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Large-scale coastal lifestyle residential development block placed on the market for sale

The 137-hectare property at 2824 State Highway 25 in the Coromandel, overlooks the nearby seaside township of Whitianga. Currently zoned rural 1A under the Thames Coromandel District Council plan, the property is being sold with a structure plan in place for subdividing the grazing and forestry planted land into 34 smaller lifestyle sections.

The property consists of a sloping topography of grazing paddocks interspersed by pine grove plantings. A gravel road runs through the middle of the farm. Hilltop ridges within the property have views of Whitianga township some 10-kilometres away, and Mercury Bay.

The farm at 2824 State Highway 25 and development plans for the property are now being jointly marketed for sale by tender through Bayleys Hamilton and Bayleys Whitianga, with the tender process closing on April 29. Salespeople Josh Smith and Belinda Sammons said that once subdivide into smaller sections, the lifestyle block at 2824 State Highway 25 would go some way toward easing the shortage of residential properties for sale and rent in nearby Whitianga.

“It is foreseeable that many of the planned estates which could emanate from this block will be purchased by existing Whitianga residents looking to move out to bigger properties, but still be part of the town’s wider community – being just some 10 kilometres away from the town centre,” Smith said.

“As a consequence, their town dwellings would come onto the market for sale – giving first home buyers a chance to get on the property ladder. Sections within this development will be far more affordable to the average worker in Whitianga compared to the holiday home gin palaces around the Whitianga Waterways precinct.

“Some of those properties in Whitianga town which would become available as their owners move out to at 2824 State Highway 25 could also be placed into the town’s rental pool – which is severely limited at the moment. That is making it hard for workers to find accommodation in town.”

Smith’s analysis of Whitianga’s residential property market is mirrored by Thames Coromandel District Council’s Economic Development Strategy Towards 2028 paper, which notes: “The Thames-Coromandel area is currently experiencing higher than projected population growth from net migration as people look to districts, such as the Coromandel, for more affordable housing options and an improved lifestyle.”

“This unforeseen growth has inflated housing prices in the district and placed pressure on housing supply for permanent residents, as well as limiting the supply of short-term accommodation for seasonal workers.

“As a popular holiday destination, the proportion of unoccupied dwellings in the district is projected to increase from 48 percent of total dwellings in 2013 to 53 percent in 2048. This may contribute to a shortage of long-term rental accommodation for full-time and seasonal workers.”

The data and sentiment are further echoed in Thames Coromandel District Council’s 2018-2028 Long Term Plan demographic trends - spotlighting that Whitianga is one of two towns in the province to experience the biggest growth in the number of homes being built. The other township is Tairua.

“The projected dwelling and rating unit growth rate (for Whitianga) is higher than population projections due to the on-going growth in holiday homes. Mercury Bay (which includes Whitianga) is projected to experience the greatest growth in population,” the statistics-based council report noted.

“The number of houses is projected to increase across all parts of the district over the next 30 years - with an increase of around 3,580 new houses between 2018 and 2048. Much of the projected growth in the number of houses is expected to occur in the Peninsula’s popular holiday settlements - Tairua and Whitianga.”

Smith said he already had 10 builders and residential property developers on the Coromandel Peninsula who had expressed serious interest in buying into the State Highway 25 subdivision enclave once section titles were allocated - so they could then in turn deliver house and land packages.

“When subdivided into smaller landholdings, 2824 State Highway 25 will offer residential property opportunities currently not being catered for in the local market,” Smith said.

The farm is being sold with a renovated three-bedroom home and several barns and storage buildings.

Click here for more information on the listing.

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