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Fruitful development opportunity in popular Hamilton location

A live-consented residential development site in a key Hamilton growth node east of the CBD has come to the market, with the advantage of an adjacent large landholding which can be bundled in a staged acquisition for potential redevelopment at a later point.

The dual sites at 164 and 174 Peachgrove Road, Claudelands, totalling 14,518sqm across three titles, are owned by a religious organisation that is currently progressing plans for a new facility elsewhere in the city.

It currently uses the property at 164 Peachgrove Road as a congregational facility and when it purchased the combined landholding, there was already a consent in place for a residential project next door at 174 Peachgrove Road and this has since been renewed.

With a new church facility now planned in a different location, the vendor has opted to sell both sites to enable greater-scale development to be carried out across the two properties or for a new owner to set an alternative path for the pivotally located land.

The church-occupied property at Number 164 is a functional meeting hall with the usual supporting amenities set back from the road on a 6,953sqm site with an extensive sealed yard and marked car parking spaces.

The grassed 7,555sqm site at Number 174 is held in two titles and has consent in place for 33 residences, with a mix of townhouses and apartments built around a communal green space.

Both properties are zoned General Residential which allows for varying housing typologies and densities, and also allows for residentially compatible business activity.

Bayleys Waikato commercial regional manager David Cashmore and senior commercial broker Jordan Metcalfe, in conjunction with Gerald Rundle, Bayleys director of corporate projects and development land sales, are selling the properties by deadline private treaty closing 16th July.

With an active consent for residential development on Number 174, Cashmore says development entities will recognise the time and cost savings this brings to the table.

“We know there are developers looking for projects to get underway ahead of the next real estate cycle so being able to bypass the lengthy consenting process and take advantage of the consent in place for the residential development is a definite bonus here.

The site currently occupied by the church could easily be transitioned to alternative use, with Cashmore saying it’s a strategically located opportunity in arguably one of the city’s most progressive areas.

“The eastern frame of the city is undergoing significant growth and development so while residential development across the two sites would be logical given the zoning overlay and the unwavering demand for new housing supply, it’s not the only scenario.

“A new owner could feasibly pursue other usage options for the site at 164 Peachgrove via the usual council channels.

“While the vendor’s preference is to secure an agreement on both properties with provision for a delayed settlement on Number 164, all options will be considered when the marketing campaign closes.”

Cashmore dubs the vendor’s preferred outcome as a win-win situation for both the current owner and a purchaser.

“It would allow a staged development to be carried out across the two sites and not require upfront payment for the occupied property at 164 Peachgrove Road. Instead, this final tranche would be delayed until such time as the vendor’s new facility is completed.”

Hamilton is the country’s fastest growing city, recently overtaking Tauranga for this crown.

Cashmore says with the infrastructure in place to support population growth, Hamilton and the wider region is evolving very quickly with some noteworthy development underscoring the city’s future appeal and helping support the already-strong regional economy.

“The Ruakura Superhub is changing the face of industrial activity, the masterplanned Te Awa Lakes housing and recreation development at Hamilton's northern gateway is well underway, and further north, the Sleepyhead Estate industrial and housing development at Ohinewai is progressing.

“In the CBD there has been a raft of new commercial development most notably, the two buildings comprising the Union Square mixed-use project. These are exciting times for Hamilton.”

With development entity appetite returning for commercial projects, Rundle says if an out-of-town developer wants to get their teeth into a live-consented residential project with the upside of an adjacent second site for future redevelopment or landbanking, then this Hamilton opportunity will resonate.

“Thanks to roading advances, the Waikato is now far more connected with Auckland and can hold its head high in the economic golden triangle with what it can offer businesses and residents.

“With a shortage of available favourably zoned land in the wider Auckland market, and some lingering barriers there like future urban-zoned land uncertainties and infrastructure challenges, Hamilton offers a feasible alternative.

“Beyond the Auckland push factors, the Waikato has its own compelling pull mechanisms such as cost advantages, population growth, locational benefits and lifestyle opportunities.”

The subject land has easy access to city amenities, business hubs and the public transport network. It is within walking distance of Hamilton Boys’ High School and Southwell School, is in close proximity to supermarkets, and lies between the evolving Ruakura Hub, University of Waikato, and Waikato Innovation Park.

Click here for more information on the listing.

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