A big rural site on Hamilton's outskirts is planned to be new logistics, commercial and industrial development.
A big rural site on Hamilton's outskirts is planned to be new logistics, commercial and industrial development.
A business owned by NZX-listed Stride Property Group and foreign institutional investors won approval from two ministers for a $96 million deal to buy 57ha of property on Hamilton’s outskirts.
A big new commercial hub and logistics centre is planned at the site, according to a decision released yesterday.
FinanceMinister Nicola Willis and Land Information Minister Chris Penk cleared the application on January 8, allowing the parties to buy land classified as sensitive.
Stride, with a market capitalisation of $726m, owns Industre Property Rua, buying the rural property at 16 and 16a Wickham St, Frankton, Hamilton.
Industre Property Rua is 47 per cent New Zealand-owned, 15 per cent American, and various others own 38 per cent.
In 2022, Stride told the NZX that Industre had a $787.7m portfolio and said then it was buying Hamilton property.
The Overseas Investment Office released its decision yesterday, saying Southpark Agri Development (95 per cent New Zealand, 5 per cent Japan) is the vendor in the deal put at $96,380,500.
Finance Minister Nicola Willis was one of two ministers who cleared the Hamilton land deal. Photo / Mark Mitchell
“The land is currently used for occasional coarse grazing of animals and as a laydown yard for temporary storage of equipment and vehicles.
“The applicant will use the land to develop into a commercial, industrial and logistics complex comprising approximately 30 lots to be leased or sold to industrial, manufacturing and logistics operators,” the Overseas Investment Office said.
“The main benefits to New Zealand are likely to include increased jobs, additional investment for development purposes, promotion of the development of the Waikato region and promotion of economic competitiveness. The investment is also likely to advance the Government’s regional development policies,” it said.
In 2020, Stride told the NZX it had bought 4ha at 16 Wickham St for $10m. It cited a joint venture with a group of international institutional investors, through a special purpose vehicle advised by JP Morgan Asset Management.
Industre specialises in the industrial property sector and started business with 13 properties in Auckland and Hamilton.
Stride’s announcement four years ago told about plans for the Hamilton site.
“The Wickham Street, Hamilton property [was] acquired in April 2020 in contemplation of Industre being established. Part of the Wickham Street property is currently being developed as a resource recovery park for Waste Management, who will take a 25-year lease upon completion of the development,” the business said on July 1, 2020.
Steve Evans of Fletcher's Vivid Living. Photo / Michael Craig
In a separate decision also out yesterday, Fletcher Residential and its retirement division Vivid Living won standing consent to buy residential land for development.
Fletcher needed consent because it is 45 per cent Australian and 18 per cent American. Under the law, no foreigners except Australians and Singaporeans can buy residential New Zealand land.
The standing consent allows Fletcher to buy up to 200ha of residential freehold land in the Auckland, Canterbury and Waikato regions by January 31, 2027.
The land may be used for up to 15 developments, clearance said.
Fletcher must develop new residential dwellings, which may include retirement villages and build-to-rent developments, the clearance said.
Anne Gibson has been the Herald’s property editor for 24 years, has won many awards, written books and covered property extensively here and overseas.
