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Invercargill Resthome Development
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Southland
Invercargill
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 More Pictures Below
With consented plans for a 40 bedroom executive retirement home, this property holds huge potential for a successful business and property investment opportunity.
For sale is the unique opportunity to redevelop the former 'Elston Lea' school into an executive 40 bedroom retirement home. Package includes building consented plans and relevant council approvals.
Here's a great opportunity for a building conversion in a high growth area of southern New Zealand.
The Conversion is from a school to a 40 bed Resthome.
It has a relatively low purchase and development cost with good prospects for excellent gain either from the onsale of the resthome, or from the operation of the resthome itself.
Resthomes are in high demand in New Zealand due to the aging population and the residents are often subsidised by government, therefore there is a good demand for buildings that can be run as resthomes, and for resthome businesses themselves. |
The city of Invercargill, with a population of 50,000 is located in Southland, and is the gateway to some of New Zealand's most beautiful scenery and destinations, including the Southland heartland, Stewart Island and Fiordland. With a combination of cultural attractions, excellent shopping, cafes, restaurants and city life, Invercargill has much to offer. The inner city is modern, attractive and provides a vibrant heart to the city. The variety and number of heritage buildings in the city centre also add to Invercargill's character.
Demand for ‘Retirement Home’ accommodation is set to significantly increase due to New Zealand’s ageing population. This is basically due to the large generation known as the ‘baby boomers’ born after the war between 1946 and 1964. This group are now reaching retirement age. The number of retirement aged people in New Zealand doubled between 1967 and 2001, but is expected to reach 1,220,000 by 2051 for this reason.
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This century, one in four New Zealanders will be aged 65 or older, compared to one in eight today. This has direct implications for those in the rest home and senior citizen hospitality sectors which now need to expand to meet the increased need for health treatment, residential care and social services. An increasing number of elderly people require a level of care that cannot be provided by family, and due to this many retired people choose to reside in retirement homes and villages. Retirement homes are sought after for their level of care and standard of amenities.
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| This substantial building presents a great opportunity for re-development into such a retirement. |
| This property pays a 7% return on the Purchase Price of the land, for a period of 2 years, during the Subdivision and Build process. |
| After 2 years it is expected that the subdivision is complete and partially sold off to repay development costs, or buildings have been erected and will provide ongoing income. |
Brochure 600k PDF
| Section Type: |
Residential |
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| Development Type: |
Resthome |
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| Development Size: |
Whole development for sale as 1 lot |
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| Address |
Subdivision of SO 1278 CT 205551 |
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| Size: |
4979m2 |
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| Price: $ |
$480,000 + GST |
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| Valuation: |
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| Profit Potential |
Estimates only |
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| 50% Occupancy |
40 x $600 pw |
$ 624k
income PA |
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| Initial purchase price |
Land, plans and consents |
$ 480k |
| Development costs |
$ 2 mil build cost,
finance 3 years |
$ 2 mil
$ 675k |
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Estimated Profit |
$ |
 
BBX and Barter dollars also accepted
| Contact Details |
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| Name |
Daryo or Peter |
| Company |
Darius Group |
| Phone - Landline |
+64 9 447 1641 |
| Phone - Mobile |
Daryo +64 27 524 1931 Peter +64 274 711191 |
| Fax |
+64 9 447 1642 |
| Web Site |
www.dariusrealestate.com |
Note: email addresses available by placing an "enquiry" (top right of menu)
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QV Demographic report
(may take a minute to compile)
https://www.qv.co.nz/Reports/report.aspx?QPID=1512814&ID=1512814&ReportType=DP
Click on "Property Summary" (Bottom of left menu) of the QV page for more property details and map (click "Check property location on map" just under the address)
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Related sites
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Location
Click on map to zoom on "Live Map"
Click the "Hybrid" button on the "Live map" for satellite photo.
(Note: Photos depend on Zoom level - Click "Map" button to restore Streets)
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Click pictures to enlarge
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NZ $480,000.00
Excl GST
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