The 19.5 ha Twin Oakes property at 34 Matipo Ave, Rotorua.
The 19.5 ha Twin Oakes property at 34 Matipo Ave, Rotorua.
Twin Oaks, at 34 Matipo Avenue, has come up for sale for the first time in decades.
Possibilities for the 19.5 ha landholding, in the exclusive Rotorua suburb of Matipo Heights, include a retirement village, aged-care facility, residential subdivision, or lifestyle lots.
Having been in the freehold ownership of theRodwell family for more than 30 years, it is being marketed exclusively by sole agent John Bedford, of CBRE.
Twin Oaks is for sale by way of an Expressions of Interest campaign, with a closing date of 4pm Wednesday 13 April 2016, unless sold prior.
John Bedford, Senior Director Capital Markets at CBRE, says it represents a development opportunity catering for a cross section of residential and or retirement village developers. All those in search of zoned greenfields land with scale and diversity.
"New Zealand's population is aging rapidly and Auckland property prices are tempting many people to seek lifestyles in places that include Rotorua.
This large landholding offers a range of flexible development opportunities, with two distinct zonings and consent to establish a retirement village on approximately 5 hectares of the Rural 2-zoned land."
About 4 km south west of Rotorua's CBD, single-lot property occupies an elevated area on the fringe of the town's residential boundary.
Matipo Heights, an emerging suburb of Rotorua is the development focus of the Rotorua District Council.
John Bedford, CBRE.
"The elevated setting offers expansive 360 degree views of the Rotorua district, Lake Rotorua and beyond," says Bedford.
"Unobstructed views are also enjoyed to the south and west of the property."
The Rotorua District Council, in consultation with the family, initiated a process to rezone the land to cater for the pressing need for developable retirement and residential land. The family has worked with the council and neighbours to achieve an agreed position on the zoning of 34 Matipo Avenue that would result in a low-intensity development of the property.
On September 24 last year The Twin Oaks Development Plan was adopted into the District Plan under a Consent Order imposed by the Environment Court.
"That was a game changer for the property, immediately transforming it from a rural block into a viable development opportunity, adding real benefit and value to prospective purchasers by removing a major hurdle to development," Bedford points out.
"The site carries two zonings under the Proposed Rotorua District Plan (PRDP): Residential 1 and Rural 2, which provide for a mix of development. The Twin Oaks Development Plan provides for a Licence to Occupy 120 unit retirement village together with a 30 bed aged care facility, indoor and outdoor recreation areas on park-like grounds."
He says that the concept plan accommodates a retirement village that might utilise up to 5 hectares, while 2.258 hectares is zoned for residential purposes leaving 11.78 hectares available for large-lot rural residential development.
The plan for the retirement facility provides for residential units, village facilities and a hospital to service the Twin Oaks and other retirement villages.
"A unique element of the Twin Oaks offering is the selection of development or land banking opportunities available to purchasers," says Bedford.
"The property is presently in one freehold title, which would suit a single purchaser most effectively, allowing a new owner to maintain ultimate control by purchasing the entire block and developing it over time. However, the three distinctive zoned areas could be purchased individually," says Bedford.
