Five units are left in this eight-unit live and work development at 86 Hurlstone Dr, Waiwhakaiho, to the east of New Plymouth's city centre. Photo / Supplied
Five units are left in this eight-unit live and work development at 86 Hurlstone Dr, Waiwhakaiho, to the east of New Plymouth's city centre. Photo / Supplied
Units in a live-work development in a fast-growing commercial precinct in New Plymouth have been put on the market.
Five units are left in an eight-unit development, says Benet Carroll of Colliers International New Plymouth, who is selling the units by negotiation.
Carroll says Westwill Heights, at 86 Hurlstone Dr, Waiwhakaiho, to the east of the city centre, provides executive-quality apartment living with functional warehouse space below.
"These modern units are the perfect solution for business owner occupiers in a variety of sectors, who could benefit from the convenience of combining their residence and work space in a single property. They would also suit out-of-towners needing a business base in New Plymouth, or people looking for quality apartment living with an additional rental income."
Westwill Heights addresses a gap in the market for this type of dual-use property, says Carroll.
"This development aims to meet the demand for residential space which is in short supply in the thriving Waiwhakaiho area. Warehouse space in this area is also tightly held, especially high-quality units with good access like Hurlstone Heights. This is largely owing to the area's closeness to the New Plymouth CBD."
Two and three-bedroom units are available, with the generously-sized apartments spread over two levels. The two-bedroom units have a 135sq m warehouse and 126sq m apartment, with the three-bedroom versions providing 142sq m of warehouse space and 148sq m of living.
Each warehouse has roller-door access as well as a separate showroom/office entrance. Plenty of parking is provided on the 3219sq m site, which is fully fenced with landscaped grounds. The development also offers sea views.
Neighbouring developments include the Valley Mega Centre with national tenants including Mitre 10 Mega, Countdown, Rebel Sport, Briscoes and Noel Leeming.
The 7ha former Ravensdown site on Devon Rd, which sold for $10.55m through Colliers, is also nearby. This site will soon be redeveloped into a major retail and commercial complex including shops, cafes and food outlets, a supermarket, cinema, offices and a hotel, Carroll says.
"The Waiwhakaiho commercial area is well established and is going from strength to strength as more developments get underway. It's a great location just five minutes from the CBD and also close to State Highway 3, providing excellent access which has prompted much of the new development we're seeing."
Colliers recently opened an office in New Plymouth, in response to the strong property market growth in the area based on population growth and the strong-performing farming, oil and gas industries, says Carroll.
"The strength of Taranaki's economy has translated into significant interest in New Plymouth from commercial property occupiers and investors. This is evidenced by the low vacancy rates and exceptional yields being achieved. Good quality commercial properties are also selling fast once they are placed on the market."
