Buyers snap up subdivision sites

00:00, Mar 21 2014

Stage one of the Waimeha subdivision on the corner of Hill St and Champion Rd in Richmond has now sold out, and the next stage is in the process of gaining resource consent.

The last of the 42 sites of the first stage of the Wakatu Incorporation development sold two weeks ago, Wakatu's general manager of property, Iain Sheves, said.

Sales had been consistent since the development started in late 2011, and after an initial burst of interest they remained steady to average one sale a month since they went on the market.

Sections ranged in size from the largest at 1066 square metres to the smallest at 376sqm, and the average price was $235,000.

"We had a real burst of activity at the beginning and sold a lot quickly - perhaps more quickly than anticipated, but it then settled into a pattern we would have expected. The smaller sections, in particular, were popular with people wishing to downsize," Mr Sheves said.

Wakatu announced in early 2011 it planned to develop 80 sections in the Waimeha subdivision to be done in stages. In late 2011 a new show home village heralded the beginning of the first 42-section stage of the Waimeha subdivision.

Wakatu then signed a deal on 2.8 hectares of nearby land which was to be used to develop another 25 sections once Waimeha had sold. This land borders Saxton Creek.

Resource consent had just been issued for the 25-lot subdivision, and the finer details were being worked through before work began.

Mr Sheves said a couple of the subdivision's sections were affected by last year's flash flood but, on the whole, developing on the flat removed a lot of uncertainty for purchasers and developers.


The Nelson Mail