A substantial block of residential land in Rotorua has been placed on the market for sale.
The 6.9ha site for sale is off Great West Rd, adjacent to the Baxendale subdivision, where 24 sections were auctioned consecutively in May, says Beth Millard of Bayleys Rotorua, which is marketing the sizeable block by international tenders closing on November 1.
Millard says Baxendale Developments had planned to continue with the development of the balance of the land, however a change in circumstances meant the site is now being sold as one block rather than a portfolio of fully consented individual sections.
"First to convert from rural to residential land-use was the now 'mature' Cobbe Place project, closely followed by the establishment and subsequent sell-down of the Matipo Close precinct. Baxendale sections were next on the schedule."
Millard says the sizeable landholding for sale is in two individual titles - each offering different scale and aspects for future residential developments.
"The first is a 1.54ha portion of hillside land, from which seven larger sections could be subdivided. The second tranche is a 5.4ha swathe of predominantly flat land which could be subdivided to create potentially 48 new residential plots - some with stream frontages," Millard says.
She says the Matipo Heights block, accessed off Great West Rd, is being sold with the initial scheme plan drawn up to show how the land could be subdivided.
A formal subdivision consent application has already been lodged with Rotorua Lakes Council, and Millard says this is currently going through the due review processes.
"These initial concept designs will leave any new owner the opportunity to either take on board the proposed plans, or look at overlaying their own development masterplan with a different configuration," she says.
"If consenting approval is granted in an expeditious manner, initial groundworks for the installation of roading and utility services on the new sites could begin in the upcoming earthworks season. Potentially we could see the resulting 55 sections coming to the market."
Millard expects section sizes to eventually replicate many of the residences sold in the neighbouring Baxendale enclave - in which plots range in size from a conventional 686sq m up to 1196sq m.
She says Bayleys will be open to working with the eventual buyer of the lots to offer sections in the new development to the scores of unsuccessful under-bidders from the Baxendale campaign, who are now on the company's buyer database, listed as still looking for building sites in the area.
"The sell-down of Baxendale in May spotlighted demand for new-build sites in this very desirable part of the city - with easy access to the central business district," she says.