The suburb of Whitby, within Porirua City, is set to leverage off the infrastructural benefits of the Transmission Gully project which promises to cut commute times to Wellington city.
Press says the owners, Ed Fernley and Kyle Anderson, are well-known in commercial development circles for their work in interior fit-outs. The pair's Matrix Group has been instrumental in creating contemporary interior fit-outs for some of Auckland's flagship restaurants and hospitality venues.
The pair bought the Silverwood Forest land with the aim being to complete the administrative hard yards in seeking and gaining Resource Consent for a well-planned residential subdivision.
"Often the upfront expense and time delays in gaining a resource consent is what frustrates and puts off potential developers," says Press.
"With Lot 3 Silverwood, those initial red tape hurdles have been fronted and overcome, so the project has been fast-tracked making it far more appealing for a developer to pick it up and run with the next stages.
"Given that it is now a consented subdivision, it could be an 18-month project to shape it up into land and home package offerings."
Press says overall the subdivision appears to be well-designed to take into account the topographical and Council constraints, while maximising the yield to create what will be a new and well-defined "community" within Whitby. "There will be reward for a well-funded developer."
Access to the subdivision will be from the new Link Rd, currently under construction, into the southwest corner of the block. It is bounded to the north by lifestyle sections in Pacific View, to the east by the Transmission Gully Motorway (TGM) and to the south by the proposed new Link Rd between James Cook Drive and the motorway.
The former forestry land is more strongly-contoured than most of Whitby allowing for views from most of the sites.
Website qv.co.nz states that there were 39 sales in Whitby in the last three months, with an average sales price 19 per cent above rateable value.
"From discussions and analysis of market data, it is expected that this new subdivision could support homes in the $800,000 to $1.25m bracket," says Press.
"The opening up of this land will entice a market looking for quality sections and home packages. It's a well-established suburb with higher-than-average household oncomes, strong community amenities and recreational spaces.
"Whitby is expected to remain a popular choice for home buyers in the Wellington region – and even more so once roading initiatives are completed."
