The year to date has been relatively quiet, with little happening in the smaller townships. We have seen two sales in the up to $2,000,000 range in the Warkworth area. Both the properties were fully tenanted, and capitalisation rates maintained levels which had been previously established. One property at Snells Beach was sold by auction where there were several bidders. The Countdown site in Warkworth is now fully cleared but no sign of any action yet. Warkworth commercial vacancy rates are still at about average with little available in the main street. No change to rental levels for the better part of two years now.
In the Industrial area of Warkworth there is a comparatively high level of vacancies at the present time which is of concern. Rentals have decreased up to 15% in the past two years but even rent holidays and other incentives do not appear to be encouraging prospective tenants here.
OAKS ON NEVILLE
Submissions are currently open for a resource consent application on the old Warkworth Establishment site. The proposal is to redevelop all the land behind the old hotel building as a retirement village and commercial/retail. This is the site that Rodney District Council very unwisely purchased several years ago for no apparent reason, and in doing so destroyed any hope of development of the community centre nearby because of lack of funds. Council subsequently sold the site at a considerable loss, and it is very pleasing to see now that a development which should considerably enhance the centre of town is being proposed. Submissions on the notified application close on Friday 21 October, so make sure you have your say. Submission forms are available at local Council office or can be downloaded from Auckland Council website.
