Here's a great opportunity to build a Resthome a high growth area of northern New Zealand.
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.
Whangarei is in the north of New Zealand with a slightly warmer climate than most of the rest of New Zealand, hence there is an ongoing demand from those wishing to live in slightly warmer climate.
The migration north has put pressure on quality housing and resthomes and therefore pricing has rapidly approached Auckland pricing.
Executives moving to the area are wanting a higher class of housing, as are those retiring, which is what will be filled by this development.
Whangarei serves a large sheep and cattle farming industry and top market gardens of the area. Whangarei is a developing, modern and vibrant city in the centre of a district of fertile farmlands, orchards and forests. With a stunning harbour and coastline, Whangarei offers some of New Zealand's finest beaches. The city has a wide variety of shops and services, with a modern cinema complex, opera and drama theatres. The Whangarei Town Basin is busy with yachts from all over the world mooring here to soak up the semi tropical climate and explore the spectacular coastline of Northland.
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. 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.
The property is zoned 'Residential' under the District Plan and is ideally suited to the proposed Retirement Village development. It is located south of the central township. The proposal includes a large central community centre providing a variety of amenities and function facilities and 42 bedrooms.
For sale is the 3248 m2 site including all plans and resource consent approvals.
| 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. |
| Section Type: |
Residential |
|
| Development Type: |
Resthome |
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| Development Size: |
Whole development for sale as 1 lot |
|
| Address |
lot 2 Tauroa St DP 187898 |
|
| Size: |
3248 m2 |
|
| Price: $ |
650,000.00 + GST |
|
| Valuation: |
|
|
| Profit Potential |
Estimates Only |
|
| 50 % occupancy |
42 x $700 pw |
$ 750k PA income |
| |
|
|
| Initial purchase price |
Land, plans and consents |
$ 650k |
| Development costs |
$ 1.8 mil - build cost $1500 /m 1211 sqm
finance 3 years etc (2.4 mil @9%) |
$ 1.8 mil
$ 660k
|
| Management |
Northcorp can manage your project for you |
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| |
Estimated Profit |
$ |
