"They didn't make the decision lightly, given the facility's long history in Gisborne and the valued contribution Albert Park had made to the community.
"However, practical business decisions needed to be made and we have clear instructions from the vendors that Albert Park needs to be sold, so this is not a case of dipping the toes into the market to test the waters. Its value will be determined on auction day."
The purpose-built 31-bed rest home has a mix of double and single rooms, multiple bathrooms, administration offices, commercial kitchen, large dining and separate lounge areas. The area of Residential zoned land totals 7166sq m and the property will be sold with a modest two-bedroom stucco house with double garage at 26 Cook St rented at $150 a week.
"The aged-care facility was built in the 1950s and has always been well maintained and cared for," Raureti says.
"The landscaped grounds and gardens are peaceful, and the buildings are well-positioned to capitalise on sun. The bedrooms have nice outlooks to the gardens and lush, green lawn areas, and the dining and lounge spaces are well-proportioned, lending themselves to a range of uses for a new owner."
Raureti says the purchaser of the property could pursue reopening the facility as a retirement home.
"There may be a business-oriented buyer out there who sees value in refurbishing it and relaunching it as a new aged-care facility under another brand.
"Alternatively, an entrepreneurial new owner could see other compatible uses for the land and buildings with due investigation via the council to ensure any proposals are aligned with permitted activities under the district plan.
"Given its Residential zoning, it is understood there is also potential for the site to be subdivided for more intensive residential use.
"Naturally, any prospective purchaser would need to pursue subdivision options through the usual council channels with any change of use being subject to the normal consent process.
"Based on section sizes of 500sq m to 800sq m, anywhere from nine to 15 residential sections could be created here.
"Access would need to be investigated with the standalone property at 26 Cook St possibly needing to be sacrificed to allow optimal use of the site.
"This property sits in the heart of Te Hapara, which is a sought-after suburb for families, given the schooling options in the area and its closeness to the city and the beaches.
"We expect inquiry from astute and forward-thinking developers looking for subdivision opportunities who could effectively 'land-bank' the site for future redevelopment."
What's on offer?
The property: Recently closed retirement home.
Location: 17 Albert St, Gisborne.
Agency: Bayleys Gisborne.
Sales method: Auction Friday, December 12.
Features:
Vacant, purpose-built, 31-bed rest home.
7166sq m of freehold Residential-zoned land.
Suitable for a new commercial enterprise.
Could be purchased by 'land banker'.
Potential to subdivide into residential sections.
