He was therefore pleased to announce yesterday that council is bringing the Matai Ridge subdivision back to market, seeking to fill a substantial void in the city’s real estate and land markets.
It’s a reboot for the project that was scrapped three years ago.
The municipality and southern construction company Wilson Contractors (2003) Ltd have entered into a joint venture that will lead to 35 sections developed at the East Gore site.
The first 15 sections will be published tomorrow by First National Gore.
Mr Hicks said it was good news for the district.
“It has been a long time coming,” he said.
âWe just had to cross the line and provide welcome relief to those looking to purchase buildable sections in Gore.
âAlmost daily I would be asked, especially those who are involved in real estate, what is going to be done in the real estate market, how can we help those who want to come to Gore and live here.
âThen you talk to the big employers – they have people who want to move here but can’t find housing. “
The council purchased the 3.6 ha of land in March 2017 for $ 360,000. It was previously owned by retired U.S. dentist and developer Dr Jack Phillips.
The council suspended the project in 2018.
He had only sold one section at the time.
The time had come for him to return to the market, Mr. Hicks said.
First National Gore directors Graham and Tara Maxwell said the sections would be valued at varying $ 149,000.
Mr Maxwell said the city is waiting for a purpose-built housing estate to come to market.
âThe timing is good.
âWe have people who want to come in and buy a section.
“It is difficult to find accommodation in Gore and to find a section that will have services,” he said.
He said that in 2018 the market had been more subdued with an average home price of between $ 220,000 and $ 230,000, but now it has moved closer to $ 400,000.
Ms Maxwell said there would be different prices for the different sections.
The council’s contribution to the project to date is $ 1.15 million.
Council General Manager Stephen Parry said Wilson Contractors had been a passionate bidder throughout the history of the subdivision.
âWe bring to the table the market value of the land, detailed engineering designs, resource consent and commercialization, among others. “
Under the joint venture, revenues would be shared in proportion to each party’s financial contribution, Mr. Parry said.