Kiwi Property Group Ltd has bought some of 51.3ha at Drury, with agreements to secure the balance, to create a new town centre next to Stevenson Group Ltd’s mostly industrial 360ha development site.
The 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.
Kiwi chief executive Chris Gudgeon said in a release today the company had acquired some of the land, and had secured agreements to acquire more, as a strategic long-term holding to capitalise on Auckland’s continuing population 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.
“We will work with Auckland Council & infrastructure providers to secure a town centre zoning providing for commercial & retail uses integrated with high, medium & low density housing – all within walking distance of an integrated public transport node.”
Mr Gudgeon said the acquisition price for 2 of the land parcels, totalling 42.7ha, was $39.8 million. He said Kiwi had 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.
Overseas Investment Office approval is required in relation to the acquisition of 30.6ha.
Mr Gudgeon said it was an exciting opportunity for Kiwi: “Intensification at key transport nodes and masterplanned town centre developments are going to be a big part of our future under the Auckland unitary plan.
“Drury is already a highly accessible location, at the junction of the Southern Motorway, Great South Rd & the North Island main trunk railway line. Transport links to this area are only going to get better, with Auckland Transport’s plans for the construction of the Mill Rd southern arterial route, electrification of rail through to Pukekohe and the opportunity to construct a railway station adjacent to the town centre.”
The land’s current zoning under the unitary plan is future urban.
Mr Gudgeon said Kiwi’s plans for the amalgamated sites would be complementary to Stevenson’s adjacent 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.