Exceptional Tahunanui investment opportunity

Exceptional Tahunanui investment opportunity

A premium corner development site in the heart of Tahunanui is attracting strong interest from a broad range of investors, according to Tony Vining of Bayleys Nelson.

The largely undeveloped 1704sq m property in two titles at 1-5 Tahunanui Drive, has huge potential given its strategic location in this seaside suburb whose population, in the summer months, is bolstered by a growing tourist and visitor base.

Currently leased to three tenants, the property is zoned Suburban Commercial and with a wave of growth occurring in this area – with new restaurants, apartments, motels and a planned redevelopment of the established Ocean Lodge Hotel – the site is ripe for a fresh development.

“The existing tenancies are an ice-cream and confectionary retail sales outlet, a pest-management operation and a car yard. There is also a vacant office suite and a residential flat. The leases are on a month-by-month basis and would provide an investor with a holding income of $95-100,000 per annum,” explains Mr Vining.

“This would give a purchaser a regular income strand to tide them over while development plans were finalised and actioned.”

With excellent exposure and visibility enhanced by two street frontages and double access – from Tahunanui Drive and Bisley Avenue – the current zoning allows building to eight metres, making it suitable for retail, accommodation, office, or fast food operations.

“The site is big enough for a national food or supermarket chain to position themselves nicely and the two accesses would be conducive to a drive-through operation. With increasing residential development on the surrounding hills above Tahunanui, this is an area that is ready to become more ‘self-sufficient’ in terms of the services it can offer to both residents and visitors to this holiday suburb,” says Mr Vining.

“The vendor is realistic and ready to sell. This calibre of offering seldom comes to the market and it is encouraging to see the level of interest it is attracting. Given the footprint of the existing buildings on the site, little demolition would be required should an investor wish to start with a ‘clean slate’, says Mr Vining, adding that the property will be sold by negotiation.
With a safe sandy beach, the Tahuna Beach Holiday Park, a small zoo, numerous accommodation options, a medical centre and retail shopping, Tahunanui is close to the airport and a short drive from Nelson city.

ENDS

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