Home Real Estate New Zealand’s property company buys 51.3 hectares in Drury

New Zealand’s property company buys 51.3 hectares in Drury

by Jonathan Adams

New Zealand’s largest listed property company paid $39.8 million (£31.92 million) for two sites totalling 42.7 hectares in Drury, zoned ‘Future Urban’ under the Auckland Unitary Plan and located next to the Southern Motorway. It said it had also secured a first option on a smaller 8.6 hectare parcel, with a market price to be determined when that option was exercised.

Chief executive Chris Gudgeon said Kiwi aimed to develop a town centre in Drury over the next 20 years, which would complement the existing centre. He said the development site would eventually benefit from rail and other transportation improvements.

“This is an exciting opportunity for Kiwi Property. Intensification at key transport nodes and master-planned town centre developments are going to be a big part of our future under the Auckland Unitary Plan,” said Mr Gudgeon.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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