10-12 Somerset Lane, Rosedale, Invercargill IM

closing Wednesday 1 March 2023 at 4pm

Introduction

Colliers, as sole agents, have been appointed to market for sale 10 - 12 Somerset Lane, Rosedale, Invercargill.

Colliers is pleased to offer a unique opportunity to purchase 1.5709ha of vacant residential zone land held in two records of title. The property is located within the Rosedale suburb, approximately 3km north east of the Invercargill Central Business District.

Listing is for sale by Deadline Private Treaty, closing Wednesday 1 March 2023 at 4pm.

Dataroom - www.propertyfiles.co.nz/property/10-12SomersetLane

Colliers website link: www.colliersotago.co.nz/67022118

For further information please contact the nominated brokers; Alastair Wood +64 27 436 2422 alastair.wood@colliers.com

James Valentine +64 21 777 772

james.valentine@colliers.com

Key Features

Key points of the offering

• Fully consented for a 17 lot residential subdivision including engineering approval

• Fully costed and "shovel ready"

• Well sought after Northern suburb of Invercargill

• Strong section demand with previous sale agreements on all sections (now expired)

All the "heavy lifting" has been done and the development de-risked, act now and secure your next development project.

The approved scheme plan provides 17 sections ranging from 516m² to 975m². The District Plan provides for subdivision down to 400m². As such, there is potential to achieve far greater site density than 17 sections (subject to achieving a resource consent variation).

The property is offered by way of Deadline Private Treaty, with a closing date of Wednesday 1 March 2023, at 4pm.

Executive Summary

Address 10 - 12 Somerset Lane, Invercargill

Summary A 1.5709ha parcel of vacant, residentially zoned land that has been consented for 17 residential lots (subject to conditions).

Vendor Southern Corridor Limited Legal

Investment Highlights

DEVELOPMENT READY

Zoned and ready to develop

CONSENT ISSUED

Resource and consent has been issued to subdivide the land into 17 lots (subject to conditions)

EXISTING RESERVE FRONTAGE

The land backs on to the Waihopai River Reserve and cycling/walking trails

LOCATION

Premier residential location, good proximaty to schools and amenities

SIZABLE AREA

1.5709 hectare site

Location

The site is located on the northern side of Moana Street at the eastern end, adjacent to Salford Primary School. This location is in the Rosedale suburb, approximately 3km north east of the Invercargill Central Business District.

Surrounding development includes residential higher value housing, Salford Primary School, council reserves, along with the Waihopai River.

The area benefits from its proximity to the Waihopai River Walkway, good schooling and is considered an upper socio-economic location.

Resource Consent

Originally granted resource consent in December 2015 to subdivide the land into 16 lots as a Discretionary Activity, in 2017 the applicant was granted a further resource consent to create two smaller lots from one larger lot, thus providing a total of 17 lots.

The Resource consents are listed as follows:

• RMA/2015/127

• RMA/2015/128

• RMA/2017/12

The building platforms will start at a minimum height of 105m city datum and there are a number of conditions relating to roading, drainage and site fill.

The resource consents will lapse three years from 1 December 2020, following issue of the Section 223 certificate on 1 December 2020.

Please refer to the dataroom for further detail on the consents and conditions attached.

Zoning

Territorial authority - Invercargill City

Plan status - Operative

Zone - Residential 1

Zone description - Under the 2019 Invercargill City Council operative district plan, the land is zoned as Residential 1. This zone covers the greater part of the residential area of urban Invercargill and provides for residential development and redevelopment within it. Maintenance of critical mass and residential areas is the most important overall issue in enabling the Invercargill community to provide for its future wellbeing. Residential zoning will enable and encourage ongoing development and redevelopment in the urban area of Invercargill.

Permitted Activities and Development Controls within this Zone include the examples listed below.

Permitted Activities

• Existing educational activity on sites listed in Appendix 10; home occupation, home stay, residential activity, residential care activity limited to a maximum of eight persons.

Development Controls

• This zone covers the greater part of the residential area of urban Invercargill and provides for residential development and redevelopment within it.

• There are a number of discretionary activities with non-complying activities being any activity not listed as permitted or discretionary.

• Policy enables the development of a range of housing types by:

• 1. Allowing, as of right, development on sections exceeding 400m².

• 2. Allowing development on sections between 350m² and 400m² when buildings are well designed to give effect to other relevant Objectives and Policies of the Residential 1 Zone.

• 3. Encouraging comprehensively designed medium density development by way of resource consent within specified parts of the Residential 1 Zone, being Residential 1A Zone.

Development Plans

Development Layout

Landscape Scheme Plan

Deadline Private Treaty Sales Process

A deadline sale is the process of purchasing real estate throug h confidential submitted written offers. If you want to buy a property by deadline sale, you prepare your best offer and send it to the vendor’s Agent to consider alongside any other offers the vendor receives at any point in the deadline sale campaign.

The property is offered for sale with no price, with a deadline by which offers need to be submitted on the basis that the vendors reserve the right to ac cept an offer at anytime before the deadline sale closes.

Buying by deadline sale is a relatively simple process, with ad vantages for the purchaser as well as for the vendor. However, it’s not simply a matter of turning up on the day and writing down what you’d like to pay. It’s worth doing full due diligence early to know your rights and obligations and to ensure you feel comfortable with the process.

To help you better understand how deadline sales work, we’ve pu t together a list of key things you’ll need to do before submitting an offer.

• Arrange finance. This is very important. You need to be comfortable with the le vel at which you’re offering. It’s fine to put a finance clause into t he contract, but bear in mind that a vendor may favour the most straightforward offer on the day.

• Read the contract. The ‘Sale and purchase agreement’ is the contract signed by the potential purchaser at the time of submitting a deadline sa le offer. If your offer is accepted, it will then be signed by the vendor and become a binding contract. It contains a legal description of the property and terms of settlement. We recommend you engage legal advice before presenting an offer.

• Know the value. If you have been studying the market, you may have a good idea of what the property is worth. If you need help, your real esta te Sales Consultant can refer you to similar properties which have sold recently that a re a good comparison. Otherwise you could arrange for an independent valuation.

How to make an offer:

• Know the process. Talk to your Colliers Agent about exactly what will happen on and before the deadline sale closing day.

• Talk to your Colliers Agent when formulating your offer. They can assist you in looking at comparable sales and provide information enabling yo u to make an offer you’re comfortable is the current market value.

• Consider your conditions carefully. Where possible it’s best to minimise the conditions on a deadline sale offer, however it’s also advisable to not spend a large amount in advance when there is a chance your offer may not be s elected. Balance is the key.

Offers to be submitted to Colliers Sole Agents by 4pm, Wednesday 1 March 2023

Due Diligence

To assist in the assessment of this offering, comprehensive due diligence information is available via a secure documents link. For access to all documents please register your interest with one of the agents.

• Information Memorandum

• Certificate of Title and Interests

• Resource Consent & Plans

• Costings

All enquiries, requests for information and arrangements for site inspections are to be directed to the Colliers sole agents:

James Valentine +64 21 777 772 james.valentine@colliers.com

Alastair Wood +64 27 436 2422 alastair.wood@colliers.com

boundary is indicative only

James Valentine +64 21 777 772

james.valentine@colliers.com

DISCLAIMER: This Information Memorandum has been prepared solely for information purposes in order to assist interested parties in making an initial evaluation of the property and does not constitute advice nor purport to contain all of the information that a prospective purchaser may require. In all cases interested parties must conduct their own investigation and analysis of the property and the data set out in this Information Memorandum to satisfy themselves in all respects and not rely on the information in this Information Memorandum to make their purchasing decision. This Information Memorandum has been prepared in good faith and with due care by Colliers, but neither Colliers nor the Vendor accept responsibility hereunder for the accuracy of any part of the information contained in this Information Memorandum. Therefore the recipient/s of this Information Memorandum to the extent that they rely on the information contained herein do so entirely at their own risk. The Vendor and Colliers NZ Limited (and its brokers) expressly disclaim all liability for representations, express or implied, contained in, or for omissions from, this Information Memorandum or any other written or oral communication given to any prospective purchaser in the course of their evaluation and/or offer. This Information Memorandum does not constitute an offer for sale or purchase or otherwise.

Please be aware that Mortgagee Sales can present more risk to purchasers, we recommend you take advice from your lawyer in this respect.