1,853 new residential dwellings will need to be built in the city over the coming nine years to cope with the predicted population growth in the province.

A parallel report commissioned by the council – the Heretaunga Plains Urban Development Strategy (HPUDS) – is specifically looking at population growth and housing for the area, with a leaning towards promoting housing intensification within existing urban boundaries rather than on the fertile soils of the surrounding Heretaunga Plains.

Depending on feedback to the HPUDS report, the council has said that in future it may choose to incentivise residential developments in the central city fringe by reducing the financial contributions charged for inner city living where there is no additional demand on services.

“This will encourage the strategic outcome of city living - supporting a vibrant CBD,” said the council’s long-term plan.

Geange said the council’s acknowledgement that Napier’s housing stock had to increase to sustain a growing population, bode well for residential development at the Barton Avenue address.

“With an existing residential zoning already in place, the council has made it abundantly clear where it would like to see Napier’s urban growth heading,” Geange said.

“A neighbouring property off Nuffield Avenue for example already contains a medium density duplex-style residential enclave of homes – so the precedent for suburban intensification in Marewa is already there.”

Click here for more information on the listing.

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