By ANNE GIBSON
Taradale Properties will launch a $20 million project on Saturday to build 80 houses on a 4.5ha site at Lake Rotorua.
The site is at Marama Pt, 15 minutes north of Rotorua, between the lake and the Ohau Channel.
Taradale will tender the construction contract, with building scheduled to
start in October.
Peter Thomson, the company's sales and marketing manager, said the first home would be ready nine months later.
A display suite will be open at the lake site on Saturday, providing an opportunity for a taste of things to come.
The development will offer freehold two and three-bedroom lodges from $215,000 on the Ohau Canal facing east.
For $280,000 to $290,000, buyers will get a lakefront home facing west.
The large development includes a swimming pool, tennis courts, a gymnasium and a games room and private jetties.
Mr Thomson said that with so much of the Lake Rotorua area in Maori ownership and available only on a leasehold basis, freehold sections were hard to find.
He said the Taradale development would offer buyers freehold title in a sought-after location.
Meanwhile, Taradale is in the second stage of a large residential development at Botany Downs on the southern outskirts of Auckland.
It has built 153 houses and apartments in a $30 million development.
Mr Thomson said the first 96 residences had been handed over. Settlement was due on the remaining 57 in three weeks as part of the Sacramento residential development.
The third stage involves 60 houses in a planned $11 million venture.
Taradale has specialised in residential developments, having built 105 houses at The Grange in Bush Rd, Albany. Before that, it developed 62 units at Vista Rosa in Mt Albert.
The Albany development which resulted in a High Court meeting in chambers in Auckland earlier this year.
Project marketer City Sales said it was owed $288,000 by Taradale.
A February judgment was confidential, although City Sales managing director Martin Dunn said he was "entirely satisfied" with the result but would have no further dealings with Taradale.
Mr Thomson said Taradale was building 200 houses a year "and not just in terrace-styled houses, but the more spacious residential environment with a live-in manager."
