An expansive greenfield land parcel is available for sale with a recently revised zoning designation that provides flexible residential subdivision potential in a critical Lower North Island growth corridor.
Bayleys Palmerston North broker Karl Cameron is marketing the freehold land parcel of approximately 23.88ha at 14 Banks Road in Rongotea near Palmerston North for sale by tender, closing at 2:00 pm on Wednesday, 28th November 2024 (unless sold prior).
“Recently rezoned for ‘Village’ use, the substantial landholding allows for flexible residential subdivision with approvals in place to develop between 140-180 individual lots – providing a valuable opportunity for developers looking to meet demand in a region attracting major investment,” Cameron says.
“The property’s strategic location near Palmerston North, Ohakea Air Force Base, and within reach of Wellington, places it at the heart of significant economic growth and population expansion, driven by a $397 million regeneration plan at the Linton and Ohakea Defence bases, alongside other major infrastructure projects underway across the region.
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“Key extensions like the Wellington Expressway and Transmission Gully have been a boon for connectivity, with further economic growth and housing demand anticipated through the completion of civic projects, public transport, and critical infrastructure, all creating more attractive conditions for strategic investment.”
The property is 15 minutes from Palmerston North City, on the western edge of the established Rongotea township, adjacent to a large-lot subdivision of lifestyle landholdings.
“Lending itself for use as a versatile development project, the title includes an area designated as a wetland to manage stormwater. This ensures environmental value without affecting the initial subdivision plan of up to 180 lots.
“This wastewater infrastructure, situated within a proposed road reserve, can reduce development costs by eliminating the need for separate piping, potentially accelerating construction for the new purchaser.
“A land covenant is also in place, ensuring cooperation between lot owners on development standards such as fencing and building materials. This is typical in lifestyle subdivisions and will expire 10 years after registration, adding flexibility over time.”
Cameron says that the property is currently utilised for maize cropping and that the level and accessible contour requires minimal earthworks, making it highly conducive to residential development.
“Manawatū is experiencing transformative growth, backed by substantial government and private sector investment. Major transport, healthcare, education and defence projects are forecasted to contribute more than $7 billion to the local economy, including $1.6 billion in transport investment through the 2024-2027 National Land Transport Programme (NLTP).
“Infrastructure developments like the Wellington Expressway extension to Levin are particularly impactful, enhancing connectivity across the North Island and strengthening Manawatū’s appeal as a key lifestyle destination for commuting professionals.
“Anticipated growth in the population of skilled workers and their families, coupled with broader housing demand across the Lower North Island, underscores the value of this property as a strategic asset. The property places developers at the heart of the region’s emerging urban growth corridor,” Cameron says.
“With rezoning now achieved and critical infrastructure enhancing connectivity, the site is uniquely positioned to respond quickly to market demand, offering a compelling chance to establish a foothold in Manawatū’s thriving growth zone, leveraging a rare combination of location, infrastructure, and zoning flexibility to deliver future-ready housing in a high-demand region.”
- Supplied by Bayleys
