Ray Cook's new Te Ngae Rd site ready for development

Rotorua property developer Ray Cook and his company R&B Property Group have bought this prime site on Te Ngae Rd.

Rotorua property developer Ray Cook has bought a site on Te Ngae Rd hoping its new neighbour - Lynmore Junction - will lure potential investors.

Mr Cook's company R&B Property Group recently bought the land and buildings, plant, equipment and stock from the receiver handling the Verda Timber Company receivership sale.

The site at 334 Te Ngae Rd is next to the new Lynmore Junction development and has a total land area of 12,830 sq m.

R&B Property Group also own the Gull Service Station and car wash next to the old Verda site and adds a further 3500 sq m to the total area.

Mr Cook said the aim was to redevelop the site.

"But we have no plans at this stage, what we are doing is a bit of a land bank.

"We have some schemes we are looking at, but nothing is 100 per cent. We haven't bought it to leave it empty and we want to redevelop it."

Mr Cook said there was now 15,000 sq m of prime land on Te Ngae Rd ready for a potential investor.

"We are going through our connections now and are letting the market know something is happening there.

"Design, build, lease for potential tenants is an option.

"Te Ngae Rd is a hot area now there is certainty with the road that will be upgraded there and won't go behind Vaughan Rd, and I don't think we will have too many problems filling the space."