Big Napier site ripe for development

An aerial view of 53 Waghorne St, Ahuriri, Napier - identified by a blue border.

One of the largest parcels of Napier development land to be offered to the market in many years has been put up for sale in the Hawkes Bay city's fast growing suburb of Ahuriri.

The large 4139 square metre freehold site encompasses over four titles just one block back from the waterfront.

"This land is ideal for re-development," says Danny Blair of Colliers International's Napier office who is marketing 53 Waghorne Street for sale by negotiation.

"Currently the site is being used for warehousing, shedding and storage purposes by the Napier Provedoring Company but, being north facing, it's ripe for residential development," Blair says.

"This sale represents a very rare opportunity to snap up a versatile property that has a rateable value of $1.45 million. It's also a good land banking opportunity with potential holding income to be realised from a quality 2000 sq m warehouse on the site."

Blair says the property is zoned as Hardinge Rd Residential which allows for a range of permitted residential and business activities up to 11 metres in height. "So this site would be great for conversion to apartments, townhouses, traveller's accommodation or a day care centre" Blair says.

"The location in seaside suburb of Ahuriri is a real attraction for developers. It's well positioned to Napier's central city and close to Napier's port and the Hawke's Bay airport. "Ahuriri has experienced significant growth over the past 10 years with figures from Quotable Value's three-yearly valuation released in 2014 showing that the average capital value of property had increased by 15 per cent in Ahuriri from 2011."

Blair says Ahuriri underwent an extensive development about five years ago and this is continuing with the development of more shops, bars, hotels and apartments.

"The Ahuriri business park, which has been part of the area's growth, is now the base for a variety of businesses," he says.