Several options for closed retirement home

11:13 AM Wednesday December 3, 2014 Colin Taylor

The recently closed Albert Park Retirement Home is for sale at 17 Albert St, Gisborne.

A recently closed retirement home in Gisborne is for sale with vacant possession offering a purchaser the prospect launching another commercial enterprise or subdividing a 7000 sq m freehold site into a dozen or more sections in one of the city’s most popular residential areas.

Karen Raureti, sales manager for Bayleys Gisborne says the property at 17 Albert St will be taken to auction next Friday December 12.

“The decision to close this aged care facility was reluctantly made by Albert Park directors who are proactively involved with Gisborne’s Beetham Lifestyle Village which offers villas, townhouses, apartments and also an aged-care facility,” Raureti says.

“Despite pursuing every avenue to keep the family-orientated and traditionally-styled Albert Park Retirement Home operating, the directors decided they had no other option but to sell the land and buildings.

“They didn’t make the decision lightly given the facility’s long history in Gisborne and the valued contribution Albert Park had made to the community,” Raureti says.

True Commercial - 17 Albert St, Gisborne - formerly Albert Park Retirement Home - interior - industrial kitchen.jpg

The Albert Park Retirement Home has an industrial kitchen. 

“However, practical business decisions needed to be made and we have clear instructions from the vendors that Albert Park needs to be sold so this is not a case of dipping the toes into the market to test the waters. Its value will be determined on auction day.”

The purpose-built 31-bed rest home had a mix of double and single rooms, multiple bathrooms, administration offices, commercial kitchen, large dining and separate lounge areas. The area of residentially zoned land totals 7166 sq m and the property will be sold with a modest two-bedroom stucco house with double garage at 26 Cook St rented at $150 per week,

“The aged care facility was built in the 1950s and has always been well maintained and cared for,” says Raureti.

“The landscaped grounds and gardens are peaceful, and the buildings are well-positioned to capitalise on sun. The bedrooms have nice outlooks to the gardens and lush green lawn areas, and the dining and lounge spaces are well-proportioned lending themselves to a range of uses for a new owner.”

Raureti says the purchaser of the property could pursue reopening the facility as a retirement home.

“There may be a business-oriented buyer out there who sees value in refurbishing it and relaunching it as a new aged care facility under another brand.

“Alternatively, an entrepreneurial new owner could see other compatible uses for the land and buildings with due investigation via the council to ensure any proposals are aligned with permitted activities under the district plan.

“Given its Residential zoning, it is understood there is also potential for the site to be subdivided for more intensive residential use.

“Naturally, again, any prospective purchaser would need to pursue subdivision options through the usual council channels with any change of use being subject to the normal consent process,” Raureti says.

“Based on section sizes of 500 sq m to 800 sq m anywhere from nine to 15 residential sections could be created here. Access would need to be investigated with the standalone property at 26 Cook St possibly needing to be sacrificed to allow optimal use of the site.

“This property sits in the heart of Te Hapara which is a sought-after suburb for families given the schooling options in the area and its closeness to the city and the beaches.

“We expect inquiry from astute and forward thinking developers looking for subdivision opportunities who could effectively ‘land-bank’ the site for future redevelopment.”

Raureti says Gisborne has an attractive climate and strong lifestyle appeal with some solid fundamentals underpinning its residential property market.

“Relative to other parts of New Zealand, Gisborne offers first home buyers in particular, the chance to get on the property ladder with value for money offerings.”

What’s on offer?

The property: Recently closed retirement home

Location: 17 Albert St, Gisborne

Agency: Bayleys Gisborne

Sales method: Auction Friday, December 12

Features:

  •          Vacant purpose-built 31-bed rest home.
  •          7166 sq m of freehold Residential zoned land.
  •          Suitable for a new commercial enterprise.
  •          Could be purchased by ‘land banker’.
  •          Potential to subdivide into residential sections.