Commercial property for sale

Listing ID: 43076541

Bank the land, build the value

• 1,011sqm (more or less) landholding
• 110sqm (approx.) dwelling configured as a one-bedroom and two-bedroom unit
• Previously approved resource consent for a multi-unit development (now expired)
• Offered with vacant possession

Combining development potential and a strategic location, this slice of Frankton real estate is well worth eyeing up.

The substantial 1,011sqm (more or less) landholding, paired with an approximate 110sqm dwelling, presents a compelling opportunity for investors, developers, or land-bankers seeking scale and location. Resource consent for a multi-unit development was previously approved (now expired), highlighting the site's clear capacity for intensified use, with strong potential for reapproval or redesign.

Surrounded by the prominent industrial suburb of Frankton and advantaged by easy access to State Highway 1C and key Hamilton arterial routes, the location is outstanding and rental demand is strong.

Contact sole agent, Willem Brown, for further information or to arrange a viewing.

Listing ID: 43091074

Prominent CBD opportunity| Mortgagee sale

Offered for sale by Mortgagee Tender, this prominent CBD property comprises 2,568sqm across three freehold titles in the heart of Whangārei's Town Basin precinct.

Positioned on the corner of Rathbone Street, Dent Street and James Street, the property includes approximately 1,144sqm of existing showroom, workshop and office improvements, providing immediate occupation or holding income potential while future plans are considered.

With City Centre zoning, the property is suited to a range of uses including commercial, retail, office, hospitality, automotive and mixed-use redevelopment (subject to any required approvals).

KEY FEATURES
•Mortgagee sale
•2,568sqm freehold land across three titles
•Approximately 1,144sqm existing improvements
•High-profile corner site with three street frontages
•Well connected to both the CBD and Town Basin
•City Centre zoning
•Suitable for occupation, refurbishment or redevelopment
•Vacant possession

Mortgagee Tender closing 4PM Wednesday 26 August 2026 (unless sold or withdrawn prior)

Contact the sole agents for the Information Memorandum, due diligence information or to arrange an inspection.

Nigel Ingham 021 562 919
Daniel Sloper 021 022 10339

Listing ID: 43091336

RETAIL INVESTMENT + LAND BANK

Deadline sale: Closes on Thursday 20 August 2026 at 4:00PM (unless sold prior)

A compelling split investment opportunity, prominently positioned within a thriving suburban shopping centre.

739 Whangaparaoa Road 1,012m² Town Centre zoned, with two well-established businesses, enjoying outstanding exposure on a high-traffic arterial road, benefiting from excellent car parking and strong passing trade.

The current tenants have completed four years, and have recently renewed for a further, nearly six-year term.

Current rental income is $64,572 per annum from two retail tenancies.

The diverse and complementary surrounding tenancy mix creates a vibrant retail precinct that drives consistent trade and supports long-term occupancy.

• 739 Whangaparaoa Road property is a freehold substantial landholding of 1,012m²
• 747F Whangaparaoa Road is a future development lot of approximately 340m² Town Centre zoned land
• Both combined, these sites make a substantial development site of approximately 1,352m²

Penlink is under construction, which will make this desirable coastal site more valuable.

Whether you're seeking secure rental income today or positioning for tomorrow's upside, this is a rare chance to acquire a well-presented, dual-income asset with real underlying land value.

Opportunities like this don't last - act now to secure your position.

Listing ID: 43091539

VACANT INDUSTRIAL UNIT WITH CAR PARKS

Barfoot & Thompson Commercial is pleased to present this close to new 62m² industrial unit, offering an affordable opportunity for owner-occupiers and investors in a popular industrial precinct.

Available with vacant possession, this versatile unit is well-suited to trades, warehousing, storage, light manufacturing, e-commerce, and service-based businesses. Its practical layout and low-maintenance design make it an excellent entry-level industrial investment or business premises.

KEY FEATURES:

• Stratum in Freehold title
• Approximately 62m² floor area
• Three exclusive on-site car parks
• Roller door access
• On-site manager
• Secure gate with after-hours swipe access
• On-site e-charging station
• Shared container drop area and loading zones
• Vacant possession
• Body corporate fee of $3,495 + GST (includes building insurance) for the current year
• Rates $3,132 + GST for the current year
• Rental appraisal approximately $20,000 + GST and OPEX per annum

Whether you're looking to secure your own business premises or add a quality industrial asset to your portfolio, this property represents outstanding value in a tightly held industrial location.

The vendor is motivated to sell. Contact the sole agent today for further information or to arrange a private inspection.

Listing ID: 43091761

Premium Standalone Split-Risk Investment

NAI Harcourts is proud to exclusively bring to market 25 Apollo Drive, Rosedale, Auckland.

Positioned prominently on a high-profile road front site on one of the North Shore's key commercial thoroughfares, this exceptional standalone investment is offered to the market for the first time since its completion in 2005. Tightly held for over two decades, it represents a rare opportunity to secure a premium split-risk investment in one of Auckland's most sought-after commercial precincts.

Purpose-built and thoughtfully designed, the modern two-level property accommodates a diverse mix of office, showroom and medical occupiers across five separate tenancies, providing investors with the security of multiple income streams.

Whether you are seeking to acquire a high-quality investment or strengthen an existing commercial portfolio, 25 Apollo Drive is a compelling opportunity that deserves your attention, combining strategic location, diversified income and long-term investment fundamentals.

Investment Highlights:

• Prominent road front position on a Freehold site of 2,000 sqm (more or less)
• Modern two-level mixed-use premises: Building area of 792.5 sqm (more of less)
• Fully leased split-risk investment returning $247,595 + GST + Outgoings per annum, with excellent prospects for future rental growth.
• Diverse tenant profile comprising five established tenancies, including both national and well- established local operators.
• Purpose-built with convenient ground-floor access to all tenancies and meticulously maintained, with recent capital upgrades enhancing the asset.
• Zoned Business - General Business Zone.
• Outstanding connectivity with convenient access to Constellation Drive, State Highways 1 and 18, major arterial routes and a wider range of surrounding amenities.

For sale by Deadline Private Treaty, closing 4:00pm Wednesday the 26th of August 2026 (unless sold prior).
All inspections or site visits are strictly by appointment only.

Opportunities of this calibre rarely come to the open market, for further information or to request an inspection, please contact the Sole Agents today!

Listing ID: 43092998

MetroPort Investment with Strong Income

MetroPort – Infrastructure Investment with Strong Income Flow

MetroPort is offered for sale via an International Expression of Interest (EOI) campaign closing 4pm (NZT) on Wednesday 19th August 2026. 

The Port of Tauranga owned MetroPort is one of very few true intermodal terminals, complete with rail infrastructure ownership and a modern warehouse distribution centre, which exist in the New Zealand market.

With over 15ha of prime industrial land, positioned within the sold-out 180ha. Izone Business Hub, the property features a >650m rail spur linking to the C. 2.50ha intermodal freight hub which was developed in 2015 and has several short-term leases in place. The C. 18,500sqm high-stud distribution centre was completed in 2019 and is home to container logistics operator, ACFS, providing excellent cashflow on a medium-term lease.

The ability for intermodal operators to immediately operate the majority of the freight hub offers immediate income upside potential, while the undeveloped >7ha of land provides obvious future growth of the inland port function.

Scarcely available, and positioned at one of New Zealand’s key distribution points, this impressive holding offers scale, significant infrastructure improvements, modern warehousing improvements, excellent rental income, obvious rental upside, and vast future development opportunity in one impressive package.

Contact the sole agents today to register your interest.

Boundary lines are indicative only.

Features:

• Land Area: 15.0432ha
• Multiple tenants, + ability to part-operate
• >650m rail-spur and adjoining C. 2.50ha intermodal facility
• Modern 21,000sqm logistics facility leased to ACFS
• 15ha. with surplus development land

More information: https://www.colliers.co.nz/p-NZL67041259

Listing ID: 43095475

Two Waterfront Buildings. One Rare Opportunity.

CBRE as the exclusive agent is pleased to present The Harbour Collection Portfolio, comprising 10 & 12 Viaduct Harbour Avenue, Auckland Central, for sale by way of International Expressions of Interest closing Thursday 3 September 2026 at 4:00pm NZST (unless sold prior).

Extensively repositioned since 2018, The Harbour Collection Portfolio offers boutique office suites, home to a distinguished list of occupiers including MitoQ, Ray White, Summerset & China Forestry Group. These suites are amongst the highest quality in Auckland's CBD, commanding some of the CBD's highest rental rates.

Located in the heart of Auckland’s Viaduct Harbour precinct, the portfolio lies within one of Auckland’s most active corridors of institutional capital, neighboured by Blackstone, PAG, GIC, Precinct, FuWah, Roxy Pacific, Mansons and RP Financial.

Offering exceptional quality turnkey office suites, The Harbour Collection Portfolio provides compelling cash returns, a diversified income profile through its multi-tenanted, split suite strategy alongside a low future capital expenditure profile.

Listing ID: 43095600

ACCOMMODATION CASH FLOW LARGE FREEHOLD

Deadline sale: Closes on Wednesday 26 August 2026 at 2:00PM (unless sold prior)

This is an unmatched opportunity to secure a substantial Freehold Going Concern (FHGC) on a high-exposure corner site in Papatoetoe. Combining a profitable 43-room accommodation business (Aroha Motel & Apartments) with a premium 2,530m² landholding, this asset delivers strong revenue from day one alongside significant future development upside.

The turnkey complex spans five distinct villas and a dedicated luxury suite wing, fully outfitted for a seamless ownership transition.

There is an option to convert an additional one or two more luxury suites.

KEY FEATURES:

• 2,530m² Freehold corner site 
• Dual street frontage, exceptional access, and high-density zoning
• 43-room setup, including 38 rooms and five premium guest suites with private patios
• Healthy Homes certified
• NBS rating - 100%
• Approximately 20 minutes to Auckland Airport and 25 minutes to Auckland CBD

Listing ID: 43095755

Wigram Industrial Investment Starter

NAI Harcourts Grenadier are pleased to bring to the market for sale, 1/20 Parkhouse Road in the sought after industrial hub of Wigram. This hard-working Industrial investment offers an easy entry level starter for buyers looking to transition into commercial property investment, while equally providing existing investors an attractive addition to their portfolio.

Ideally positioned fronting Parkhouse Road, excellent profile and access on and off this main thoroughfare road are provided to a generous hardstand yard and parking. Main south-western arterial roads and Southern Motorway access are just two minutes' drive away, providing efficient access to the city centre or southbound. This established Industrial area is also near the entry to the popular Wigram Business Park and Wigram Skies residential catchment, with its modern commercial retail and services precinct.

A sunny north-east facing warehouse/workshop with dual roller doors and office amenity serves the Engineering tenant well, with the business having operated from the property successfully since 2017, and recently renewing their lease for a further 3-year term from September 2026.

Investment Highlights:

• Warehouse/ Workshop: 120.4sqm with two electric roller doors
• Excellent natural light and 3 phase power
• Offices & Amenity: 62.7sqm north facing with air conditioning
• 4 on site car parks and gated shared yard
• Road fronting profile to over 15,000 average passing vehicles daily
• Leased to September 2029, returning $37,984 + OPEX & GST per annum

Our retired Vendor has issued clear instructions to sell the property on or before Auction day on 27 August. Tenanted investments at entry-level buying in this tightly held suburb are in short supply so your early inspection and due diligence of this opportunity is recommended.

Contact the sole agent, Dave Calder today to arrange your viewing on 029 200 8073.

To download Property Files click the link below, register your details and you will be sent an email with the files to view and download.
https://www.propertyfiles.co.nz/property/L42050386

To be sold by Auction from 11am, 27 August 2026 (unless sold prior) at Harcourts Grenadier, 98 Moorhouse Avenue, Christchurch

Note: Floor Areas are estimated only and have not been independently verified. Purchasers are advised to seek their own professional advice.

Listing ID: 43095806

Freehold Split Risk with Upside

NAI Harcourts is proud to exclusively offer a superb opportunity for Owner-Occupiers and astute investors to secure 68 Main Road, Kumeu.

Strategically positioned within a tightly held precinct, the commercial tenancy is coming vacant in Oct 2026 creating a unique opportunity to reposition and take advantage of a highly sought after split-risk investment.

68 Main Road is situated on a freehold title comprising of 809 sqm. The single level retail building is 174 sqm (approx) with an additional recently renovated 2 bedroom standalone cottage at the rear of the site.

Favourably zoned as Business - Town Centre Zone allowing for an attractive future development of the site with height limited of 18m.

Investment Highlights:

• 809m² Freehold site
• Split risk investment with 2 standalone tenancies
• Holding income of $56,170 per annum
• Strategically located in Kumeu
• Zoning: Town Centre Zone (18 Height Limit)

The Vendors instructions are clear and want this property sold.

For more information and an appointment to view this property, please contact the agents at NAI Harcourts Cooper & Co today.

Listing ID: 43095947

CLASSIC VALUE-ADD OPPORTUNITY

Tender: Closes on Wednesday 26 August 2026 at 2:00PM (unless sold prior)

Whether you’re seeking a premises for your business or an opportunity to add value and secure a sound investment, quality city fringe properties of this calibre are becoming increasingly difficult to find. 632 New North Road represents one such opportunity.

The existing two-level building provides an excellent foundation for refurbishment or repurposing, with potential for warehouse, workshop, office, showroom, or residential use (subject to the necessary approvals). A generous yard is a key feature, providing ample on-site parking and storage for owner-occupiers or tenants.

Situated close to the Morningside train station, the property benefits from current and proposed zoning provisions. Under Plan Change 120, building heights of up to 50 metres are proposed for this location.

This is a genuine value-add opportunity at a price point that remains accessible to a broad range of purchasers.

KEY FEATURES:

• 940m² Fee Simple land area
• Business - Mixed Use zone
• Two-level concrete and block building of approximately 400m²
• Excellent street profile due to wide frontage
• Large land area in relation to the building coverage
• Vacant possession
• Excellent accessibility to Auckland City and close to Westfield St Lukes
• Within walking distance to the emerging Morningside café/bar precinct

Listing ID: 43096097

Town centre opportunity with upside

• Freehold 769sqm (more or less) Town Centre zoned site
• 466sqm (approximately) standalone with excellent profile and parking
• Fully leased holding income with plenty of upside
• Strategic location right by Glen Innes Train Station
• Take advantage of Tamaki's Regeneration: Reposition, occupy or develop

Positioned in the heart of Glen Innes, 159 Apirana Avenue offers the opportunity to secure a strategic foothold in one of Auckland's fastest evolving town centres.

Comprising a 769sqm freehold site improved by a standalone 466sqm commercial building returning holding income from two established tenants. With lease expires in 2027 and rentals considered below market levels, there is opportunity to unlock value through future refurbishment, repositioning and/or occupying.

Surrounded by an established mix of national retailers including Pak'nSave, Harvey Norman, Chemist Warehouse, Animates and Burger King, the property benefits from excellent profile, strong local amenity and convenient access to Glen Innes Train Station. Situated within the wider Tamaki regeneration area, the precinct is benefiting from substantial investment in housing, infrastructure and amenity.

Add-value investors will recognise the opportunity to unlock rental growth and enhance returns through repositioning, while owner-occupiers and developers will appreciate the long-term value of this strategic Town Centre landholding.

Listing ID: 43099988

Brownfields land or accommodation play?

This property presents a compelling opportunity to unlock value through a range of repositioning, redevelopment and divestment strategies. The asset occupies a substantial 10,333 sq m landholding across multiple titles with exceptional exposure to Main South Road (SH1) and additional frontage to Woodcote Avenue and Camelia Place. 

The existing improvements provide flexibility for purchasers seeking either immediate income, alternative uses or long-term redevelopment potential.

The combination of multiple title configurations, cross-lease units and generous landholding creates optionality that is difficult to replicate. Purchasers may elect to progressively sell down individual titles, retain selected components, or pursue a comprehensive redevelopment of the site, subject to the necessary approvals. The scale of the holding, coupled with its sought-after zoning and triple street frontage, supports a variety of development outcomes and broadens the potential purchaser pool.

The townhouse units offer partially refurbished one and two bedroom accommodation that have potential to be occupied now.

In the interim, the existing improvements may provide holding income or lend themselves to alternative uses, such as worker accommodation, community housing or other accommodation-based uses, allowing investors to generate cashflow while planning future development. With continued demand for well-located development land and value-add opportunities, the property is well positioned to attract developers, investors, owner-occupiers and land bankers alike.

Overall, this is a rare opportunity to acquire a strategically located asset offering multiple options to create value, whether through staged sell-downs, adaptive reuse, redevelopment or long-term land appreciation.

For sale on an ‘as is where is’ basis by Deadline Private Treaty: 4pm, Thursday 3 September 2026 (unless sold prior).

*Boundary lines are indicative only.

Features:

• Rare value-add opportunity with multiple repositioning, redevelopment and divestment options
• Substantial circa 10,333 sq m landholding across multiple titles
• High-profile location with exceptional exposure to Main South Road (SH1)
• Triple street frontage to Main South Road, Woodcote Avenue and Camelia Place
• Flexible title configuration providing multiple exit and development strategies
• Existing improvements suitable to enable holding income or adaptive reuse
• Potential worker accommodation, community housing and other accommodation-based uses
• Zoning supporting a broad range of future development outcomes (MRZ & RS)
• Established surrounding amenity

More information: https://www.colliers.co.nz/p-NZL67041317

Listing ID: 43099989

Rent, reposition or redevelop

This offering presents a rare opportunity to acquire a substantial 8,221 sqm landholding in one of Christchurch’s most tightly held and highly desirable locations. Comprising multiple individual titles with dual frontage to Bartlett Street and Brockworth Place, the property combines immediate holding income with significant long-term redevelopment potential.

The site comprises a mix of townhouse units, serviced apartments and a 45 room accommodation facility, providing purchasers with multiple pathways to unlock value. The existing improvements offer adaptability for a range of occupiers and investors, while the underlying landholding and favourable zoning create an exceptional platform for future development.

The property’s multiple titles provide a unique level of flexibility, enabling an incoming purchaser the opportunity to sell down individual components, retain selected assets, or stage redevelopment over time. Existing accommodation also offers the potential to generate interim cashflow while planning and consenting future projects.

The townhouse units offer partially refurbished two & three bedroom accommodation that have potential to be occupied now.

The accommodation facility presents compelling alternative use opportunities, including student accommodation, residential conversion, healthcare, or other community-focused uses, subject to the necessary approvals.

With strong end buyer demand for well-located investment properties, combined with the scarcity of large-scale landholdings in established residential precincts, this former retirement village is expected to appeal to developers, investors, land bankers, and owner-occupiers seeking to maximise value through a variety of strategic outcomes.

For sale on an ‘as is where is’ basis by  Deadline Private Treaty:  4pm, Thursday 3 September 2026 (unless sold prior).

*Boundary lines are indicative only.

Features:

• Prime, highly sought-after location
• Significant scale with approximately 8,221 sq m of freehold land
• Dual street frontage, enhancing access and development flexibility
• Multiple individual titles providing exit and staging options
• Existing improvements capable of generating holding income whilst repositioning or full redevelopment
• Strong underlying land value supported by favourable zoning
• Multiple value-add opportunities through redevelopment, repositioning, or selective sell-down
• Zoned Christchurch Boys High School and Christchurch Girls High School

More information: https://www.colliers.co.nz/p-NZL67041316

Listing ID: 43100102

Medical income plus Devonport land value

• Long-standing medical tenancy, recently renewed for a new lease term (subsidiary of Tend)
• Standalone freehold medical investment on a 581sqm site
• Easy walking distance to Devonport Village, the waterfront, and ferry terminal
• Commercial income underpinned by enduring residential value

Positioned within one of the North Shore's most tightly held suburbs, 29 Anne Street presents a rare opportunity to acquire a standalone medical investment occupied by Tend. The long-standing tenant has recently committed to a new lease term, providing investors with established income from an essential healthcare use.

Beyond the current income, the property occupies a substantial freehold site in a sought-after residential setting. Assets of this nature are increasingly difficult to secure in quality locations, offering an attractive combination of immediate commercial income and long-term underlying land and residential value.

The wider location is also set to benefit from Peninsula Capital's proposed investment in Devonport town centre, including new residential, hospitality, retail, and commercial development. This significant private investment reinforces confidence in the continued evolution and long-term desirability of the village.

Listing ID: 43100160

Expand, Store, Manufacture, Succeed

• Office, workshop and large secured metal drive around yard
• 1,400sqm total floor area with a 6,462sqm yard
• Gantry crane with multiple door entry points
• High stud warehouse/workshop
• Suit light or heavy manufacturing, logistics, distribution or storage
• Property has off-street staff and visitor car-parking
• Available for lease or sale

Situated in the southwestern Hamilton industrial precinct. This is an established industrial area which has grown in popularity and will continue to do so as the catchment continues to develop. Will benefit from the new Peacocke's residential development and the proposed Southern Links motorway. This secure gated property would be suitable for a range of activities from trades, ancillary storage, services, trade depot, and much more. This is your chance to secure this rare industrial find - the space behind bigger ambitions. Call today to arrange an inspection.

NAI Harcourts offers substantial access to the majority of leasing and sales opportunities in Hamilton and across the Waikato. Contact Wayne Guest and Theo de Leeuw for a tailored, in-depth market search.

Listing ID: 43100436

Standout 122sqm office in Albany

Positioned on the prominent corner of Antares Place and Apollo Drive, this well-presented first-floor office offers an affordable opportunity for owner-occupiers and investors alike.

The 122sqm premises features a practical layout including reception, four offices/meeting rooms, open-plan workspace, kitchenette and bathroom facilities. Extensive glazing provides excellent natural light throughout, while five exclusive car parks offer a parking ratio rarely available in offices of this size.

Located in the heart of the established Rosedale business precinct, the property enjoys excellent exposure, signage potential and convenient access to motorway interchanges, cafés, retail amenities and AUT Millennium.

Offered with vacant possession, this is an outstanding opportunity to secure a well-located commercial property with immediate occupation potential.

Key features:

• 122sqm first-floor office
• Five exclusive car parks
• Corner position with excellent exposure and signage opportunities
• Vacant possession – ideal for owner-occupiers or investors

For more information and to view contact the sole agents and Bayleys office experts Jane McKee and Toer Li.

Boundary lines are indicative only and floor areas are approximate.

With offices across Auckland and New Zealand Bayleys can answer your questions and help find the best leasing solution for you.

Listing ID: 43100515

Own, occupy and earn in Haupapa

•Approx. 567sqm ready for your business
•$62,639.16pa net rental income
•Watchdog Security secured to 2033
•16 on-site car parks
Take control of your business premises in one of Rotorua’s most sought-after professional precincts, with an established tenant already helping to offset the cost of ownership.
Watchdog Security occupies 386.6sqm under an eight-year lease expiring 28 February 2033. The remaining approximately 567sqm provides a substantial base for your own business, including 462sqm of lift-accessed first-floor offices and a sunny 90sqm office downstairs.
Rotorua Hospital is close by, eateries are an easy walk away, and the surrounding health and professional businesses create an established commercial environment for clients and staff. Add 16 car parks across the property and this is a combination that would be difficult to replicate in Haupapa Street.
If owning in Haupapa has been part of your plan, inspect now and be ready to act on 8 September 2026.

Listing ID: 43100609

Affordable Albany investment

• Affordable entry into the North shore commercial investment market
• 125sqm (more or less) office with four exclusive-use car parks
• Established Albany location with excellent connectivity

This fully leased office investment presents an affordable opportunity for investors seeking secure income. Returning a net rental of $34,500pa + GST and outgoings, the property is leased to Smartsims International Limited, with a recently renewed lease providing ongoing income certainty.

Comprising approximately 125sqm (more or less) of first-floor office space and four exclusive-use car parks, the property is positioned within the established Constellation Drive commercial precinct. Well located with convenient access to State Highway 1, public transport and a range of surrounding amenities, this is an opportunity to secure a commercial investment in one of Albany's established business locations.

Listing ID: 43100680

CBD site adjacent to ‘Learning Quarter’

• Expansive 1,011sqm (more or less) freehold landholding
• Development intensive zoning permits significant height and a range of uses
• Strategically located near Auckland central's tertiary education hub
• A rare opportunity in this rapidly developing precinct

This portfolio consists of three properties with a combined land holding of 1,011sqm (more or less) and some 70m of frontage to Wakefield, Lyndock and Airedale Streets. The properties, which are offered individually or together, provide options to either reposition the existing buildings through refurbishment or to redevelop the site with more intensive use.

The portfolio is strategically positioned adjacent to the ‘Learning Quarter’, the city centre’s principal tertiary education precinct, anchored by the University of Auckland and AUT’s city campuses. The precinct is a major generator of daily pedestrian activity, public transport demand, student accommodation need, hospitality spend and knowledge-sector employment. Auckland Council’s City Centre Masterplan identifies the Learning Quarter as a key transformational area.

Following long-term owner occupation, these properties are now offered to the market for re-positioning or redevelopment.