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Substantial commercial property for sale set to benefit from town centre rejuvenation plan

A substantial commercial property comprising a collection of vacant retail warehousing premises and adjoining yard storage space - all now on the market for sale - is set to piggy-back off the planned redevelopment of a Central North Island town.

The prominent sizeable property near the heart of Te Kuiti on the border of the Waikato and King Country districts features some 5,855-square metres of land, along with some 1,100-square metres of warehousing. The site was previously utilised by building supplies retailer Placemakers.

Like many small regional New Zealand rural townships, central Te Kuiti business tenants are facing the challenge of how to stay relevant to changing social habits and consumers’ economic behaviour. In response to the challenge, Waitomo District Council has identified what it has now labelled Te Kūiti’s town centre commercial zone as the ‘Te Kūiti CBD precinct’.

The large commercially-focused property for sale sits adjacent to this ‘CBD precinct’ designation – allowing future tenants to dovetail their activities alongside enterprises located within what will become more of a ‘heritage’ hub of the town hosting the likes of food and beverage outlets, health and beauty services such as hair salons, along with stand-alone owner/operated boutiques and localised shops.

Waitomo District Council’s business plan for townships within its administrative jurisdiction outlines: “The main goal for central business areas (including Te Kuiti) is to have ‘vibrant town centres’.”

“The purpose of this CBD precinct is to create a consolidated, vibrant area where retail activities and commercial services are encouraged to locate. This will help to increase commercial and pedestrian amenity values and provide a destination for shoppers,” says the council’s outline paper of the new zoning.

“This plan supports this outcome by providing for a range of retail and commercial services within the precinct and restricting retailing outside of the pedestrian frontage area to retail activities that are more than 300 square metres in area. “

The freehold land and vacant buildings at 5 Te Kumi Road in Te Kuiti are being marketed for sale by tender through Bayleys Hamilton, with the tender closing on April 24. Salesperson Josh Smith said the property was located at the northern end of Te Kuiti – straddling automotive service companies such as panel beaters and tyre retailers to the north, and big-box retailers such as The Warehouse, New World, and VTNZ to the town side.

Smith said the generally rectangular shaped block benefitted from an extensive high-profile along its 220-metre frontage onto Te Kumi Road, State Highway 3, and offered a virtual “blank canvas opportunity” for development and reconfiguration to capitalise on the large expanse of bare flat contoured land. The northern end of the property was also accessible off Hospital Road.

The existing structures on the fully fence-enclosed address comprise two medium-sized warehouses and a trio of smaller garage style sheds. Smith said the former retail warehousing buildings would amply suit a trucking or heavy machinery firm as its engineering and repairs workshop. Immediately outside is extensive parking space on a graveled area.

“Alternatively, with what could be multiple entry and exit points onto Te Kumi Road, the property could be reconfigured, subject to council consent approval of course, into a hub of new commercial and light industrial focused buildings.

“For example, 5 Te Kumi Road is well positioned for reconfiguration into a multi-tenanted ‘tradies’ hub whereby the existing large retail premises could be totally removed, and a terraced style row of smaller commercial premises around the 220-square metres size could be constructed,” Smith said.

“This type of premises has become the ‘norm’ over the past seven or eight years in most New Zealand centres – either being built in greenfield locations as towns and cities expand, or replacing old and dated inefficient buildings and compounds as buildings on those sites come to the end of their useful life.

“A development of a multi tenanted terraced block at 5 Te Kumi Road would of course bring in the potential for one of those units to be allocated to an owner-occupier. Concentrating multiple ‘like-minded’ commercial entities into one address would support the Waitomo District Council’s plan for more efficient land utilisation in the centre of town to be focused on smaller retail outlets conducive to community shopping.”

Te Kuiti has an estimated population of 4,670 people living within its urban boundary of approximately 8.41-square kilometres. Its population has been growing in size slowly but steadily since 2013.

Te Kumi Road, State Highway 3 – which goes on to connect with State Highway 4 to the south – is often viewed as an alternative route to the busier State Highway 1 running through the centre of the North Island.

“With this in mind, the land and building at 5 Te Kumi Road could service freight and logistics firms seeking a cost-effective location which could not only sustain a truck stop and maintenance or repairs workshop, but would also provide secure under-cover freight storage warehousing,” Smith said.

 Click here for more information on the listing.

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