In our next New Zealand ''Your property location" series.
We explore some insights (good and bad) about what’s so great about your Timaru.
Does anyone know how the meat work closing has affected real estate prices in Timaru.
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Hi @Im2,
We brought in Timaru shortly before the closure. From what we can tell there has been little impact on prices and they are roughly similar to what they were last year. it seems a lot were re-employed at the other nearby meat works.
Living in Timaru is very easy - everything is only a 5 minute drive and it has all of the big brands stores that you would expect (Mitre 10, Bunnings, Warehouse, McDonalds etc). It has a great swimming beach at Caroline Bay, and Mt Dobson is close by for Skiing.
What it doesn’t offer is it rarely hosts concerts or bigger sporting events like super rugby. For these you would have to travel to Christchurch (2hrs) or Dunedin.
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Hi @spider. We have an interest in buying quality industrial properties. A Christchurch agent recommend Timaru as a area we should look into. In your travels are there many vacant shops and building?
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Hi, The south end of the main street has a lot of vacant commercial retail buildings. I’d be cautious about investing here. Foot traffic would be light and the buildings are likely to have earthquake strengthening issues. But it might be a good option for a light industrial business.
The main industrial area, Washdyke, seems busy. There don’t seem to be many vacant buildings.
I understand the land where the meat works were, which is beside Washdyke, is sold and may be getting developed. I don’t know if industrial or residential. But just in front there has been a new Countdown and bunnings built within the last 5 years.
Also, recently the site in south Timaru where the Warehouse is situated has come up for sale. Assuming the Warehouse is staying, there would be a well established tenant.
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Hi @Spider, @Im2 . Very interesting learning about Timaru. Like most NZ towns the large 1970’s retail foot print (Building & land size) is not workable anymore and perhaps owners and councils should really focus (If zoning & town planning rules allow) on mix use type properties with a heavy component of residential added to ground floors.
But what does our community think?
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There were a couple of options around for mixed use around when we were looking. i.e. apartments above retail. If you could convince councils to relax their zoning requirements that would be great, but it seems unlikely…
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It will be interesting how Councils start seriously looking at their CBD (central business area) in their future district schemes, especially with more and more vacancy’s occurring that may have seismic issues and not fit for retail purpose any more.
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Here is a link for Timaru sellers and buyers.
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Hi @Spider. Thanks for the post very helpful. Interesting about the main Street and Washdyke areas.
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