Consented development opportunity for sale in Levin

A 1.1 hectare site with consents in place for a 35 unit-titled lifestyle village at the Lake Horowhenua end of Queen Street, the main east/west arterial route through Levin, is up for tender.

Resource consent and associated land use consents were obtained in July this year for the establishment and operation of a unit-titled lifestyle village to comprise 35 residential units, a community centre, plus an internal roading network within the development at 183-185 Queen Street.

Stephen Lange of Bayleys Wellington says the current owner of the land has spent a couple of years doing the administrative "hard yards" getting the consent process sorted out, but has decided to hand the baton on to a proactive developer to complete the project.

"The opportunity now exists for builders and developers to leverage off this preparatory work to create a new community in Levin," says Lange.

"It has been identified that the best and highest use for this residentially-zoned block of land would be for an integrated residential development, however, within this use there are ownership model options.

"A new owner could build and sell the unit-titled units or hold them under a Licence to Occupy ownership model for long-term revenue and tax advantages."

Lange says concept plans are available offering two different floor layouts in three configurations from 95 square metres to 104 square metres, with a community hall of 147 square metres.

Under the existing plans, the 35 units with single garages are grouped together into double and triple configurations around the perimeter of the property. Paved and landscaped patio/terraces are shown at the rear of each unit, although these areas will be in common ownership and do not form part of the proposed unit titles

A central 'island' contains the community hall with kitchen and toilet facilities, plus 11 designated car parks and communal open space.

The usage of the hall, with an approximate capacity of 55 people, will be managed by the Body Corporate and will not be leased out to non-residents.

Landscaping plans, including a soil report, are also available for the generally flat, cleared site. The property comprises two parcels of land forming an irregularly-shaped parcel with a combined road frontage of approximately 42 metres to Queen Street before widening to around 192 metres at the southern boundary.

The land is flanked by new residential properties on one side and the Council-owned 17 hectare Kowhai Reserve – which includes protected woodlands – on the other.

"This proposed development is ready and waiting to be picked up by a proactive developer and, making it even more attractive, is the fact that there are no reserve contributions required by Council," explains Lange.

Tenders close at 4.00pm on Wednesday, 4th December. The property features in Bayleys' latest Total Property portfolio magazine.

Lange says Levin has seen strong residential growth and enquiry for residential units over the past few years on the back of a northwards drift out of Wellington.

"The local Council estimates another 5,300 new homes will be required by around 2040, fuelled in part by the significant roading projects due to be completed next year between Wellington and Levin which will shave commute times," he says.

"Recent data from the Real Estate Institute of New Zealand shows the median sale price for the wider Horowhenua area has jumped more than 60 percent in the past three years.

"From June 2018 to June 2019, the average house price in the district increased by close to 20 percent, while the value of building consents hit a record $100 million mark for the first time in the past financial year.

"That demonstrates real confidence in the broader area and Levin is benefitting from this sustained growth."

While an integrated lifestyle development need not be solely retirement living-driven, 2013 census data shows that 23.7 percent of people in the Horowhenua District are aged 65 years and over, compared with 14.3 percent of the total New Zealand population.

Statistics New Zealand's 'moderate' projection for 2028 is that Horowhenua's 65-plus age group will climb to over 32 percent of the population, and that the median resident age will rise by six years to 51.7.