Big future in thinking small
Monday 13 September 2004
Shortages of commercial property and a flattening of the residential market on the North Shore have led to a business park of small office and warehouse units being developed in Albany's Interplex subdivision.
By The LandlordNorth Shore Projects, owned by South African immigrants Henk Kamffer and Werner Eichholz, has bought two medium-sized sites on Canaveral Drive at the 30ha Interplex subdivision.
The Rosedale Heights subdivision, developed by the Kitchener Group, comprises the last large tract of commercial and industrial zoned land on the North Shore.
Three of the four Interplex stages have been sold and are either under development or plans are on the drawing board.
North Shore Projects has opted for a commercial and industrial park of units under 500sq m to give small business owners, tenants and investors another option in an area awash with speculative office developments and purpose-built buildings of 1000sq m and larger.
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Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.