The last remaining titles of land from Whitby’s original Silverwood Forest, owned by Silverwood Corporation Limited, have come to the market for sale with the completion of Transmission Gully and access via a link road giving the offering a boost.
The 52.1ha parcel of land sits on the eastern side of Whitby, overlooking Transmission Gully, Porirua Basin and the Whitby settlement and is held in three titles, offered for sale either individually or as one entity.
Around 1.5ha of the total site is currently zoned residential while the balance of the landholding is designated rural and will require rezoning to residential use – a process the existing vendors have commenced.
Fraser Press and Mark Hourigan of Bayleys Wellington Commercial, along with Wesley Gerber, associate director development land sales for Bayleys Real Estate, are handling the sale of the Silverwood Forest land, which is to be sold by tender, closing 4pm, Wednesday 15th June.
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The northern title of 1.5ha of residentially-zoned land adjoins the Silverbrooke and Banks Boulevard residential subdivisions and now has legal access off Waitangirua Link Road.
This parcel could be developed now, subject to development consents being obtained.
The second title of around 42ha is located on the southern side of the Waitangirua Link Road and runs parallel to Transmission Gully.
This site is steeply graded but has a number of plateaus at the top which lends itself to a potential development site.
The third title is irregularly-shaped and also steep, again with access off the Waitangirua Link Road, with the top platform providing panoramic views across the Porirua basin and out to Mana Island.
These two titles are currently zoned Rural, however, Silverwood Corporation Limited has initiated a review of this zoning with a submission to Porirua City Council’s proposed district plan framework.
Prospective buyers will have access to up-to-date correspondence and background submissions as part of a due diligence process.
Press says with Transmission Gully now open, tracts of potential residential development land are now becoming accessible thanks to road access via adjoining link roads.
“The subject Silverwood Forest sites offer real opportunity for future residential development with a small component able to progress as of right given its existing residential zoning, with the vendors currently seeking a change to Future Urban Zone (FUZ) over the balance.
“Their submission is based around the land’s proximity to transport corridors, infrastructure, surrounding services and other consented residential development projects which they believe support a change of zoning to FUZ.
“Our understanding is that the submission will now go before a panel of independent hearings commissioners, appointed to review the Proposed District Plan.”
FUZ is a transitional zone, earmarking a property as suitable for future residential development subject to a more detailed assessment, including a detailed structure plan, site specific development proposals and consultation processes.
Hourigan says with the wider Wellington region squeezed for residential development land of scale, the strategic location of the Silverwood land close to Porirua and State Highway 1/Transmission Gully underpins its significance in the northern Wellington growth picture.
“While Council due process is still underway with regards to the rezoning of the bulk of the available subject land, the underlying fundamentals of the location and offering are compelling.
“Whitby has proven to be an enduring and popular suburb, with its property values strong and the range of supporting amenities making it a sought-after satellite of Porirua city.
“The opening of Transmission Gully, the resulting access to the Waitangirua link road, and the attractive north-facing views over the Porirua basin and out to Mana Island give this land tangible brownie points.
“Land just 10 minutes from Porirua’s commercial core and 20 minutes from the Wellington CBD and the K?piti Coast, has to be seen as desirable so we’re expecting forward-thinking developers to look seriously at this land opportunity and to view it as part of Wellington’s future growth plan.”
- Article supplied by Bayleys
