Auckland, 16 April 2014 - The opportunity to play a significant part in the development of a substantial mixed-use landholding has arisen at 445 Puketone Road, Haruru Falls, near Paihia in the Bay Of Islands.
Watea, as the land holding is known, offers a blend of commercial, retail, industrial and residential development opportunities on a 400+ hectare site along the Waitangi River.
Featuring in CBRE’s latest Investment Property Connector publication, the opportunity is marketed by John Bedford of CBRE for sale by - or involvement as a new joint venture partner with - The Hopper Group. Expressions of interest are sought by Thursday 15th May 2014, unless sold prior.
John Bedford says that this significant development and investment opportunity comes at a time when Paihia is set to expand, and Watea is the only feasible option to cater for growth.
“The ability to master plan a community that includes commercial, industrial, residential and retail facilities in a key growth area of Northland is something of huge value to the market at this time.
“There are many exceptional opportunities for short, medium and long-term development and income opportunities at Watea, including through the sale of 37 residential sections, the potential for the sale of industrial sections to come in the future, plus the need to develop a village centre in the heart of the area, which will be a hugely valuble position for developers and investors.”
In addition, he says that Watea has been identified as the only suitable area for the exapansion of Paihia.
“The structure plan for Watea provides for significant new development to provide for the growth of Paihia into the future. The time is right and this opportunity has massive potential: residential, retail and industrial development is provided for under the Far North District Plan. Watea is going to be bigger than Ben Hur.
“We recommend that interested investors get in either as a purchaser or as a Joint Venture partner, as the Hopper Group will contemplate a JV or an outright sale.”
The property was purchased by the Hopper Group in joint venture with the original land owner in 2002 and was named ‘Watea’ which translates to ‘spacious place’ in English.
Many sections have already been developed and built on by third parties. 37 new residential sections are currently available for sale , with supporting services, infrastructure and amenities. Planting has been completed to a high standard, with parks, lakes and reserves already in place in the first stages. The potential exists for up to 2,500 residential sections to be created over time.
Bedford says that the Hopper Group is now looking to create a 6 hectare village centre. “The village centre which will contain a medical centre, supermarket, chemist, brewery/bar, café, convenience retail, plus a Matakana-style farmers’ market. Anyone who lives, works or travels up North knows how popular these markets are, so that is just one of the many attractive plans underway that will ensure Watea is one of the upper North Island’s most popular destinations for residents and tourists.”
In addition, he says that 20 hectares are proposed for commercial development, primarily for bulk retail.
“This will be of considerable value to the residential community. The retail elements are being designed by The Buchan Group, which was recently ranked as one of the top five practices in retail design in the world and the highest ranked retail design firm in South East Asia.”
Another 20 hectares are being proposed for industrial development, and Bedford says a plan has been prepared for the industrial lots to be subdivided, as there is an immediate need to develop the industrial zone.
“The philosophy for Watea is that by developing in accordance with the structure plan, the works can be achieved on a non-notified basis. The structure plan will reduce the cost of planning into the future, which will create real savings for investors and developers alike.”
Says Bedford: “Paihia is just a five minute drive from Watea, with the Waitangi Golf Course, beaches and boat ramp all close by. It is a simply stunning location. The land is bordered to the north by the Waitangi River, which runs for 2km along the boundary of the property.”
Across Puketona Road, the main route into Paihia, is the existing Hawke Drive industrial area. The newly-completed Bay Of Islands’ ITM facility borders the Watea property along Haruru Falls Road.
Bedford says it is well established that the pressure on Auckland housing is not diminishing, despite changes to interest rates and Loan to Value Ratios for mortgages: “We know that the residential population will drive the need for additional commercial, retail and industrial development.
“The picturesque Bay of Islands is already becoming a focus for retirement development, with people from Auckland and across New Zealand buying property in this warm and exceptionally beautiful part of the country. This emphasis is only likely to heighten into the future.”
Bedford notes CBRE has already seen a major recent upswing in interest for residential sections at Watea, which is bolstered by significant support from Council.
About CBRE
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
