A prime Newtown site, just across the road from Wellington Hospital, that has been used by Collins Motors for half a century, is up for auction.
The property, on the corner of Riddiford and Hall Streets, is being sold by Tai Collins, who is retiring from the motor parts business after more than 60 years in the industry.
Colliers International agent Nick Leggett said it was a good opportunity for developers.
The 1386-square-metre property, which has a ratable value of $1.925 million, has dual street access from both Hall and Riddiford Streets.
Buildings cover just over half the site. That left a lot of room for parking, which was a big advantage in that area.
Mr Leggett said it was likely to be of interest to medically related businesses because it was so close to the hospital.
‘‘There are many specialist medical activities in the immediate area already, and I have no doubt there will be others that may have thought of this general area, but have been unable to find a site large enough.’’
Fellow agent Chris Gollins said it was being sold on a deferred settlement to give Mr Collins a chance to clear out hundreds of thousands of spare parts.
It was being auctioned on the understanding settlement would not occur until at least April 2010.
'That's a great advantage for a developer, who can begin the consent process, planning process, before having to think about holding costs," said Mr Gollins.
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