Paeroa retirement village opportunity

Aerial view of property at 44 Waimarei Ave, Paeroa - identified by a red border.

A 4.2 hectare block for sale on Paeroa's rapidly expanding town fringe, may resemble the bucolic setting for an idyllic hobby farm. But don't be fooled.

Vendors for the pleasant looking pasture-land property, at 44 Waimarei Ave, have bigger fish to fry.

They have secured planning consent to build and operate a 68-unit retirement village - plus on-site community centre and other related facilities - on the site.

The property, where work to construct all this could technically begin almost immediately, is to be sold through a tender process, closing on June 7 at 3pm.

The freehold site is being marketed by NAI Harcourts East Zone Realty Ltd agents Paul Hebditch and business partner Sue Denby. They point out that out that constructing a retirement village on this land represents an unusual opportunity.

Certainly, Paeroa may be well known for horse racing, the "Battle of the Streets Motorcycle Race" and "Paeroa Highland Games and Tattoo," Hebditch says. "But perhaps this lovely Waikato town's strongest asset is being almost equidistant between Auckland and Tauranga, with additional close proximity to the Coromandel Peninsula.

"By car, Auckland CBD is mere hour-and-a-half to the north, while Tauranga just a little over an hour's drive to the south.

"The opportunity to remain in touch with friends and love-ones, while enjoying beautiful countryside and many benefits of life in a friendly provincial village, won't not be lost on people," says Hebditch.

The resource consent granted for the village allows for construction of single-level, two-bedroom units in 11 different designs.

NAI Harcourts' information memorandum for the property says the units will be sited on an internal loop road, accessed from Waimarei Ave.

Eight to 10 of the units will be located higher up on the slope, along the site's southern boundary.

The units are not being sold with unit titles - residents will instead lease them for a period of about 34-35 years.

"With strong demand this offering provides an affordable option for developers and retirement living operators,"

"Think of all the benefits for residents retiring to a location relatively close to the city, while not being caught up in its traffic and congestion on a daily basis," says Hebditch.