Central Development Opportunity – 118 Market

Calling all trades people and developers.

On offer for your consideration is a 2yr $120k + GST ($100pm2) net lease with full access to the purchaser from settlement date, allowing you great holding income while you get the development underway.

This site is sitting prime for redevelopment so have a look at the following ‘back of a napkin numbers’ and see for yourselves.

Q: What is the highest and best use for the site? A: First floor office and on the ground floor a mix of retail frontage and rear car parking (15), est.

Post development office/retail rentals in this area are at $350/m2 and car parking is at $1,300pa each + GST so your proposed income could grow to be $299,500pa net.

How? see proposed post redevelopment structure below. First floor = $350/m2 x 600m2 = $210,000pa net. Ground floor retail $350/m2 x 200m2 = $70,000pa net. Ground floor car parking of 15 x $1,300pa each = $19,500pa

So, if you are in the industry and are a structural engineer or wish to do a JV with your building professionals then this is likely a great development for you.

Also, the local Council have purchased the land behind this building and are planning a major redevelopment (see concept pics) with a laneway green area and accommodation. Planned completion is end of 2025

https://www.hastingsdc.govt.nz/hastings/projects/200-west-block/

Reports available: Detailed Seismic Assessment (Aug 2021) Agreement To Lease Insurance valuation (Jan 2023)

For a private viewing or to know more call Paul Garland and 027 329 5777