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Redevelopment Opportunity On 'Magical' Site

Media release, for immediate release, Monday 23 February 2004

CREATIVE REDEVELOPMENT OPPORTUNITY ON 'MAGICAL' SITE

The site of the Wizard's former home is up for sale.

The Wizard's former residence, on the corner of Cranford Street and McFaddens Road, was destroyed by fire last year. The site has now been cleared and is up for tender, along with a three-bedroom home on further land.

The 2,652 m2 combined property has a 35 metre frontage to Cranford Street, a 40 metre frontage to McFaddens Road and is bordered by Dudley Creek. More than 18,000 cars travel past the site each day.

"This large corner site with its considerable street frontages and excellent location offers a large number of development potentials," says Blair Young, marketing consultant for sole agency Simes Limited.

The property is zoned living one, making it suitable for houses, sub-divisions or elderly persons housing. Blair Young says the highest and best-value use of the site would be achieved by some sort of commercially-orientated venture, such as a motel.

"Although that option may require some sort of resource consent, many prospective purchasers are considering the site on those grounds."

The site has a rateable valuation of $420,000, but is expected to sell for considerably more.

"A property of this size on a main arterial route and so close to the city is a rare find and, not surprisingly, there has been a high level of interest in the site. It offers a vast number of opportunities for prospective buyers and that is why the vendors have chosen to put the site to tender," says Blair Young.

The tender closes on March 26.

ends

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