|
|
Duke & Cooke Property News |
|
Published on: 15th December 2008 OPPOSITION TO HOPE COMPLEX OPPOSITION TO HOPE COMPLEXHope residents are meeting tonight to discuss a controversial proposal to establish a café, reception centre, chapel, memorial garden and crematorium in Gardens of the World. A company directed by Francis Day of Marsden House funeral home has sought resource consent from the Tasman District Council to develop the popular venue and visitor attraction on the corner of Clover Rd East and Paton Rd. A trust bought the 3.84-hectare property from the garden’s founders, Geoff and Gill Etherington, this year. The pair have been supportive of the plans which partly involve reactivating an existing resource consent they were granted in 1992 to build a reception centre for weddings and functions. The Nelson Mail, Wednesday 17 December 2008 AVERAGE HOME AFFORDABILITY IMPROVES A LITTLEHome affordability for the average buyer in the Nelson region has improved slightly in the last month, although the region still has the third-worst home affordability in the country. Recently released figures from the Wizard Home Loans Affordability Report show that last month, it took 70.1 per cent of one median income to pay the mortgage on a median-priced house in Nelson and Marlborough, down from 72.1 per cent in October. A year ago, the level was 86 per cent. Nationally, Nelson ranks behind Central Otago Lakes and Auckland as the regions with the most unaffordable housing. The Nelson Mail, Wednesday 17 December 2008 LANDOWNER CONSENT FOR SANCTUARY FENCEDevelopment of the Brook Waimarama Sanctuary’s pest-proof fence has cleared an important first official hurdle. The Nelson City Council yesterday gave the nod for the proposed fence to be built on land owned by the council, 50 metres below the Dun Mountain walkway. The decision has cleared the way for the Brook Waimarama Sanctuary Trust to lodge a resource consent application to build the fence, negotiate the labyrinth of gaining Reserves Act approval and seek funding for the multimillion-dollar venture. The Nelson Mail, Friday 19 December 2008 WAKATU PLANS $6M COMPLEX FOR TAHUNANUIA new $6 million development with a supermarket, shops, a bar, offices and a library is planned for Tahunanui. Wakatu Incorporation wants to build the centre on its Ocean Lodge site, which runs between Beach Rd and Muritai St. Wakatu Incorporation chief executive Keith Palmer said it would be a commercial and community centre for Tahunanui. The incorporation was looking at putting in a small 500-square metre supermarket, a butcher’s shop, a bakery, other shops and the library. The centre would have two storeys, with offices on the upper level. The two-stage development would see the Ocean Lodge motel and bottle store demolished after five years. The new development would include an upmarket bar. The 1.2-hectare site is worth $5 million the development would be worth $6 million. The Nelson Mail, Saturday 20 December 2008 MIXED IMPACT ON RATES IN NEW FIGURESResidential property owners in Tasman district could see their rates drop while dairy farmers are likely to face rises, as a result of new Quotable Value figures that put the district’s value at $12.6 billion. The district’s new valuation rolls are on display at the Tasman District Council. They show an overall rise of 13 per cent in the capital value of properties and a 12 per cent rise in land values. Quotable Value last released its valuations for the district three years ago. At that time, it recorded a 72 per cent increase in property values. Tasman Mayor Richard Kempthorne said this year’s smaller rise reflected movements in the property market, and it was good to see that values had not dropped. Residential properties recorded an increase of 6 per cent in capital values. Mr Kempthorne said the small increase was good news for first-time buyers. Dairy land had on average increased in capital value by 56 per cent. The capital value of pastoral properties rose by an average of 28 per cent. The report said there was still good demand for rural lifestyle properties, with the average value of an improved property $685,000. Mr Kempthorne said he was pleased that commercial and industrial properties “held up reasonably well” and had an average capital value increase of 20 per cent. The average residential house value was $382,000 for Richmond, $325,000 for Motueka, $175,000 for Murchison and $267,000 for Takaka. Owners and ratepayers will receive their new valuations by post after January 5 and will have until February 13 to lodge objections. Quotable Value conducts revaluations every three years. The last revaluation of properties in the Nelson City Council area took place in September 2006. The Nelson Mail, Saturday 20 December 2008 Key PointsCapital values up on average by 13 per cent Source: Quotable Value PROPERTY WATCHTrafalgar St buildings sell Colliers International Nelson agent Raj Singh has sold two million-dollar-plus commercial buildings in Trafalgar St within the past month. The largest, a five-level building at 218 Trafalgar St that houses nine tenants including Mid City Motor Lodge and Hanafins, sold to a syndicate of local investors for $2.64 million. Its GV is $2.4 million and the yield was 8.5 per cent. Mr Singh said the building needed some maintenance but was a “prime retail” site in an area of high foot traffic. The other property, at 288 Trafalgar St, is tenanted by Bayleys real estate. It has a GV of $1.35 million and sold for $1.55 million. Mr Singh said it provided a “good quality, long-term investment for a local investor”, showing a return of 6.7 per cent. Meanwhile, 55 modern self-storage units at 35 Forest Rd, Tahunanui sold to a local investor through Colliers International Nelson managing director Tony Gowans for $825,000 after being on the market for about two months. It had a net return of 8.8 per cent, not taking into account a reduction for management. “This year, yields have spread considerably and buyers are far more discerning about locality, quality of construction, tenant and lease,” Mr Gowans said. Nelson’s bridge St is facing changing times, with several businesses trying to sell and at least two closing down. The Linen Press, Nigel Russell Menswear and the Coastal Merchant have all been for sale. House Parts and the Light and Design Store are both closing after failing to sell, and the former Frontrunner site on the corner of Bridge and Trafalgar St is vacant and available for lease. Meanwhile, Liquid café and bar has been closed for some days as it undergoes renovations to create an intimate downstairs dining area. Part-owner Kirsten Burr said it would focus on the evening trade, with features like speciality desserts between 6pm and 10pm. A rundown home on a 950-square metre property at 6 Grace St, Monaco sold under the hammer last weekend for $202,000. Summit agent Graham Kay said about 40 people showed interest in the property and a couple of people bid at the auction. “It’s a nice waterfront property. The sale price reflected the section value more than anything.” It has a GV of $275,000. The purchasers were out-of-town buyers who planned to renovate and live in the home, he said. The Nelson Mail, Saturday 20 December 2008 Thought for the week“Gym: Merry Fitness and a Happy New Rear” |
|
This publication is compiled by Duke & Cooke Ltd, valuation and property specialists. The information contained within this newssheet has been obtained from various local sources and no responsibility is held for any parties relying on the accuracy of this information without obtaining independent verification. To contact us regarding circulation of this service: Phone +64 (03) 5489104, Fax +64 (03) 5468668, or email: admin@valuersnelson.co.nz |