KEY POINTS:
Listening to the roar of race cars might not be everyone's idea of bliss but it's as close to heaven as the country's petrol heads can get.
Cashing in on that enthusiasm, the developers of a 180ha motor-sport park just south of Meremere, were in no doubt the
lifestyle real estate would sell. And it did.
The 80 two-bedroom trackside apartments, priced between $360,000 and $380,000 were pre-sold off the plans in just five weeks, mainly to motoring enthusiasts from Auckland but also from as far afield as Hawkes Bay and Taranaki. And all but one of the 15 lifestyle blocks - ranging in size from 500sq m to 17,000sq m - on the western boundary have sold for between $295,000 and $395,000.
Twenty commercial lots from 4100sq m to 29,000sq m are selling in the Hampton Downs Business Park, with prices ranging from $250 to $400 (plus GST) per sq m. The owners envisage a mix of businesses supporting the motor-racing industry as well as retail and refreshment outlets.
Hampton Downs Motorsport Park, a $120-million project, is unashamedly designed to be a "petrol-head heaven".
The venture is the brainchild of long-time car enthusiast and racer Tony Roberts and his business partner Chris Watson who bought the rural land in 2003. With just one race-track (in Pukekohe) north of Tokoroa and ever-increasing numbers of motor-sport fans, they say there was a gap in the market for a development of an international standard in this part of the North Island.
Already the 3.8km racing circuit at Hampton Downs is taking shape. The track will include pits, grandstands and 24 hospitality suites. The adjacent convention centre will feature a large restaurant, tennis court, gymnasium and swimming pool. Team-building activities on offer will include a V8 super car experience, an SAS confidence course and paint-ball war games.
Following overseas research, which included taking inspiration from Petrol Alley at Indianapolis, and a sometimes arduous 2 1/2-year resource consent process, construction started in February this year, with completion scheduled for early 2009.
The race track is designated an international FIA Grade 2 circuit and vehicles are expected to reach speeds of up to 280km/h. "The main circuit can run any type of car or bike except Formula One," says Roberts, managing director of Hampton Downs, the company running the project. He's anticipating between 200 to 300 events a year promising high-octane action.
