A large portion of elevated countryside pasture land previously run as a part of a dry stock farm has been placed on the market for sale for conversion into an upmarket boutique housing subdivision.
The approximate 12.8-hectare site overlooks the Waikato township of Paeroa, and is consented for subdivision into low density residential housing sections. The land is being subdivided off a bigger 302 hectare drystock farm which will remain in primary production use as a grazing block.
The farming block and residential subdivision portion are adjacent to the former Paeroa racecourse which was sold into private ownership several years ago.
Since then, Paeroa racecourse has been subdivided into 600 smaller residential sections – with 90 percent of the site’s first redevelopment stage sold to future residents seeking to build new dwellings within the precinct.
The land at 7 Colin Drive in Paeroa is now being marketed for sale at auction on March 7 through Bayleys Hamilton. Salesperson Josh Smith said the grassed block was being sold with a consent in place from Hauraki District Council for the property to be converted from rural use into a low density residential zoning.
Hauraki District Council’s district plan designates a low-density residential zone as: “Designed to satisfy a particular demand from people wishing to live in a semi-rural setting, but to have minimal involvement in farming activities.”
“The demand for low density residential living on smaller blocks is evident,” said the plan, “and a range of low-density residential locations needs to be provided to cater for the market demands.”
“Situated on the outskirts of Paeroa, the site allows for a rural outlook while still being in close proximity to the town’s social and recreational amenities,” Mr Smith said.
“With views over greater Paeroa and the Hauraki Plains on the horizon, the property is already bordered by the town’s urban boundaries in one of the more sought-after parts of town.
“The sell-down of the nearby Paeroa recourse sections has shown there is demand for new properties in the township. However, the Colin Drive block offers a completely different opportunity – hosting elevated sections, which on final subdivision, will be of considerably larger sizes than those on the plains.”
Mr Smith said that in order to underpin what was envisaged as being the ‘exclusive’ and ‘high-end’ nature of the subdivision, a future developer of the site could implement covenanted building plans on what would be the eventual sections.
“Covenants would ensure the quality of builds undertaken is on a life-for-like format to neighbouring properties – thereby underpinning land and home values. Home owners in the upper-price bracket are prepared to pay a premium for such neighbourhoods – even in Paeroa,” he said.
Paeroa sits virtually in the middle of the economic powerhouse ‘Golden Triangle’ region – with Auckland some 109 kilometres away to the north, Hamilton 71 kilometres away to the west, and Tauranga 78 kilometres away to the east.