Australian developers are being invited to participate in a expressions-of-interest campaign to secure a 41.7ha, fully approved and master-planned subdivision in Auckland.
New Zealand commercial property specialist Whillans Realty Group is marketing the freehold property in conjunction with Ray White Commercial NSW.
The elevated 41.7ha land parcel to be known as Bremner Ridge has resource consent (DA) for 315 residential lots.
Whillans Realty Group managing director Bruce Whillans says demand for residential land around Auckland is strong with similar unapproved sites selling for between $2 million and $2.5 million per hectare.
Some $55 million in land lot sales have been sold recently in the two developments immediately adjoining the subject site.
“Census data indicates that over the next 15 years, the population of the Howick Local Board area is expected to increase by more than 30 per cent,” Mr Whillans says.
“Auckland is one of the fastest growing cities in the southern hemisphere and with the surrounding area undergoing rapid development, Bremner Ridge is strategically positioned to leverage this growth.”
Bremner Ridge is about five minutes’ drive from the Ormiston Town Centre, a vibrant 45,609sqm retail, hospitality and commercial hub now under construction.
The precinct’s main trade area is expected to have a population of 242,570 by 2033 and the project is acknowledged as setting a benchmark for town centre development in New Zealand.
“Top-end schools, extensive parkland and access to Auckland’s motorway network are all within a 10-minute drive,” Mr Whillans says.
The developer’s vision is to offer the ideal place to build a dream home. Nearly all the residential sections of the project have a green outlook or views of the surrounding countryside, Ormiston and the Auckland skyline.
Jasmax, a leading New Zealand architectural and urban design practice, has designed Bremner Ridge. The estate combines natural amenity with modern convenience and proximity to urban development.
A network of green parks, walking tracks, landscaped streets and regenerated native bush are interwoven into the master plan.
Home design guidelines are being developed for Bremner Ridge to maintain aesthetic standards and to maximise street appeal.
“This carefully considered design will significantly increase the underlying lot values,” Mr Whillans says.
“Bremner Ridge is fully consented and offers developers the ability to immediately start site works in 2018.
“A full geotechnical review, engineer costings, feasibilities and a staging plan have all been undertaken for the property.”
Access to Bremner Ridge is provided from three existing roads — Flat Bush School Road, McQuoids Road and Michael Bosher Way — affording optionality for construction staging.
“From an Australian perspective, New Zealand is a very attractive proposition,” Mr Whillans says.
“We have no stamp duty or land tax and Bremner Ridge is not caught under the OIO [Overseas Investment Office], New Zealand’s equivalent of the foreign investment review board.”
Ray White Commercial NSW managing director and partner Jeff Moxham has fielded inquiry from the Australian market — including a handful of developers from the eastern seaboard — and says interest overall is strong.
“In recent times, particularly in the Sydney market, we have seen a move towards the land subdivision market from a lot of developers who had previously focused on the high-density residential market which has seen a slowdown,” Mr Moxham says.
“With a large resident Chinese population, we are also seeing a number of China-based groups transacting in the New Zealand market.”
Bremner Ridge is 25 minutes’ drive from the Auckland CBD and 20 minutes from the Auckland International Airport.