A subdivision in Gleniti is almost complete - and looks set to be a financial winner for the owner, the Timaru District Council.
Work on the Dobson St subdivision should be completed within a month, leaving the way clear for 12 new homes to be built, and a sizeable neighbourhood park developed.
Such was the interest in the subdivision that all the sections sold within a couple of months. The combined price of the dozen was about $1.5m, district council property manager Matt Ambler said yesterday. The sites were all about 700-800 sqm.
The contract for the subdivision work was not let until sufficient sections had been sold to cover the expected $700,000 development cost.
The subdivision has been in the pipeline for at least five years. The former Timaru City Council, which was a strong supporter of residential development, purchased the land in 1974. The profit from the development will be invested in the Property Development Fund as well as covering the holding costs involved with the property for almost 40 years.
About half the area will be developed as an open green space, as was the desire of neighbours from the time the subdivision was first mooted, Mr Ambler said. The rolling contours of the land meant it was not suitable for a sports field, but rather, would be left as an open area where people could walk and for children to play.
Mr Ambler said the subdivision could have an impact on when neighbouring land is developed, as the roading, water and sewerage put into the new subdivision can be extended to adjacent properties.
The district council does not have any other land in Timaru earmarked for a residential subdivision.
It was one of the few subdivisions to have gone to market in recent months that had been on the market recently.
Other subdivisions on the market in Timaru at present are in Fisher Place off Mountainview Rd, Patiti Beach and a few sections off Balmoral St.
- The Timaru Herald