Mount Maunganui developer Paul Spillane couldn't see the point of just sitting on his business land and waiting for the market to turn.
He's decided to stride ahead and "just do it".
Mr Spillane, a former clothing manufacturer and importer, is turning his 2ha property in Aerodrome Rd, near the airport, into a small security-conscious business community - with the smallest units going on the market for $69,000.
He has spent $350,000 putting in a new street, as well as subdividing the property into 10 lots.
The back of the site will be taken up with 54 industrial/commercial units, and Mr Spillane hopes to be building the first stage of 27 by the end of the year. He has already sold three of these units.
"Although times are tough, industrial land prices have come back and this has made the project affordable. We don't need to stand still anymore. It's time to get on with the job.
"I can provide space for tradespeople - builders, electricians, plumbers, and storage - and they will have the opportunity to network amongst themselves," Mr Spillane said.
He is calling his $20 million development Aeropark - it is the closest freehold land to Tauranga Airport.
Simon Clark, Colliers International director in Tauranga, said the project was something different for the market. "It's made it affordable for Joe Bloggs to do a variety of things."
Mr Clark said he had marketed up to nine complexes comprising about 300 units at Mount Maunganui, and the cheapest were strata leasehold premises between $150,000-$200,000.
"We've never had a product under $100,000. The smaller units have been successful in Australia and they can be used as a combination of storage and operating a business," he said.
The Aeropark marketing begins this weekend.
The freehold title units, most of them are 40-50sq m in size, can be used for storing records, equipment, household goods, motorhomes, boats, jet skis and cars, as well as becoming workshops and offices.
There will be car and boat wash facilities on site.
The units (all five metres high) will be built in concrete, with remote controlled roller doors, and will be managed by a body corporate.
The smallest unit, of 32sq m, is selling for $69,000 and increases to $97,500 for 50sq m.
Mr Spillane's SNG Investments made an agreement to buy the site two years ago and has sold the front four lots. Before that, he chopped the big building in half to push the new street through.
The building had been leased by Phillips Pallets which moved to a new location in Pyes Pa.
Mr Spillane and his business partner Brian Hutchinson ran S and H Apparel in Hamilton and then moved the operation to Mount Maunganui 10 years ago. They supplied clothing retailers such as Ezibuy, Farmers and The Warehouse before turning to solely importing S and H owns the New Zealand licence for Cotton Traders.
Mr Hutchinson bought Mr Spillane's shareholding two years ago, so Mr Spillane could concentrate on property development and investment.
Business units under $70,000
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