A substantial block of land in Rotorua has been placed on the market for sale.
The 6.9 hectare block up for sale off Great West Road is adjacent to the Baxendale subdivision - which saw 24 sections sold off consecutively under the auctioneer’s hammer in May this year.
Baxendale Developments had planned to continue with the development of the balance of the land, however a change in circumstances has meant the site is now being sold as one block rather than a portfolio of fully consented individual sections
The sizeable block is now being marketed for sale by international tender through Bayleys Rotorua, with tenders closing at 4pm on November 1.
First to convert from rural to residential land-use was the now ‘mature’ Cobbe Place project, closely followed by the establishment and subsequent sell-down of the Matipo Close precinct. Baxendale sections were next on the schedule.
Bayleys Rotorua salesperson Beth Millard said the sizeable landholding now for sale was currently in two individual titles – each offering different scale and aspects for future residential developments.
“The first is a 1.54 hectare portion of hillside land, from which seven larger sections could be subdivided out of. The second tranche is a 5.4 hectare swathe of predominantly flat land which could be subdivided to create potentially 48 new residential plots – some of which will have stream frontages,“ Ms Millard said.
Ms Millard said the Matipo Heights block which is accessed off Great West Road was being sold with the initial scheme plan drawn up to show how the land could be subdivided. A formal subdivision consent application had already been lodged with Rotorua Lakes Council, and Ms Millard said this was currently going through the due review processes.
“These initial concept designs will leave any new owner the opportunity to either take on board the proposed plans, or look at overlaying their own development masterplan with a different configuration,” she said.
“If consenting approval is granted in an expeditious manner, initial groundworks for the installation of roading and utility services on the new sites could begin in the upcoming earthworks season. Potentially we could see the resulting 55 sections coming to the market.”
Ms Millard expected section sizes to eventually replicate many of the residences sold in the neighbouring Baxendale enclave - where plots ranged in size from a conventional 686 square metres up to 1196 square metres.
She said Bayleys would be open to working with the eventual buyer of the lots to offer sections in the new development to the scores of unsuccessful under-bidders from the Baxendale campaign who were now on the company’s buyer database as still looking for building sites in the area.
“The sell down of Baxendale in May spotlighted just how much demand there was for new-build sites in this very desirable part of the city - with easy access to the central business district,” she said.