First lots for industrial estate go on market

Cromwell’s landmark big fruit sculpture was last painted in 2016 at a cost of $37,000. PHOTO:...
PHOTO: STEPHEN JAQUIERY
Ten lots in a new industrial estate comprising 29 sections on 4.8ha to the southwest of the town centre of Cromwell hit the market this week.

The lots in Cemetery Rd are the first to be marketed as part of the Cromwell Industrial Estate, which is being developed by the Central Otago District Council to meet the demands of Cromwell’s business community and substantial projected growth.

The council had marketed the first four sites itself, real estate company Colliers appointed to offer the remainder of the estate, with lots of 500sqm to 1033sqm available in the first release.

Colliers Otago director Alastair Wood, who is marketing the estate with colleagues Steve McIsaac and Marie Hendren, said it was a game-changer for Cromwell.

‘‘While there appears to be a reasonable supply of industrial land in Cromwell, there is a significant lack of ready-to-build-on sites that are under 2000sqm.’’

Lot sizes in the new estate ranged from 500sqm to 3000sqm with the bulk from 500sqm to 1000sqm and would allow local trades to establish a business base while offering investors an alternative to residential properties.

The industrial sector remained sought-after in Otago and nationwide, Mr Wood said.

Mr McIsaac said Cromwell land values sat between $350/sqm to $500/sqm.

In Wanaka industrial land cost more than $500/sqm and in Queenstown more than $1500/sqm.

The Cromwell area had seen continued growth in the residential and lifestyle market for the past decade and the residential population was projected to grow 20% from 7750 residents in 2018 to 9450 in 2028.

That growth was driving commercial activity, significant development either under way or planned.

The initial 10 lots are for sale by deadline, closing September 16.

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