Substantial development site at Whitby
Colliers International is marketing the 20.97ha Whitby Heights, a former forestry block. Photo / Supplied
One of the last substantial blocks of residential development land in a popular, high-income suburb north of Wellington is for sale.
Colliers International has been exclusively appointed to market Whitby Heights — a 20.97ha former forestry block in Whitby, Porirua — for sale by tender.
The freehold property, featured in the latest nationwide Colliers Portfolio, will soon have road frontage to a local road under construction.
Offers on the property close at 3pm on Tuesday, August 22.
Colliers International broker Tim Julian says this is an unrivalled opportunity to secure a large landholding with significant residential development potential. “The land is already zoned for residential development and resource consent for 104 sections is anticipated within days,” he says.
“Two minutes’ drive from the new State Highway 1 route, the development will be only 25 minutes from Wellington CBD once the Transmission Gully project is complete.”
Julian says Whitby is a sought after suburb midway between Wellington and the Kapiti Coast.
The suburb has been progressively developed since the 1970s.
Many of its properties have excellent views to the Pauahatanui inlet, Porirua Harbour and open farmland and forestry to the north and east.
“Whitby also benefits from very high average incomes,” Julian says. “Some 61.6 per cent of Whitby’s households have incomes of more than $100,000, compared with 23.4 per cent of New Zealand households. The demographic appeal along with the property’s excellent location and views, will make it suited to a mid- to high-end residential development.”
Colliers International Broker Kieran Lennon, marketing the property with Julian, says the land is being sold by Silverwood Corporation, which originally developed it for forestry.
“However, Whitby’s expansion over the years, combined with the creation of new local roads as part of the Transmission Gully project, have prompted the company to free up the land for the residential development it will inevitably attract.”
Lennon says Silverwood had decided not to carry out the development itself.
“The company has instead engaged consultants to complete the design of a 104-section subdivision, for which resource consent is imminent.”
The Wellington residential market has been performing strongly over the last 24 months, with 12.1 per cent growth over the last year compared with 5.0 per cent for Auckland and -1.9 per cent for Canterbury, according to REINZ figures.
“The strength of the market makes land developments increasingly attractive,” Lennon says.
“This Endeavour Drive site is particularly attractive. The land is elevated and predominantly west facing, which means the developed sections will enjoy excellent views.”
With tenders on the property closing in August, the successful buyer will be able to take full advantage of the earth-moving season over the 2017/18 summer, he says.