Opotiki growth prospects for farm by the sea
Growth prospects in the Eastern Bay of Plenty have taken a leap in the past few years, and a property marketed by Bayleys sits firmly in the region’s growth epicentre.
The small town located 44km from Whakatane has received more development funding in the past three years than some of its larger provincial cousins, and there is optimism about the district’s future.
The farm on the edge of Opotiki township is currently being run as a dairy unit, but offers buyers significant development alternative and potential, said Bayleys agent Rhys Mischefski.
The 83ha property at 30 Snell Road is being sold by private tender closing Thursday February 25.
‘‘The funds to develop the region are coming from all quarters, and in a significant amount - this includes central government through the Provincial Growth Fund, local council, private investment and Whakatohea iwi funds as the region’s resource potential is finally recognised,’’ said Mischefski.
The 83ha property is multi-titled and is located alongside the Otara River, almost adjacent to the Opotiki harbour development project, the region’s most significant development project.
The $76 million project aims to provide a safe, reliable river access point to the area for both recreational and large aquaculture vessels. On completion the project will cement Opotiki as the key aquaculture centre along its 160km coastline with its access and proximity to main state highways.
Opotiki already boasts New Zealand’s largest offshore mussel farm. Whakatohea Mussels is based 8km off the coast it covers
3800ha with 176 lines that are to be expanded to 300, and ultimately supported by a new mussel processing factory now nearing completion.
The mussel farm’s expansion and factory has come with investment of $37 million, including $19 million from the Provincial Growth Fund.
‘‘The property lends itself well to leverage off the development to come with the factory. It has multiple titles and good access to land that is flat and includes almost 2km of beach frontage, in addition to access via the river.’’
Mischefski said the potential is for developers to consider a large scale private dwelling project capitalising on the beachfront views, with commercial type development that focuses on the aquaculture sector around the riverside of the farm.
Up to July last year Opotiki had received
$118 million from the provincial growth fund. The town has also received $13 million for wharf and marina development, all within proximity of the property.
The development in Opotiki has been characterised by its strong co-operative work between local, central government and iwi, with an aim to improve the economic and social wellbeing of locals.
‘‘There is a real recognition about the potential both the ocean and the land hold here, and the investment is finally starting to see this unlocked.’’
Mischefski said interest has been strong in the property as investors seek projects offering a cross section of uses in regions exhibiting good growth potential outside of the main centres.
‘‘It is a particularly exciting property this one, more for what it could become than for what it is.’’