Residential Development Opportunity
64, Nile Street, City Centre, Nelson
- Proposed Usage
- Hotel & Leisure
- Floor Area
- 1000.00 m²
- Land Area
- 4148.00 m²
- Property ID
Enquire about this property
Nelson City - Central Location.
This large centrally located Nelson block is now for sale and offers a range of possible development configurations.
Located just minutes from Nelson’s city centre & directly opposite Nelson Marlborough Technical Institutes campus. This residentially zoned 4148m2 site is predominantly flat and rectangular. It benefits from a separate 101m2 title providing a 3m wide access strip from King St to the rear of the site.
There are 5 assorted buildings of varying size & quality.
Conveniently located in the front corner is a 240m² 4 bdrm bungalow that would make an excellent and valuable inner city residence once refurbished. It is currently rented.
On the opposing front corner is a heritage rated church currently used by a local congregation.
Across the rear of the site is a substantial hall which has been assessed as earthquake prone and requires remediation (or demolition) by 2041.
Two other less significant structures are also on site.
Detailed Engineering Evaluations are available for all 4 non residential buildings with only the large hall rated EQ prone. There are no restrictions of use imposed on any of the buildings by Nelson City Council due to seismic ratings.
The property offers various potential use combinations. It lends itself to restoring the bungalow to recoup some of the purchase cost, separating off the church and clearing the other structures to make way for a multi unit residential development. Nelson has just been rated the highest performing regional economy in NZ. Residential stock is in very short supply, especially in the city. Flat development sites are scarce.
Entrepreneurs and developers should take a closer look at this versatile property.
64 Nile Street is offered For Sale by Tender closing 19 July 2017, 4pm.
Contact Ken for further details.