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Scarcity drives buyers to large Hastings industrial development site

Scarcity value will be a key driver of buyer interest in a large industrial landholding for sale in Hawke’s Bay’s horticultural heartland.

The more than nine hectares of land on the outskirts of Hastings is one of the last remaining industrial sites unaffected by last year’s Hawke’s Bay floods, which intensified already high unmet demand in the region.

The freehold site on Irongate Road sits southwest of the city in the fast-growing Irongate industrial hub, which has seen considerable development by leading operators in areas such as cold storage, logistics, processing and distribution. The site for sale offers an attractive range of possibilities to develop or subdivide.

Three options are available to potential buyers to purchase all or part of the total landholding, catering to the needs of a range of investors and large-scale occupiers.

Buyers can take ownership of the entire 9.1 hectares, including a 150-bed accommodation complex for horticultural workers employed under the government’s Recognised Seasonal Employer scheme.

This approximately 2,400-square-metre building is occupied Bostock New Zealand, one of the country’s top growers and largest organic apple producer, on a 15-year lease with a further 10-year right of renewal. This generates an annual net rental return of $480,000 plus outgoings and GST.

Alternatively, buyers can purchase part of the property – either a bare land site of some 8.25 hectares (more or less), or a regular-shaped approximately 5.25-hectare landholding with extensive road frontage.

The property at 73 Irongate Road, Hastings, is being offered for sale by negotiation through Rollo Vavasour of Bayleys Havelock North.

Vavasour said the purchase options offered flexibility for a new owner wanting to develop a large horticultural processing plant or a mid-scale industrial facility, or an investor with an eye on the future.

“The entire landholding is zoned General Industrial under the Hastings District Plan. This provides for an array of industrial uses with the ability for owners to subdivide into sites with an average size as small as one hectare,” he said.

Vavasour said new owners would have options to subdivide the land and sell sites individually, or to create their own subdivision or development projects – either now or further into the future.

“Cyclone Gabrielle wreaked major disruption as it swept through in February 2023, intensifying already tight supply-and-demand pressures on industrial property in affected areas.

“Being spared the cyclone’s ravages makes this one of very few remaining substantial landholdings ripe for development. A comprehensive geotechnical report is available to potential buyers.

“The strength of demand for large industrial sites is reflected in rapid growth in the values of neighbouring properties,” Vavasour said.

The fully Industrial-zoned Irongate precinct is rapidly being built out as new leased and owner-occupied projects are completed and others are about to commence.

Near neighbours to the site for sale include fruit producer Sunfruit, apple exporter Rockit, the trades-based Tumu Group, construction firm Lattey, BBI Wood Products and logistics company Mainfreight, which is building a large-scale distribution facility.

The attraction for industrial uses is underpinned by a strategic location close to Hastings and the Hawke’s Bay Expressway (State Highway 2), which connects with the Port of Napier and Hawke’s Bay Airport.

Click here for more information on the listing.

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