New subdivisions a ‘risk’
A property developer is taking a ‘‘huge risk’’ creating a new subdivision in Geraldine, a realtor says, but she thinks it will pay off.
Strawberry Place, off Talbot St, is in stage 3 of the development with 10 lots for sale. All four stage 1 houses have been built.
Nine lots sold in stage 2, with one still available and all awaiting titles. There are 41 lots in total.
L J Hooker Geraldine franchise owner Audre Ramsay said the land was formerly the home of the McKinnons Strawberry Farm before it was sold in 2005.
An existing mature oak tree on the north west of the site had gained protection status and some of the shelter belts would remain, retaining an element of its history.
‘‘Property developers take a huge risk. It costs so much to get the roading, sewerage and water completed.’’
However, there had been good interest in the subdivision, she said. The latest lots for sale ranged in size from 400 square metres to 820 sqm.
Property developer Eddy Schenk said there was quite a bit of interest in the subdivision.
He emigrated from his native Germany in 2000. ‘‘New Zealand is a nice country to live. It’s a paradise.’’
Stage 4 of the development is dependent on the sections selling so he could not predict a completion date.
‘‘It has been quite challenging ... I am looking forward to it.’’