Concord, NH — A international fiscal enterprise that has been slowly but surely consolidating its operations has attained its final phase of shifting most its workforce out of the metropolis of Concord — marketing its land holdings and developing property.
Past week, Lincoln Financial place its 1 Granite Area home up for sale with an inquiring price tag of $6 million. The property consists of two different properties with far more than 210,000 sq. ft of business place and 181.6 acres of land zoned as institutional district and open up house residential.
The holdings are split into four separate pieces: The North Creating, assessed at $4.4 million, is locked in a lease agreement with Steve Duprey’s Foxfire House Management as a result of 2040 (five many years back, the developing was assessed at $7.7 million). An additional making, acknowledged as the South Building, alongside with 34 acres of land, is assessed at $9.4 million. There is a warehouse and 41 acres of land which the North Developing sits on, on the north side of the property, which is assessed at $1.6 million. Aspect of the land, about 10 acres, is zoned open up space household (RO). And approximately 107 acres of RO zoned land with two accessibility points off Penacook Avenue and just one off Minimal Pond Street is also part of the offer. The parcel is assessed at $132,700.
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Thomas Farrelly, an govt director of New England Regional Brokerage Solutions for Cushman & Wakefield, explained even nevertheless the home has only been on the market for about a week, there have been some curious buyers wanting at the holdings, which is on the industry for the first time. At the finish of the lease with Duprey, the new owner is slated have manage of the North Developing, Farrelly claimed. Duprey did not return an e-mail about the sale.
Whilst advertising supplies pitch the properties lush grounds, “corporate campus atmosphere,” lease profits from Duprey, and obtain to key thoroughfares, its most important opportunity long term is for redevelopment, specifically, housing.
Even right before the coronavirus pandemic, a blend of several elements such as absence of housing creation, restrictive zoning in rural and suburban communities, people migrating into or staying settled in Concord and the point out, and retirees picking out not to depart to warmer climates has produced a housing shortage — hitting renters and entry degree buyers the toughest. Latest reports by the New Hampshire Housing Finance Authority clearly show the point out, such as most of its counties, with exceedingly very low vacancy rates: The charge was significantly less than 1 percent in 2019 and this yr, that fee improved to 1.8 p.c. The very small maximize in vacancies was thanks mostly to the construction of multi-loved ones properties in the southern section of the state. But the rents on those people flats and invest in cost of condominiums are substantially greater than other units driving up costs.
In Merrimack County, the emptiness fee is 1.2 per cent — up from .5 percent in 2019, according to the experiences.
The total nationwide emptiness rate is around 6.6 p.c although it is 5.5 % in the Northeast — about what the emptiness level was in Merrimack County a ten years in the past.
Most of the land, about 120 acres, is zoned RO which makes it possible for for one relatives detached dwellings or cluster developments at densities not exceeding half of a dwelling unit per acre. “Reduced effect” outdoor leisure utilizes this sort of as strolling trails, forestry, and agriculture are also permitted works by using.
On the other hand, with the housing crunch currently being what it is in the metropolis, if a developer will come ahead, there will be stress to optimize the property’s usage. At that selling price level, a lot of models will have to have to br produced to switch a gain, way too. Possibly, three improvement sections are feasible with some single-family residences on the western ledge of the residence and cluster developments in the central and eastern sections of the property wherever entry to drinking water and sewer via the institutional district is least difficult. There will be wetlands setbacks owing to Woods Brook, which operates from Tiny Pond, as a result of the residence to the north, abutting Blossom Hill Cemetery.
The third leg of the Northwest Bypass-Langley Parkway, a proposal of lots of iterations, throughout many years, that community residents in the West Conclude and North Stop do not want manufactured, will also engage in a function in what transpires on the assets due to the fact the southeastern side of the South Building’s parcel will be afflicted by any new highway design proposal.