By ANNE GIBSON
Residential development is booming in the Marsden Point area near Ruakaka and two pieces of land have just changed hands for nearly $9 million.
Greenlane real estate agent Peter Jennings, of Realties Property Brokers, said Adam Farrell's Marsden Point Developments had settled a deal to buy two large
blocks for housing and commercial use.
The company paid $6.5 million for 19ha of residential land at One Tree Point, adjacent to Whangarei Harbour, Jennings said.
Marsden Point Developments bought the property subdivided into 167 residential sections, surrounding a partly completed nine-hole golf course.
The company paid a further $2,245,500 for 11.6ha of land zoned for commercial and residential purposes, and next door to the 19ha block.
Marsden Point Developments planned to build a retail centre with about 15 shops, a motor inn, medical centre and retirement village, Jennings said.
He sold both parcels of land and the deal was settled on May 16.
Jennings said that of the 167 sections, which were about 600sq m each, 50 had sold unconditionally for $120,000 each and further conditional sales had been made.
The population of Ruakaka, about 30km southeast of Whangarei, was predicted to grow from 3000 to about 10,000 in the next three years.
"The workers coming into the area will need houses and infrastructure," so the expansion plans were a response to the growth, Jennings said.
Marsden Point Developments bought the land from developer Tony Jelas, who had already started transforming the residential block into La Pointe Beach Estates.
"He had three holes finished and some houses," said Jennings.
"But he couldn't complete it so he sold all the land to Marsden Points Developments."
The company's two blocks are near Hopper Developments' Marsden Cove subdivision beside Whangarei Harbour.
Hopper is developing about 700 sections at Marsden Cove.
