What's happening in real estate
What's happening in real estate

Development Projects

Property Brokers  Monday, December 15th
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Summary of Development Projects

 

71 Warick Street, Feilding:
A large 8,000m2 development site in the heart of Feilding that once was the Write Price Super Market was purchased on spec for a future development project. Mitre 10 Feilding was identified as a possible target client for a new build. Planning and construction is about to commence on what will be a circa $16m project.

 Mitre 10 Feilding Concept.png

2 Malden Street, Palmerston North:
This is part of what was the Milson Foundry block comprising 6 adjacent buildings in total, purchased in 2022. Demolition of three older buildings on the corner have made way for a brand new building completed in August 2025 for Allroad Limited which was an existing tenant in one of the other buildings further down Malden Street. The completed building on this corner was sold in October 2025 for $3.2m

 2 Malden Street - All Road

1015 Tremaine Avenue, Palmerston North:
Government built in 1969 for what was the then Country Library Service, this heritage protected building architecturally designed in the Brutalist style once housed the Treaty of Waitangi. The property sat empty for 10 years prior to coming to the market in 2020. After a period of time, Health NZ was introduced to provide them with a new Mental Health Clinical and administration centre off site from the main hospital. Resource consent, Building Consent including Heritage compliance and seismic strengthening was a complicated and major undertaking.

1015 Tremaine Avenue - Health

284 Rangitikei Street, Palmerston North:
Built originally for the Westpac bank regional Head Office and branch. I purchased this property partially vacant in 2016. Negotiations with the other tenants allowed the building to be completely vacant and ready for conversion into a large format retail property which was the best outcome for the building given its location and high profile. Animates were signed up to the new development with the owner completing all consents and managing the build to what it is today. Sold in 2017 for $3m to local investor.

 284 Rangitikei Street - Animates

227 Featherston Street, Palmerston North:
Built originally for Valentines Restaurant  the property sat empty for some time prior to purchasing in 2015 . Changing market conditions met the property was best suited to another use so the property was redesigned and expanded to meet a new tenants requirements. The tenant (Office Products) ended up purchasing the property on completion. Sold in 2017 for $1.4m

 227 Featherston Street - Office Products

334 Rangitikei Street, Palmerston North:

Originally built as a Veterinary clinic I purchased the property in 2015. Owning a Subway franchise at the time, plans were made to demolish and rebuild the site as a new Subway store with an extra shop on the corner. Resource and Building consents were completed and the new building was built. This store became the highest turnover store in Palmerston North. Sold in 2021 for $1.3m

 334 Rangitkei Street - Subway

43 Princess Street, Palmerton North:
Originally an office building, I purchased the property in 2013, with a vacant ground floor and an office tenant upstairs. The building was re-purposed into a new Subway store at ground level and a new office tenant was secured on the first floor. Relocating my existing Broadway Subway store to this building. This had an instant improvement to the business. Sold in 2019 for $1m

 43 Princess Street - Subway

364 College Street, Palmerston North:
Originally and old house and corner retail site owned by JVL real estate and used as their offices. I purchased the property vacant in 2015. Had plans drafted for a corner multi tenanted retail site. Domino’s pizza and Black Bull liquor signed up off the plans.
The site was cleared and the new building was built. Ground condition meant extensive engineering was required. Sold in 2021 for $2.5m to a local investor who was already an earlier client.

 364 College Street - Dominos

39 Malden Street, Palmerston North:
Steel and Tube had been long term tenants at this property, but with an expiring lease, they had already committed to a new site. I purchased the property in 2013 on spec and eventually developed the site for NZ Post. This was a large undertaking with seismic work, large additions and alterations to the building with an extensive fitout, additional adjacent land was purchased for extra car parking. Resource and Building consents were required along with easements for access to the rear of the site. This was a complicated transaction with many factors required to bring it together.
Sold in 2015 for $7.6m to a property investment syndicator.

39 Malden Street - NZ Post

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Garry Doyle
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Have you considered buying or selling a property? Or do you know of a family member, friend or colleague who is considering buying or selling a property? Contact Garry Doyle to experience next level service.

Garry Doyle
M  027 452 2212P  027 452 2212
E  garry.doyle@pb.co.nz

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