Massey University selling Palmerston North Hokowhitu campus

Massey University selling Palmerston North Hokowhitu campus

Massey University is selling off one of its two Manawatu campuses, Hokowhitu in Palmerston North.

The 10ha site encompasses a range of education blocks, halls, administration offices, a library, a marae and sporting amenities – all connected by well-established road and footpath networks.

Most of the land is currently used as sports fields but has significant potential for redevelopment. The site is located in one of the city’s most popular and desirable suburbs and is bounded by the Manawatu River, the Hokowhitu Lagoon and the Manawatu Golf Course.

Buildings provide a total of 30,000 square metres of space, alongside 486 sealed car parks.

Hokowhitu is one of two campuses Massey University operates in the city. Massey began merging its Hokowhitu and Turitea sites in 2008 and relocated the staff and students of the former College of Education to Turitea in 2012.

The 20 main buildings on the Hokowhitu campus were constructed between the early 1960s to late 1980s and are currently occupied by a mix of tenants, including the Ministry of Defence, Ministry of Education, Otis Elevator Company, the Palmerston North Operatic Society, Vodafone and education provider Te Wananga o Aotearoa.

Several New Zealand Defence Force units have moved into the campus area since 2011 – including Headquarters New Zealand Defence College, and Headquarters Land Operations Training Centre.

Combined, the Hokowhitu commercial leases will generate approximately $1.8 million a year in rental income. Lease terms within the various buildings range from month-to-month tenancies, through to longer-term tenancies, with rights of renewal out to 2031.

Massey University currently occupies some 5,500 square metres of buildings and Massey has indicated that it would be interested in remaining in occupation of a significant amount of space post sale, under leases to be agreed at market terms.

The sale of this significant property is part of a wider initiative by Massey to consolidate its activities at Turitea.

The portfolio of land and buildings is being marketed for sale by Bayleys Real Estate through an international tender process, closing on May 14, 2015. Bayleys director David Bayley said the sheer size and diversity of the Hokowhitu campus offering lent itself towards an integrated commercial development with possible residential options.

“Hokowhitu campus is a miniature village, with social amenities and commercial premises – all of which could be refurbished or added to relatively easily under current land zoning regulations, subject to council consent,” Mr Bayley said.

“The Hokowhitu Campus offers the entrepreneurial investor an outstanding opportunity to purchase a substantial property holding which provides a significant rental income and development potential.”
ends

© Scoop Media