Thurs: Napier market erratic, no trend

The market for land development sites in Hastings-Napier “has been erratic with as yet no discernible recovery trend.”

Turley & Co says pessimism is starting to fall away “out of a quagmire of economic negativity.”

Construction work in Hastings-Napier is continuing in projects begun over the past couple of years.

Developments under way include Wallace Developments’ progress on redevelopment of the former power board building due for completion in May. The Hawke’ s Bay Today newspaper will occupy the first floor.

Foodstuffs has recently applied for resource consents to redevelop its Tamatea Pak’nSave site including retail and office spaces, accommodation, fast food outlets and a restaurant. Foodstuff acquired the site opposite 1 Durham Ave for $5.85 million in October 2012.

Turley & Co managing director Pat Turley predicts the government’s response to Canterbury Earthquakes Royal Commission findings “will have calming effects and provide steerage around commercial buildings seismic capacity.”