An artist's impression of the Beachlands South town hub, with multi-level apartments.
An artist's impression of the Beachlands South town hub, with multi-level apartments.
The $65.4 billion Super Fund is financially backing multi-billion dollar plans for a new 5000-residence Beachlands town centre, saying it is hard to find such large schemes to invest in.
Nor were there many investors with deep enough pockets to see such a huge scheme through - this proposal being on 307.1ha of land.
The new community planned for Beachlands South will have around 5000 new homes.
“It is sometimes difficult for us to find domestic investment opportunities of sufficient scale, while conversely, the number of local investors with the ability to sustain an investment of this type throughout its entire cycle is very limited and potentially exacerbated by recent increases in construction and/or development-related liquidations,” his evidence supporting private plan change 88 said.
The land to be developed is without reticulated or sewage mains, according to an expert from Watercare, which doesn’t oppose the plans. The developers plan to use bore water and build a new membrane bioreactor wastewater treatment plant.
Goodwin said New Zealand had a shortage of good, affordable, sustainable housing where people wanted to live and work but Beachlands fits the bill.
“The guardians have invested in Beachlands South because we believe the long-term, net social, environmental, and economic benefits it will generate are aligned with our purpose: sustainable investment delivering strong returns for all New Zealanders,” Goodwin said.
The Beachlands South Limited Partnership is the Super Fund, parties associated with Brett Russell’s Russell Property Group and Ngāi Tai ki Tāmaki based in Maraetai, the Waitematā and Tikapa Moana/the Hauraki Gulf.
Brett Russell's property group is behind the project. Photo / Brett Phibbs
Goodwin said having the land rezoned and developed would bring long-term benefits to the city, creating a great place to live, play and work in a way that is aligned with New Zealand and Auckland Council’s objectives for sustainable growth, Goodwin said.
“As a large Crown-owned entity with a mandate to maximise investment returns without undue risk and our purpose to seek sustainable investment opportunities with co-benefits for New Zealanders, the Super Fund has an opportunity to play a role in addressing this shortage.
“We already do this through various real estate platforms, including our Kaha Ake partnership with Classic Builders, collaboration with Eke Panuku working to align our common sustainability principles, standards and approaches, and our partnership with Ngāi Tahu and New Ground Capital at Hobsonville,” Goodwin said.
The Super Fund’s evidence urged independent planning commissioners to grant the application to rezone the land.
The planned Beachlands South development will have a coastal walkway. Photo supplied.
“Beachlands South affords us the opportunity to take advantage of our intergenerational mandate: our long investment horizon allows us to hold illiquid assets and align the progress of a project such as this with the needs of the broader community and environment,” Goodwin’s evidence of October 9 said.
Residents of the huge new town would be encouraged to use the existing Pine Harbour ferry service.
“More intensive housing options will be located within walking distance of the ferry terminal, in line with the Unitary Plan’s intention for intensive development to be located around transport nodes,” Goodwin says.
Build to rent apartments, retirement living, stand-alone housing and other types of houses were proposed with different price points, Goodwin said.
Formosa golf course land is part of the 307.1ha included in the scheme, which is going for a private plan change application.
A spokesman for the Super Fund said this month the Crown entity would not disclose how much it was investing in backing Beachlands. That was not public information, he said.
In 2020, a joint announcement from the Super Fund and Russell Property Group said the parties would buy 250ha of land: the 170ha club at 110 Jack Lachlan Dr and a further 80ha at 620 Whitford-Maraetai Rd already owned by an associate of Russell Property Group.
Brett Russell of Russell Group, which owns one of New Zealand’s top-tier builders Dominion Constructors, said last month that “millions” were being put into the scheme to get the plan change through.
Russell and the others want land rezoned at 110 Jack Lachlan Dr and 620-770 Whitford-Maraetai Rd.
The scheme is planned for 307ha including the Formosa Golf Course, on land without reticulated or sewage mains.
Peter Reaburn, a consultant town planner giving evidence for Auckland Council, said: “My primary concern I raise is that private plan change 88 represents significant urban growth in an area that has not been specifically identified for urban growth.”
It was therefore not appropriate to rezone the land, Reaburn said.
Mark Laing, a consultant traffic engineer, submitted evidence on behalf of Auckland Transport. The rezoning proposal would have “potentially significant adverse traffic effects on the road network surrounding Beachlands” without upgrades, he said.
The plan change application goes before independent hearing commissioners on Monday, November 27. A final decision is not expected until next year.
Anne Gibson has been the Herald’s property editor for 23 years, has won many awards, written books and covered property extensively here and overseas.
