Northe has family spot on market

More than 115 years of association are coming to an end with Hastings couple Peter and Marion Northe's decision to sell the final link to their family business.

The couple thought long and hard, but ill health and a need to focus on the family has led them to put their industrial-zoned land in Irongate Road on the southern outskirts of Hastings up for sale.

The 4.4 ha block is home to 12 separate businesses, ranging from a horse float horse transportation business to wood merchants Donovan & Co.

And it's that wood and coal business that began this story more than a century ago.

Peter Northe's ancestors set up shop as wood and coal merchants in Napier in 1894. Forty-two years later, Donovan & Co was bought in Warren Street in Hastings by Peter's father.

Peter left farming in his early 20s to help his father, eventually taking over the business and moving it to its current site in Irongate Road.

Eighteen months ago, after a lifetime in the industry, Peter put down his chainsaw and sold Donovan & Sons, but retained the land, continuing to lease it back to the melting pot of businesses operating on the site.

He says it has been a staged approach to letting go, with the first step selling the business and now the land. But Peter says he and Marion were ready to take the next step and cut ties completely.

"It's been a very difficult decision for us because some of the lessees have been on the site since day one, but it's time to focus on family and enjoy our retirement, Mr Northe said.

The decision to sell up was not something they did lightly.

He said the deciding factor was the Hastings District Council changing the site's zone to industrial, opening the door for a range of developments.

"I'm too old to start developing the site, so when the new zoning was announced, we decided it was time to get out and let a developer take over," he said.

Colliers International Director Jude Minor says the Stage 1 deferred industrial 2 zoning offered a real opportunity for developers interested in the site, which is surrounded by timber, trucking and housing companies.

"The beauty of this property is there is a holding income with the current lessees and huge potential to develop the site in the future," he said.

"The site has profile onto the busy Maraekakeho Rd, a main route into Hastings and is close to the new Hastings Expressway which makes it a great location for transport and distribution."

He said the area offered locality and proximity without the price tag of Omahu Road.

The property had a CV valuation of $1.1 million in 2010 and net annual rental is $101,536. Rates are $14,983 per annum.

It is being offered for sale by deadline private treaty, closing 4pm March 14.