A substantial development site on a prime corner in Taupō is poised to benefit significantly from the redevelopment of the surrounding Central Business District.
Spanning 2,790sqm (more or less) at 67 Ruapehu Street, which is one of the primary arterial routes from the lakefront to the northern end of the CBD, the property occupies a commanding position on the corner with Horomatangi Street.
Bayleys salesperson Gary Harwood says the CBD has experienced a $25 million redevelopment, which enhanced access for vehicles and pedestrians, and is designed to provide a more business-centric town centre to attract visitation and drive economic development.
“The subject property has been a key benefactor of works under the Taupō Town Centre Transformation (TTCT) project, which has eased congestion and upgraded vehicle and pedestrian access along Ruapehu and Tongariro Streets specifically.
“Ruapehu Street is the main entry point to Taupō’s CBD, and Horomatangi Street is one of the primary retail destinations.
“The subject property enjoys huge profile and great visibility, and improved linkages providing a significant opportunity for a new owner to tenant or occupy themselves whilst drawing up development plans to maximise the site for future use.”
Mr Harwood is marketing the property for sale by tender with colleague Lisa Christensen, closing at 12:00pm on Wednesday, 25 October 2023 (unless sold prior).
There are 1,026sqm (more or less) of improvements on site comprising a showroom, offices and automotive workshops currently occupied by the Taupō Hyundai and Isuzu vehicle dealerships.
Bayleys salesperson Lisa Christensen says the site features a northwest-facing aspect gaining all day sun and is centrally located next to the new Taupō District Council Chambers, which is currently under construction.
“Development fundamentals of the site are superb as it will be sold with vacant possession, providing a new owner with immediate opportunity.”
The site is dual-zoned under the Taupō District Plan.
The portion fronting Ruapehu Street features Taupō Town Centre Pedestrian Precinct zoning, providing for mixed-use development that permits a higher intensity and scale of activity than is generally found within the wider Town Centre Environment.
The rear portion is zoned Taupō Town Centre Retail Expansion Project, designed to revitalise the town centre, focussing on commercial activities, particularly retail development.
“With construction disruption of the TTCT behind us, a new owner stands to benefit from immediate hold over the site, which could capture value uplift from works and increased visitation to the region – both domestic and international – over the coming summer.
“The TTCT has been lauded as creating a world-class environment for Taupō’s Town Centre, which has delivered local prosperity and a quality-built environment by providing employment opportunities and vibrancy.
“Growth projections for the township estimate we could see a 77 percent rise in the local population between now and 2060, creating demand for housing and commercial services.
“The property presents a superb opportunity for a new purchaser, as it’s an excellent time to maximise development momentum by securing a strategic, high-profile position in the tightly held, evolving CBD precinct.”