Fletcher receiving bids for site
FLETCHER Building has confirmed it is receiving both ‘‘solicited and unsolicited’’ bids for its Three Kings quarry development, in response to rumours it may be looking to sell the Auckland site for $150 million
Harry Doig, chairman of the Puketapapa Local Board, which encompasses the Three Kings suburb of Auckland, said he had heard the same rumour, including the same price.
Fletcher would not discuss valuation but a spokesman said: ‘‘We continue to receive solicited and unsolicited offers for a number of our sites, including Three Kings, and deal with these on the basis that, as a land developer as well as a residential building company, we will always con sider the best return for our shareholders.
‘‘We have established an agreed master plan for the precinct, including two plan changes and a land exchange, and are continuing to fill the quarry in accordance with these plans,’’ the company said.
Mr Doig said there would be only a few buyers of the site, on which Fletcher has planned to spend about $1.2 billion on building between 1200 and 1500 homes over a 10year period.
‘‘My understanding is rather than put it on the market, they’ve just selectively approached a few organisations and said would they be interested in it,’’ he said.
There was ‘‘no truth’’ to a rumour Fletcher was likely to sell to Housing New Zealand, Fletcher said.
Fletcher reached a compromise with residents over the development in mid2017 after a prolonged controversy.
Speaking before Christmas, Steve Evans, chief executive of the Fletcher Residential division, said the first stage of 40 homes on the eastern part of the site had already been completed, sold and occupied and that another 60 homes, a mix of 17 terrace houses and one to three bedroom apartments, would be completed this month and that 30 had already been presold.
Mr Evans said filling in the quarry to the level required by the Environment Court would take another two to three years.
Fletcher’s website shows it sold the 110ha Lunn Ave quarry site in Mt Wellington in 2001 for $38 million. — BusinessDesk