Mid-town site with many options

12:10 PM Wednesday July 30, 2014 Colin Taylor

The site could be converted into a business park, says the agent overseeing its sale.

A 14ha block in the centre of Putaruru is for sale, and the local council sees it as a part of its revitalising plan.

A big block in the central business district of the South Waikato town of Putaruru is for sale, and a proposed district plan will allow for its development.

The 14ha property, listed in Bayleys' Total Property portfolio, is in the heart of the region's dairy country and in an area that a South Waikato District Council plan proposes for development of businesses and services.

"The plan aims to revitalise Putaruru, improve transport options, and to promote economic growth, particularly within the dairying sector," said Brendon Bradley of Bayleys Tauranga who, with colleague Graeme Coleman, has listed the freehold property at 90-120 Princess St for sale or lease by negotiation.

Putaruru is a service town for the surrounding rural area and a rail connection point. Under the council plan, roading and alternative public transport options between Putaruru, Hamilton, Tokoroa and Taupo will also be improved, with community facilities and dairy industry growth through promotion of the region.

The property is business zoned, allowing for most retail/commercial and industrial options including bulk storage, warehousing, freighting, logistics, manufacturing and retail.

Bradley said it was unusual for such a significant section of central land to be placed on the market, giving a buyer extensive opportunities for development.

"Syndicate investors, land bankers and developers could take advantage of the huge scope for development of this site, given its size, location in the centre of the North Island dairy industry and flexibility for use.

"It has the infrastructure to accommodate industrial and commercial expansion. It gives a new owner multiple development opportunities.

"For example, it could be converted into a business park which could attract operations such as storage, transport, manufacturing, horticulture, engineering, and rural activities. All of these options are endorsed under the proposed South Waikato District Council plan."

The property was in an established location at the centre of the Waikato dairying industry with a readily available labour force.

"Putaruru has very low land and building costs compared with major centres, so this property could also be used to relocate a large business very economically. Or it could suit an owner-operator looking to use a percentage of the area for their own requirements and lease or subdivide the balance."

Coleman said the property was in three titles, but South Waikato District Council had given consent for it to be split it into five titles.

"A new owner could also further subdivide the sections."

The property is next to State Highway One and the rail link, as well as having excellent access to ports 65km to Tauranga and 190km to Auckland. The freight railway line from Kinleith to Tauranga and Auckland ports is across the street, and a railway bridge links State Highway One to Princess St.

A railway lease area of .46ha is available for assignment to a buyer if required. At the southern end of the section next to the railway line is a railway leasehold estate area of 395sq m included in the sale of the property.

There is extensive road frontage on to Princess St, and the site has three entry gates.

Tenants now on the property include agriculture training school Taratahi, Moorey Contractors, Livestock Improvement Corporation, Putaruru Diesel, The Gym and a feed supplement supplier, with passing rent of about $100,000 plus expenses.

What's on offer?

The property: 14ha South Waikato township block.
Location: 90-120 Princess St, Putaruru.
Proposal: For sale and/or lease by negotiation.
Agency: Bayleys Tauranga.