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 for sale.
The 1.6-hectare 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’ population catchment between Auckland, Hamilton, and Tauranga, being 108, 83, and 98 kilometres away respectively.
The rectangular-shaped Coromandel Views property at 4-8 McGowan Avenue and 11-12 Rimu Street 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.
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“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 Street, which could be easily developed at minimal costs, before stages two and three commence in due course,” said Smith.
“Being of flat topography with a prominent frontage onto McGowan Avenue, 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 Coromandel Views residential development with its 29 ensuing sections 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 Haruaki 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 1.6-hecatre McGowan Avenue/Rimu Street block could well appeal to existing mainstream home building firms who could utilise one or more of the sections as show-home 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 up the Coromandel Views properties.
“The development has been designed to target buyers eligible to access Kianga Ora’s First Home Partnership programme which provides first home buyers with an opportunity to obtain the lessor of 25 percent of the purchase price or $200,000 on a 15-year interest-free loan,” Reed said.
“The First Home Partnership enables first home buyers to get on the property ladder by making home ownership affordable – a big incentive in an emerging location close to three major cities.”
- Article supplied by Bayleys
