1493259041266 - Industrial land in Taranaki could be swapped for more homes

Industrial land in Taranaki could be swapped for more homes

The sale of one of the country’s oldest engineering sites has freed up enough room for dozens of new homes on a prime piece of New Plymouth real estate.

Cambrian Engineering has confirmed it is moving from its two hectare spot on Carrington St, which the firm has called home for more than 90 years. 

The buyer, their plans for the site, and how much they paid for it, so far remain confidential, but its location just two kilometres from the CBD and proximity to Vogeltown and Pukekura Parks make it a prime spot for a residential development. 

Bayleys Reality Group, which listed the redevelopment site with “subdivision potential”, has marked the 5510 square metre lot as “sold”.

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The property is spread across seven titles in both industrial and residential zones.

“The residential subdivision potential on offer here is obvious and coupled with the flexibility of the industrial zoning, make this a very exciting opportunity,” the Bayleys listing said.

Though the land had been purchased, the sale had yet to be settled.

Established in 1925, Cambrian Engineering is one of the country’s longest-standing engineering firms.

The company has not disclosed a reason for the upcoming relocation or where it is moving to, and said future plans for the Carrington St site would be up to the unnamed buyer.

If turned into a subdivision, it would be the second plot of industrial land to be flipped over to residential housing.

Further along the same stretch of road sits Vogeltown’s next housing development, offering 19 residential lots on a 2.7ha space.

The property was formerly home to Tenix Robt Stone, a construction engineering company, which was sold in September 2015.

Also sold as “residential subdivision potential” by Bayleys Reality Group, the 7000 square metre site offered five titles for an asking price of $2 million plus GST.

Taranaki property developer Shane Burwell, of Urban Aspect Ltd, bought the prime real estate just four months after the property hit the market, but it has taken 19 months to see homes spring up.

Nearly a year after Burwell battled the removal of more than a dozen nine-tonne concrete blocks, the Carrington St development now boasts a number of new homes, constructed by Hassall Homes Ltd.