Consented subdivision in fast-growing rural township
A residential subdivision landholding big enough to sustain dozens of new affordable homes in one of New Zealand’s fastest growing rural townships has been placed on the market.
The 1.6ha block known as Coromandel Views in the Waikato township of Kerepehi is fully consented to be subdivided into 29 residential sections.
Currently paddocks, the block sits at the urban edge of Kerepehi with peaceful rural views surrounding the inner portion of the land and the Coromandel Ranges on the horizon.
Kerepehi has been a textbook example of provincial growth in New Zealand over the past decade, benefitting from its strategic location in the middle of the Golden Triangle between Auckland, Hamilton and Tauranga, being 108, 83 and 98 kilometres away respectively.
The rectangular-shaped Coromandel Views property at 4-8 McGowan Ave and 11-12 Rimu St in Kerepehi is being marketed for sale at auction on June 23 through Bayleys Hamilton.
Salespeople Josh Smith and Dan Reed said it was rare to find a consented shovel-ready development of this size in the Hauraki Plains.
“The Coromandel Views project has the ability to be progressively staged to allow for positive cashflow, with the initial first four lots accessed from what will be an extension of Rimu St, which could be easily developed at minimal costs, before stages two and three commence,” said Smith.
“Being of flat topography with a prominent frontage onto McGowan Ave, the block is being sold with a full schedule of materials required to complete the development, taking in to account every aspect of the project — right down to the last tree.
“This level of detail allows for a high degree of revenue and expenditure forecasting for the new purchaser. Any new owner can of course make adaptions subject to council approvals, but the essential framework for the new enclave is ready to go in its current format.”
Smith said the development was very much needed to keep up with Kerepehi’s industrial growth, which had boomed over the past decade.
“Hauraki District Council been highly proactive in promoting Kerepehi as the district’s premier industrial hub. Major Kerepehi businesses such as the Allied Faxi ice cream plant, log processor and distributor Pukepine and vehicle engineering firm Utemaster are all big employers who draw their labour pool from the nearby townships of Thames, Paeroa and Ngatea.
“While commercial and industrial property activity in Kerepehi has been prolific, residential construction has lagged behind. The Coromandel Views subdivision will go some considerable way to rectifying that imbalance by providing new housing stock.
“Until recently, Kerepehi was a sleeper town with many workers in its businesses coming in from around the Hauraki Plains. The new Coromandel Views sections will mean more people will actually be able to live in the township they work in, thereby increasing that work-life balance.
“High demand for affordable housing in a locale with such a high employment rate – and no signs of that trend abating — should make the Coromandel Views development popular with first-home buyers as the target market.”
Smith said that because of Kerepehi’s convenient location close to Hamilton and Tauranga, the McGowan Ave/Rimu St block could well appeal to existing mainstream home building firms who could use one or more of the sections as showhome display suites.
Reed said that with a population of approximately 500 people, Kerepehi’s existing social infrastructure was well-founded to sustain the incoming residents who would be buying the Coromandel Views properties.
“The development has been designed to target buyers eligible to access Kianga Ora’s First Home Partnership programme which provides firsthome buyers with an opportunity to obtain the lesser of 25 per cent of the purchase price or $200,000 on a 15-year interest-free loan,” Reed said.
“The First Home Partnership enables firsthome buyers to get on the property ladder by making home ownership affordable – a big incentive in an emerging location close to three major cities.”