Listing Reference #3437 . Listed: 09 May 2025
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Headline: Prime Hokowhitu Development Site – Serious Investors Only
The Opportunity: Forget the bank—put your capital where the returns are. This is a premium Hokowhitu location perfect for a multi-flat development.
The Location: Location is everything, and this is the heart of it:
Food & Coffee: 200m stroll to a top-tier bakery and local cafes.
Essentials: Doctors, hairdressers, and petrol station all within reach.
Family & Transport: Top-zoned schools nearby and a bus stop just around the corner.
The Ideal Buyer: I am looking for a straight-shooting developer or investor who knows the Hokowhitu market.
No Time-Wasters: Looking for a clean, professional transaction.
Finances in Order: Site visits and serious discussions are reserved for those with a confirmed budget or pre-approval.
Reality Check: If you understand the value of this land and have the means to develop it, let’s talk.
Seismic & Compliance Summary: 376 Albert Street
1. Official Status: NOT Earthquake-Prone
National Register: This property is NOT listed on the MBIE National Register of Earthquake-Prone Buildings (EPB).
Council Records: The building has not been identified as "potentially earthquake-prone" by the Palmerston North City Council in over 20 years of ownership.
2. Low-Risk Construction Profile
Lightweight Timber Frame: The primary structure is a 1920s timber frame. Under the Building (Earthquake-prone Buildings) Amendment Bill 2026, lightweight timber structures are officially recognized as high-performance, low-risk assets.
Single-Level Advantage: The modern steel and block additions are single-level. New 2026 legislation removes remediation requirements for heavy construction (concrete/steel) that is under three stories high.
3. Future-Proofed Against New Laws
NBS Rating Repeal: The government is officially removing the %NBS (New Building Standard) rating system in 2026. This property is exempt from the "34% NBS" hurdle that affects many other commercial listings.
No Forced Upgrades: Under the new "Decoupling" laws, any future minor alterations to this building will not automatically trigger mandatory fire safety or disability access upgrades, significantly lowering future ownership costs.
4. Lending & Insurance Ready
Because this building is not on the EPB Register and falls outside the new "High Risk" categories (Concrete 3+ stories / Unreinforced Masonry), it remains a standard "Grade A" risk profile for most major NZ lenders and insurers.
Great schools close, Doctors,Hairdressers,Cafes, Petrol station,Bus stop, Great Bakery 200m stroll.
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Top Hokowhitu location to please everyone and anyone..
Included in the sale: Fixed Floor coverings. Light fittings. Heat pump. Alarm system. Garage door openers. Shelving. Refrigerator. Light shades. LED Light Bulbs. Blinds.
Excluded from the sale: Window coverings. Stove. Hob/Cooktop. Oven. Garden shed. Dishwasher. Waste disposal unit. Range hood. Heated towel rails. TV aerial. Wallheaters. Spa pool. Washing machine. Freezer. Dryer. Clothesline. Curtains. Sky Dish. Solar panels. Wind generator. Green roof plants. HRV system. Gas fire.
The property is currently tenanted but will not be tenanted post sale.
There are no documents available to download for this property. You can try to contact the seller to ask if they have the information you need.
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