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East Tamaki property sold as Steel & Tube rings in changes

The exit door has been swinging at Steel & Tube Holdings Ltd, and the departures now include property.

Interim chief executive Mark Malpass said in September the board had determined to test the property market, putting its East Tamaki distribution centre up for sale, and on Friday he said the company had accepted an unconditional offer.

“At the heart of any change is recognition that we are a company that provides steel solutions, not a commercial property company. A sale & leaseback would release capital, improving the efficiency of our balance sheet, while still reflecting the importance of the property through favourable lease terms,” Mr Malpass said in September.

On Friday he said the company had signed an unconditional agreement to sell its 68 Stonedon Drive property for $32.577 million on a sale & leaseback basis. The transaction will be completed on 20 December.

That followed a statement from new chair Susan Paterson at the annual meeting on Thursday, that the company believed it could use funds from the sale to generate a better return for shareholders: “Steel & Tube intends to apply the sale proceeds to repay debt and strengthen its balance sheet. This positions the company well for future growth.”

Mr Malpass said the sale didn’t change the earnings guidance the company gave on Thursday – half-year earnings before interest & tax (ebit)) down $9-10 million, but restored in the second for full-year ebit “materially the same” as for the year just gone, which was $31.1 million.

In the first half of the 2018 financial year the company has seen margin pressures from higher steel purchase prices, which the market took some time to pass on to customers. The company has increased selling prices across its portfolio of steel products from mid- November and expects margins to improve in the second half of the financial year.

Mr Malpass said recent changes to the senior executive team were also bringing a fresh focus and, together with the board, he was targeting a turnaround of poorly performing business units and efficiency gains through a change programme.

Ms Paterson told the annual meeting: “Our strategy is to maximise value for our shareholders by creating a sustainable, long-term, successful business. The capital investment made into acquisitions & the business in the past 5 years has created a strong platform for Steel & Tube. However, we are very aware that the company has been too slow to realise the significant benefits & value from these.

“Management & the board are focused on resetting the performance of the business and delivering a sustainable improvement in financial performance, and we expect Steel & Tube to be a significantly stronger business in 12-24 months.”

The board has identified 2 key goals – to provide superior value to customers and to simplify the business. Among guidance points:

  • Half-year ebit is expected to be impacted by working capital review, reorganisation & restructuring activities, increased depreciation costs for a new ERP (enterprise resource planning) system and the slow response by the industry to margin pressures arising from increased costs of supply. Steel & Tube announced price changes to take effect from mid-November in response to market cost pressures
  • The recent implementation of the new ERP system is a key enabler now available to the business and has helped assist management with a review of slow-moving inventory
  • About half the expected decrease in half-year ebit is due to an anticipated writedown of inventory
  • Excluding the one-off inventory valuation adjustment included in the half-year earnings guidance, full year EBIT for the 2018 financial year is expected to be materially the same as the 2017 financial year EBIT of $31.1 million, as the impacts from recent price changes and the benefits of change actions are realised.

The change programme, to enable the company to maximise the value of investments made over the last 5 years, includes:

  • The realignment & simplification of Steel & Tube businesses into 2 streams (distribution & infrastructure), including the integration of acquired businesses
  • Delivering sustainable earnings growth and leveraging the value from the recent capital expenditure programme, including the new ERP system
  • Strengthening the company’s capital structure, including optimising the supply chain and review of the company’s property portfolio
  • Reviewing working capital with a focus on surplus slow-moving inventory items; and
  • A continuing focus on quality, health & safety and the environment.

 Attribution: Company releases, annual meeting speechnotes.

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6 commercial properties & residential development site sell

Bayleys agents in South Auckland have sold 6 commercial properties in East Tamaki, Manukau & Wiri, and a 5ha residential development site at The Gardens, Manurewa.

South

East Tamaki

9 Lady Ruby Drive, unit E:
Features: 160m² industrial unit – 129.5m² ground-floor warehouse, office & amenities, 30m² of mezzanine office, 4 parking spaces
Outcome: sold vacant for $500,000
Agents: Katie Wu, Roy Rudolph & John Bolton

22 Neilpark Drive, unit A:
Features: 337m2 roadfront unit in 3-unit development, A grade food premises comprising about 172mof processing space & warehousing, 58mof chillers & freezers and 63mof offices & amenities
Rent: previously generating $65,000/year net + gst
Outcome: sold with vacant possession for $910,000
Agents: Roy Rudolph, John Bolton, Katie Wu & Karl Price

33 Springs Rd, unit D:
Features: 897m² industrial unit – 460m² high stud clearspan warehouse, dual roller door access, 198m² of ground-floor showroom, office & amenities, 239m² of first-floor offices & amenities with separate entrance
Outcome: sold vacant for $1,817,500
Agents: John Bolton, Roy Rudolph & Katie Wu

Manukau

5 Jack Conway Avenue, unit C:
Features: 471m² 2-level commercial building – 230m² ground-floor tenant Gordy’s Bar & Gaming Lounge has 8-year lease from December 2016, with 3 4-year rights of renewal, 241m² first floor tenanted by Bartercard NZ Ltd on 8-year lease from March 2013, with 2 4-year rights of renewal
Rent: $130,000/year net + gst
Outcome: sold for $1.92 million at a 6.77% yield
Agents: Rod Grieve & Maxine Bates

Manurewa

The Gardens, 261 Hill Rd:
Features: 5.1445ha of mostly bare land with an easy contour, part zoned mixed housing suburban, part future urban
Outcome: sold with vacant possession for $7 million at $136/m2
Agents: Peter Migounoff & Piyush Kumar

Wiri

20 Hobill Avenue:
Features: 3140m² site zoned light industry, modern 600m² industrial building, fully fenced & gated rear site with sealed yard that provides options to extend building
Outcome: sold to an owner occupier for $1.97 million with short-term holding income from vendor & additional income from cellphone tower
Agent: Mike Marinkovich

34 Hobill Avenue, unit E:
Features: 350m² mid-1980s roadfront industrial unit – 156m² warehouse, 194m² showroom, office & amenities over 2 levels
Outcome: sold vacant to an owner-occupier for $1.02 million
Agent: Mike Marinkovich

Attribution: Agency release.

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Updated: Takapuna properties bought on development-based yields as 9 sell at Bayleys’ commercial auction

Published 26 October 2017, updated 28 October 2017:
Bayleys’ 7th Total Property commercial auction in Auckland for the year ended with 9 properties sold, 8 passed in, and the auction of the one remaining property on the list was deferred a week. Another, in Birkenhead, has been sold post-auction.

The sales included 2 adjoining converted houses (pictured) on Lake Rd, Takapuna, sold at yields on present uses of 2.7% & 4.1%. Both have more intensive development potential.

CBD

Waterfront

Sebel, 85-93 Customs St West, unit S:
Features: leasehold, 628m² floor area, tenant Soul Bar on 9-year lease + rights of renewal until 2038
Rent: $437,500/year net + gst + outgoings including ground rent, rent reviews to CPI + fixed increases
Outcome: passed in
Agent: Mark Pittaway

16 Viaduct Harbour Avenue, unit 1A, ground floor:
Features: leasehold, 439m² office including balcony, 5 secure covered parking spaces
Rent: $248,500/year gross + gst, net $124,026/year + gst, 6-year lease to Auckland Council with rights of renewal
Outcome: passed in
Agent: Mark Pittaway

Isthmus east

Onehunga

360 Onehunga Mall:
Features: 538m² site zoned residential – terrace housing & apartment building, 2-level 341m² building constructed in 2010, ground-floor liquor store, 4-bedroom accommodation above
Rent: $93,712.50/year net + gst
Outcome: sold for $1.96 million at a 4.78% yield
Agents: Ken Lu, Damien Bullick & Alan Haydock

Panmure

100 Queens Rd:
Features: 979m² site, 1701m² floor area, multi-tenanted retail property
Rent: $131,181/year net + gst + outgoings, rising to $139,432/year next April 
Outcome: auction deferred until Wednesday 6 December
Agent: Mark Pittaway

Penrose

766 Great South Rd:
Features: 998m² site, 300m² single-level medical clinic, multiple tenants include GP practice, physiotherapist, occupational therapist & accountant
Rent: $65,050/year net + gst
Outcome: sold for $1.065 million at a 6.11% yield
Agents: Tony Chaudhary, Janak Darji, James Hill & James Chan

25 Walls Rd:
Features: 1037m² light industry-zoned site, 702m² high stud warehouse & office building, new 6-year lease to well established import & distribution tenant
Rent: $106,302/year net + gst     
Outcome: sold for $2.305 million at a 4.61% yield
Agents: Mike Adams & Phil Haydock

Isthmus west

Mt Eden

54 Mt Eden Rd:
Features: 400m² site zoned mixed use, in Grammar zone, 130m² villa, garage + 3 parking spaces
Outcome: passed in at $1.4 million
Agents: Alan Haydock, Phil Haydock & Damien Bullick

North-east

Birkenhead

221-225 Hinemoa St:
Features: 522m² floor area, medi-spa & beauty salon a tenant since 2004 & on new 5-year lease, 2 small shops, penthouse apartment
Rent: $122,304/year net + gst from commercial premises, apartment vacant
Outcome: passed in at $3.5 million
Agents: James Kidd & Michael Nees

Updated: 60-62 Mokoia Rd:
Features: 405m² site in town centre zone (21m height limit) retail strip, 744m² floor area, 3 tenants
Rent: $131,018.33/year net + gst + outgoings
Outcome: passed in at $2.2 million, sold shortly after auction for $2.3 million at a 5.7% yield
Agents: Michael Nees & Nick Howe-Smith

Takapuna

58-60 Jutland Rd:
Features: 371m² site zoned neighbourhood centre (13m height limit), 398m² 2-level building with mix of commercial & residential tenancies – 3 ground-floor retail units, anchored by a superette, 2 flats above; secondary access at the rear, where there are 4 parking spaces
Rent: $100,088/year net + gst current, development upside   
Outcome: sold for $2.09 million at a 4.79% yield
Agents: Adam Curtis, Damian Stephen & Nick Howe-Smith

398 Lake Rd:
Features: 888m² site in mixed use zone, 321m² 2-level building; the Skin Institute has occupied the premises since 1994 and has recently renewed its lease until September 2023, with 3 further 3-year rights of renewal; zoning provides potential for residential accommodation with sea views on top of commercial base
Rent: $165,000/year/net + gst    
Outcome: sold for $4.04 million at a 4.08% yield
Agents: Ranjan Unka, Tonia Robertson & Ashton Geissler

400 Lake Rd:
Features: 890m² site zoned mixed use, 272m² converted split-level character residential building, fully leased to long established law firm Turner Hopkins with 5½ years to run on lease, longer-term potential for multi-level redevelopment
Rent: $96,000/year net + gst
Outcome: sold for $3.61 million at a 2.66% yield
Agents: Tonia Robertson, Ranjan Unka & Terry Kim

North-west

Henderson

42 Paramount Drive, units 6 & 7:
Features: 280m² for 2 units consented for restaurant use, separate entrances, in retail complex off Lincoln Rd
Outcome: sold vacant for $1.408 million
Agents: David Han, Terry Kim & Matt Lee

South

Beachlands

40 9th View Avenue:
Features: 1416m² site zoned residential – terrace housing & apartment building, opposite entranceway to Pine Harbour marina, modern 640m² single-level showroom building;
Rent: $36,443/year holding income
Outcome: sold for $1.65 million from lease to Pine Harbour Motorsport Museum
Agents: Nick Bayley & Dave Stanley

East Tamaki

46 Neilpark Drive:
Features: 2100m² site, 2 adjoining clearspan warehouse & office units totalling 1012m²
Rent: $110,000/year net + gst holding income from short-term leaseback of both units to vendor
Outcome: sold shortly after auction for $2.65 million
Agents: Katie Wu, John Bolton & Roy Rudolph

Papakura

80 Hunua Rd, lot 2:
Features: 9453m² site, 6302m² warehouse
Rent: $360,000/year net + gst     
Outcome: passed in at $4 million
Agents: Shane Snijder & Peter Migounoff

Wiri

55 Ash Rd, unit 4:
Features: 200m² unit in industrial precinct, parking
Rent: $28,600/year net + gst
Outcome: passed in at $625,000
Agents: Karl Price & Nick Bayley

South of the Bombays

Manawatu – Dannevirke

69 High St:
Features: 617m² site, 693m² building, long-term tenant Westpac on new 5-year lease, 3 more 3-year rights of renewal, second tenant Cooly Properties Ltd on one-year lease to end of next year
Rent: $59,000/year net + gst from bank, $30,000/year net + gst from second tenant
Outcome: no bid
Agent: Rollo Vavasour

Attribution: Auction.

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3 Howick units sell

3 brick & tile units in Howick, 2 of them on one section, were sold at Bayleys’ East Tamaki residential auction on Tuesday.

South

Howick

71 O’Halloran Rd, units 1 & 2:
Features: 822m² section, units 80m² each, 2 bedrooms each, garage each; unit 1 tenanted, has basement storage; unit 2 vacant, also has carport & basement storage
Outcome: sold for $1.44 million
Agent: Clare Nicholson

50 Wellington St, unit 2:
Features: 2-bedroom unit, garage
Outcome: sold for $800,000
Agents: Gary Robertson & Roger Sumich

Attribution: Agency release.

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Half Moon Bay unit sells, Shelly Beach Rd passed in

A Half Moon Bay unit in walking distance from the ferry was sold under the hammer at Bayleys’ suburban residential auctions last week.

2 units up from the harbour bridge on Shelly Beach Rd, St Marys Bay, were passed in when offered together & separately.

The agency did well at its city branch auction on Wednesday, selling 4 of the 6 apartments offered.

Isthmus west

St Marys Bay

20 Shelly Beach Rd, units 1 & 16:
Features: 2 2-bedroom apartments, each with 2 parking spaces
Outcome: both units passed in
Agents: John Howard & Margaret Politis

South

Half Moon Bay

121 Prince Regent Drive, unit 1:
Features: 2-bedroom unit, study area, internal-access garage, walk to ferry
Outcome: sold for $750,000
Agent: Odelle Cornes

Earlier story:
5 October 2017: 4 apartments out of 6 sell at auction

Attribution: Agency auctions release.

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Kiwi Property settles second Drury site purchase

Kiwi Property Group Ltd settled its acquisition of 30.6ha at Drury on Wednesday, after receiving approval from the Overseas Investment Office a week ago to proceed.

The company intends to create a new town centre next to Stevenson Group Ltd’s mostly industrial 360ha development site.

Kiwi’s 3 greenfield sites are next to the junction of the Southern Motorway, Great South Rd and the North Island main trunk railway line, 35km south of Auckland’s city centre.

Chief executive Chris Gudgeon said: “This brings our total landholdings to 42.7ha, at a purchase price of $39.8 million. A third land parcel of 8.6ha has been secured via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised.

Earlier stories:
13 September 2017: Kiwi Property’s Drury buy approved
10 September 2017: Second round for Auranga precinct confirms Drury as major growth centre
7 April 2017: Kiwi Property plans new town centre next to Stevenson’s Drury development
30 August 2013: Drury South industrial area plan change & MUL extension approved

Attribution: Company release.

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Wigram sale, 6 commercial leases in Auckland & Canterbury

Knight Frank agents have reported a Wigram warehouse sale in Canterbury and 6 commercial leases in Auckland & Christchurch.

Sale

South Island – Canterbury

Wigram

22 Sonter Rd, unit 1:
Features: 470m² warehouse, 180m² office/showroom
Outcome: sold for $1.45 million at a 5.4% yield (market yield 6.5%)
Agent: Craig Edwards

Leases

South

Favona

70 Favona Rd:
Features: 1500m² industrial yard
Agent: Scott Worrall

Papakura

14B Vernon St:
Features: 250m² warehouse unit
Rent: $34,000/year + gst + opex 
Agent: Josh Franklin

South Island – Canterbury

Burnside

41 Sir William Pickering Drive, unit 5:
Features: 74m² ground-floor office unit, 3 parking spaces
Rent: $21,990/year net + gst + opex      
Agent: Campbell Taylor

CBD

48 Fitzgerald Avenue, unit 11:
Features: 347m² warehouse, 246m² showroom, 8 parking spaces
Rent: $82,000/year net + gst + opex      

Agents: Sam Stone & Elliot Clayton

68 Fitzgerald Avenue, part level 1:
Features: 159m² first-floor office tenancy, 4 parking spaces
Rent: $47,909/year net + gst + opex      
Outcome:
Agent: Tom Lax

Innovation Precinct, 181 High St, unit D3:
Features: 99² ground-floor retail tenancy
Rent: $49,005/year net + gst + opex
Agent: Tom Lax

Attribution: Agency release.

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8 out of 10 sell at Bayleys commercial auction

8 of the 10 properties in Bayleys’ Total Property commercial auction yesterday were sold under the hammer.

6 of them were vacant or with short leases. Of the 3 where a yield could be calculated, an Asian supermarket in Papakura (outlined in picture) sold at 4.7%, a Grange hair salon at Warkworth sold at 5.9% and a Birkenhead property with 5 tenants sold at 6%.

Isthmus east

Onehunga

12 George Terrace:
Features: vacant 521m² site, 515m² refurbished standalone industrial building, zone allows live/work or residential
Outcome: sold for $1.4 million
Agents: James Valintine & William Gubb

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: sold for $3.22 million
Agents: Millie Liang

St Johns

121 Morrin Rd:
Features: 4755m² site, 2312m² high stud warehouse, 6 roller doors, small office, yard + parking
Rent: short-term tenancy in place
Outcome: sold for $6.81 million
Agents: Jamsheed Sidhwa, Luke Carran & James Valintine

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 801m² site, 481m² floor area, 5 tenants, town centre zoning has 21m height limit
Rent: $112,070/year net + gst
Outcome: sold for $1.867 million at a 6% yield
Agents: Michael Nees, David Huang & Oscar Kuang

Browns Bay

755 Beach Rd:
Features: vacant 1029m² site, 70m² building, mixed use zoning allows building height up to 4 storeys
Outcome: passed in at $700,000
Agents: Ranjan Unka & Anna Radkevich

Rosedale

372 Rosedale Rd, unit 2A:
Features: 186.7m² first-floor office, 6 parking spaces, tenant Bayleys Real Estate Ltd
Rent: $58,209/year net + gst + outgoings, 18-month lease from 1 April, 2 18-month rights of renewal
Outcome: no bid
Agents: Matt Mimmack & Eddie Zhong

Unsworth Heights

1 Greenwich Way, shop 7:
Features: 186m² retail unit, tenant BookPrint Ltd
Rent: $51,520/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Dean Gilbert-Smith & Adam Curtis

Warkworth

The Grange, 67 Auckland Rd, unit 22A & 22B:
Features: 119m² shop, tenant Vivo Beauty Ltd
Rent: $49,100/year net + gst, new 8-year lease
Outcome: sold by the developer, Square & Main Street Ltd (Adam Reynolds) for $830,000 at a 5.9% yield
Agents: Matt Lee, James Chan & Henry Napier

North-west

Henderson

111 Lincoln Rd, unit FB:
Features: retail unit, tenant Petstock
Rent: $105,000/year net + gst, new 6-year lease
Outcome: withdrawn from auction
Agents: Tony Chaudhary & James Chan

South

East Tamaki

20 Ra Ora Drive:
Features: vacant 4885m² site, metalled, fenced & electronic security gate, former Howick Bus Co Ltd depot
Outcome: sold for $2 million
Agents: John Bolton, Roy Rudolph & Katie Wu

Papakura

303-305 Great South Rd:
Features: 2023m² site zoned business mixed use, Asian supermarket tenant
Rent: $161,740/year net + gst, new 4-year lease + 3 4-year rights of renewal
Outcome: sold for $3.44 million at a 4.7% yield
Agents: Quinn Ngo, Matt Lee & Piyush Kumar

Takanini

305 Great South Rd:
Features: vacant 990m² industrial site, 448m² warehouse
Outcome: sold for $1.52 million
Agents: Shane Snijder & Peter Migounoff

Attribution: Auction.

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Kiwi Property’s Drury buy approved

Kiwi Property Group Ltd said yesterday it had received approval from the Overseas Investment Office to proceed with its acquisition of land at Drury, 35km down State Highway 1 from Auckland’s city centre.

The company said on 7 April it had secured agreements to acquire 3 greenfield sites totalling 51.3ha adjacent to the junction of the Southern Motorway, Great South Rd & the North Island main trunk railway line.

The Overseas Investment Office approval relates to the acquisition of a freehold interest of 39.2ha of this 51.3ha.

Kiwi Property chief executive Chris Gudgeon said yesterday: “This landholding reinforces our commitment to be part of Auckland’s future growth. Our vision is to develop a town centre to complement the existing Drury town centre, which would be staged over the next 20 years to coincide with predicted population growth, household formation & employment growth in South Auckland.”

Settlement of Kiwi’s purchase of 30.6ha of the Overseas Investment Office-approved land parcels is due to occur next Wednesday, 20 September 2017. Mr Gudgeon said Kiwi would fund it through existing debt facilities.

He said in April the acquisition price for 2 of the land parcels, totalling 42.7ha, was $39.8 million. Kiwi secured the third parcel of 8.6ha via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised.

Earlier stories:
10 September 2017: Second round for Auranga precinct confirms Drury as major growth centre
7 April 2017: Kiwi Property plans new town centre next to Stevenson’s Drury development
31 October 2016: Work starts on 3 striking special housing area projects
24 August 2016: Work set to start after fast approval for Auranga special housing area at Drury
4 July 2015: 2 large special housing areas for Franklin
30 August 2013: Drury South industrial area plan change & MUL extension approved
4 September 2012: Drury South plan changes notified

Attribution: Company release.

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Wesley College developer selects build partners & new subdivision name

The Wesley College Trust Board & the developer of its subdivision on the college farm at Paerata, Grafton Downs Ltd, announced 12 build partners & a new name for the project last week.

300ha around the college was approved as a special housing area in 2015, with plans for up to 5000 homes in 10 stages.

Grafton Downs sales & marketing manager Shaun Millar said: “We have chosen the build partners because of the outstanding quality of their workmanship. In the interests of creating equal opportunities for builders in the community, we selected to work with large franchisee companies & small family businesses, all of whom are local.”

The build partners named last week are 4 widely known businesses – GJ Gardner, Jalcon Homes, Jennian Homes Ltd & Signature Homes Ltd – and local builders Capital Homes Ltd, DW Homes Ltd, Emandee Homes Ltd, Mark Price Builders Ltd, Navigation Homes NZ Ltd, Nick Bosanac Builders Ltd, Palladium Homes Ltd & Precision Homes NZ Ltd.

Grafton Downs executive director Chris Johnston said the development would be named Paerata Rise, after initially proposing to call it Wesley. That had upset residents of the isthmus district of Wesley in the Mt Roskill suburb, which doesn’t have a postcode but does have primary & secondary schools and a community centre bearing the Wesley name.

Grafton Downs applied to the NZ Geographic Board to disestablish use of the Wesley name in Mt Roskill so it could be used for the new town being built on the college farm, but withdrew the application in May last year.

Mr Johnston said of the new name last week: “As well as acknowledging the existing Paerata community, the name is a nod to the meaning of Paerata in te reo, that is, ‘horizon of the rata’. It was important to those involved in the development that the name was in keeping with, as well as inclusive of, the area’s heritage.”

The new development is 20km south of the Auckland cbd and 4km from Pukekohe, the main centre in Auckland’s Franklin ward. The development company is owned by the college board & 2 Methodist Church trusts, the Pact 2086 Trust and Te Taha Maori Property Trust.

Mr Johnston said: “We will be working closely with approved build partners to create, as prescribed under the Paerata Rise design guide, a new unique place to live where homestead architecture is envisaged. Homes will be carefully placed on their sites to maximise the natural landscape settings, creating comfortable living environments & quality streetscapes.”

Plans for the development site were designed by San Francisco-based Surfacedesign Inc, co-founded by Kiwi urban designer & sustainable landscape architect James Lord. The company is responsible for the abstract landscaping at Auckland Airport.

“Surfacedesign Inc are a great firm to work with. James Lord & his team grasped our vision to create a development that embraces the environment and creates a good relationship between sections, houses & green space.”

Stage 1 earthworks are complete, waste & water pipes are being laid and the onsite civil work is underway. The 12 build partners will have access to roads in mid-December and the first residents are expected to move in by mid-2018.

Earlier story:
15 July 2015: 300ha Wesley special housing area approved

Attribution: Company release.

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