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Crofton Downs residential lots for mortgagee sale

Buyers have the opportunity to secure sites in a popular suburb on Wellington CBD’s fringe as the remaining development land within an established Crofton Downs subdivision is marketed for sale.

The consented freehold land at 2 and 6 Porokaiwhiri Street, Crofton Downs, positioned between Ngaio to the northeast, Wilton to the south-west and Wadestown to the south, forms part of the broader subdivision known as The Terraces.

Five stages of the progressive nine-stage project have been successfully completed, however, now the land lots that comprise stages six, seven, eight and nine of the subdivision development are for sale by mortgagee tender closing Monday 31st July with Bayleys.

The land available includes 40 individual build-ready lots ranging in size from 320sqm – 1,396sqm, along with two super lots of approximately 5,466sqm and 5.88 hectares.

These super lots have Resource Consent and engineering plans and provide for 9 and 21 sites respectively, incorporating bush-clad reserve land and roading vested to Wellington City Council.

Substantial civil works have been completed for the subject lots which are all zoned Residential 9A, have flat drive on access and with titles on the 40 lots expected to be released shortly.

Grant Henderson, Hadley Petherick and Spencer Petherick, from Bayleys Wellington residential team are handling the tender in conjunction with Grant Young of Bayleys’ commercial division.

Opportunity now exists for individuals, group builders and well-capitalised developers to acquire one or more sites, with all offers to be considered at the close of the tender process.

“We are likely to see a range of buyers come forward, although we’re not ruling out a single party tendering for the entire offering,” says Henderson.

“It is expected that the land will be contested by a combination of buyers from ‘mums and dads’ looking to acquire an individual section, to group buyers taking 10-15 sites, through to larger experienced developers seeking an opportunity with scale.

“Reality is, there’s limited developable land available on the Wellington market and this subdivision has unlocked some really desirable centrally-located land.

“With the earlier stages of this subdivision completed with homes of a high standard, and a real sense of community springing up, buyers can take confidence from the distinct locational advantages this land presents.”

Henderson says there’s potential for house and land packages to be brought to the market in the high-$900s – low-$1million bracket which is a viable and active part of the current residential market.

“The first five stages saw well-constructed quality homes selling for early-$1 million – $1.5 million and while admittedly the residential market does still have some inflation-driven headwinds, there are still first-home buyers wanting homes and, at a certain price level, KiwiSaver grants may apply.”

Grant Young says when viewing the land available through a commercial lens, he believes there is appetite in the market from seasoned developers for projects with scale.

“If they can secure well-located land at the right price, well-capitalised developers are prepared to embark on new projects.

“As this Crofton Downs land is consented and there is base infrastructure in place, the value equation and the projected delivery timelines are enhanced.

“We do have developers in the wing looking for land opportunities – in whole or in part – and as the rate of growth in construction material costs seems to have slowed down and new-build property comes with some tax advantages for developers, it is hoped tenders will be forthcoming.”

The subject lots have some design and site coverage covenants in place to protect the asset values of all residents, however Henderson says there is intrinsic flexibility to allow for individuality.

The sites are located at the southwest axis of the broader subdivision, are accessed from Silverstream Road, and in walking distance to Crofton Downs train station, public transport connections and amenities including Countdown Crofton Downs, Mitre 10, parks and reserves.

The subdivision is zoned for sought-after schools across all age levels.

Click here for more information on the listing.

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