Coastal development block on the market
A substantial block of residential land overlooking a popular beach resort town – and mooted for conversion and subdivision into a lifestyle block enclave of 34 sections – has been placed on the market for sale.
The 137-hectare property at 2824 State Highway 25 in the Coromandel, overlooks the nearby seaside township of Whitianga. Currently zoned rural 1A under the Thames Coromandel District Council plan, the property is being sold with a structure plan in place for subdividing the grazing and forestry planted land into 34 smaller lifestyle sections.
The property consists of a sloping topography of grazing paddocks interspersed by pine grove plantings. A gravel road runs through the middle of the farm. Hilltop ridges within the property have views of Whitianga township some 10-kilometres away, and Mercury Bay.
The farm at 2824 State Highway 25 and development plans for the property are now being jointly marketed for sale by tender through Bayleys Hamilton and Bayleys Whitianga, with the tender process closing on April 29. Salespeople Josh Smith and Belinda Sammons said that once subdivide into smaller sections, the lifestyle block at 2824 State Highway 25 would go some way toward easing the shortage of residential properties for sale and rent in nearby Whitianga.
“It is foreseeable that many of the planned estates which could emanate from this block will be purchased by existing Whitianga residents looking to move out to bigger properties, but still be part of the town’s wider community – being just some 10 kilometres away from the town centre,” Smith said.
“As a consequence, their town dwellings would come onto the market for sale – giving first home buyers a chance to get on the property ladder. Sections within this development will be far more affordable to the average worker in Whitianga compared to the holiday home gin palaces around the Whitianga Waterways precinct.
“Some of those properties in Whitianga town which would become available as their owners move out to at 2824 State Highway 25 could also be placed into the town’s rental pool – which is severely limited at the moment. That is making it hard for workers to find accommodation in town.”
Smith said he already had 10 builders and residential property developers who had expressed serious interest in buying into the State Highway 25 subdivision enclave once section titles were allocated - so they could then in turn deliver house and land packages.