The company behind the Northwood residential development which started in Hastings 17 years ago has announced the acquisition of almost 70 hectares in Havelock North.
The purchase of the 69.4ha from Lowe family interests was completed after Overseas Investment Commission approval was obtained earlier this month, says a statement to the NZX listed company CDL Investments NZ Ltd, owner of subsidiary CDL Land NZ Ltd.
It comprises several lots, including 41.9ha of mixed-flat and rolling real estate between Iona and Middle roads, rezoned for residential development three years ago to allow for the building of 350 homes.
It was put up for sale last year with businessman Andy Lowe saying he had decided against being the developer of the land, regarded by the Hastings District Council as a significant in an area identified as suitable for such development in the Heretaunga Plains Urban Development Strategy (HPUDS).
First adopted in 2010, the HPUDS was reviewed and re-adopted by the HDC, the Napier City Council and the Hawke's Bay Regional Council in 2017.
In the announcement to the Stock Exchange CDL Land NZ executive director Jason Adams signalled work on the land would start as soon as practicable once the necessary consents have been obtained.
"We want to get works started as quickly as possible as Havelock North is an area which is growing very fast, where present demand for additional residential housing and sections exceeds supply and we are keen to be part of the solution."
"We would like to express our sincere gratitude to the Lowe family for their patience and co-operation over an extended period of time as we worked through the various processes and obtained all of the approvals we needed to," he said.
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Investment company managing director BK Chiu said the acquisition allow CDI to maintain its "long-term strategy of development in growth areas across New Zealand."
As well as the Northwood development, bounded by Williams St and Richmond and Pakowhai roads in Hastings, CDL has been involved in developments in the Auckland region, Christchurch and Hamilton.