A superbly located property at the heart of Dunedin’s university precinct is for sale with vacant possession, providing multiple options for developers or add-value investors.
The 1,273sq m property at 514 Great King Street has been occupied for many years by CCS Disability Action, which provides direct support and advocacy for disabled people and their families.
The organisation’s Otago branch is selling the property to facilitate its move to larger premises, allowing a new owner to unlock site’s potential.
Colliers International is marketing the property for sale by deadline private treaty closing at 4pm on Friday 28 February.
Director Dean Collins says it is a unique opportunity for developers or investors to purchase in a prime central position on Great King Street.
“The property benefits from exceptional proximity and amenity, being surrounded by a mix of University of Otago buildings, motels, residential properties and commercial businesses.
“It also boasts huge exposure, with Great King Street providing 27m of frontage to the northbound section of State Highway 1.
“The property sits on a large freehold site with Residential 3 zoning, which is set to be rezoned as Inner City Residential under Dunedin City Council’s proposed Second Generation District Plan.
“It comprises a large U-shaped office building of 557sq m along with a good parking area, 20sq m carport, 33sq m pergola and 11sq m canopy.
“Seldom do freehold sites prime for development in this type of location come available for purchase, making this a truly unique purchasing opportunity.”
Collins says the Dunedin property market benefits from strong fundamentals and sustained growth.
“We expect further growth in the short to medium term, largely from the commercial and industrial sectors.
“While investment yields have tightened and will likely continue to do so, Dunedin remains a hotspot for out-of-town investors seeking better returns than in the main centres.”
Collins says Dunedin’s resurgence as an attractive place to live and work is driving ongoing demand for residential property.
“The strength of Dunedin’s housing market makes a very compelling case for intensive residential redevelopment of the property at 514 Great King Street.
“The site’s zoning under the proposed Second Generation District Plan would permit greater density, allowing a developer to replace the existing improvements with terraced housing or apartments.
“A developer could also consider alternative uses such as student accommodation, build to rent residential, or a commercial redevelopment, subject to gaining appropriate consents.
“Any of these uses would make the most of the site’s central location and potential for greater density under proposed planning changes.”
Dunedin is a vibrant city that is the gateway to the Otago region and its main centre. It is New Zealand’s second-largest city by area.
The city is home to the internationally acclaimed University of Otago and has a strong student culture, with tertiary students making up 20 per cent of the city’s roughly 130,000 residents.
Dunedin is also well known for its natural beauty and eco-tourism. It is nestled in tree-clad hills at the head of a stunning harbour and offers excellent swimming and surfing beaches.