With development fundamentals coming back into line, and progress being made on the Hawke’s Bay region’s Future Development Strategy (FDS), brokers marketing a sizeable development site in Havelock North with consent for a master-planned medium density residential project are anticipating good enquiry.

The shovel-ready site on the corner of Brookvale Road and Romanes Drive, is located around 1.5km northeast of the Havelock North village centre and has been home to family-owned and Christchurch-headquartered Oderings garden centre for around 25 years. The wholesale nursery arm of the business was recently relocated to a former vineyard site in the Gimblett Gravels area as part of Oderings’ nationwide rationalisation programme, freeing up 1.56 hectares for redevelopment at the Havelock North site which it owns.

The land is currently zoned Plains Production Zone, however it has approved resource consent for subdivision and a comprehensive 35-unit development comprising a mix of housing typologies including fully detached two-storey dwellings, two-storey terrace-style dwellings, duplexes, a mix of single-level and two-level homes and a single-storey bespoke dwelling fronting Brookvale Road.

The resource consent granted to Oderings for the subdivision and development also includes provision for the ongoing operation of a retail garden centre and cafe fronting Brookvale Road, with ownership of this component remaining with Oderings.

55 Brookvale Road, Havelock North is for sale by negotiation through Kerry Geange and Tony Knaggs, Bayleys Hawke’s Bay.

Geange says the site was first taken to the market late last year and while good enquiry came forward, lingering economic uncertainty meant that developers were shy. He says fundamentals are lining up now with reduced costs of construction and interest rates getting to sub-five percent.

“With council demand and capacity assessments for Havelock North revealing a shortfall in housing for both the current and forecast population growth, greenfield and brownfield opportunities are slim pickings in the area, meaning this consented site will resonate with proactive developers.

“Developer entities that are resourced and geared up to get ahead of the market curve will appreciate the time, effort and significant capital invested by the vendor to get the resource consent approved.

“It has been a four-year process and while the vendor has been committed to getting the site to this stage, they had no intention of undertaking a development themselves, opting to enable an experienced player to hit the ground running.”

With the Hawke’s Bay FDS tasked with identifying sufficient residential and business land capacity to accommodate regional growth for the next 30 years, Geange says it is understood the subject site is earmarked for rezoning to residential use. The FDS supports intensification around the Havelock North village centre and in established greenfield locations including Brookvale, Arataki and Iona.

“This part of Brookvale Road is a natural extension of the existing and well-established residential area in Havelock North’s north-eastern frame. It is adjacent to Guthrie Park, home to Havelock North Wanderers and the Havelock North Bridge Club, which provides a great outlook.

“Demand for residential property in and around the Havelock North village is high – it’s the sweetheart suburb of Hawke’s Bay. While a new owner could naturally pursue other options for the site, the approved plan for medium density development on the subject site would provide smart housing product which is what the market is looking for.

“There’s opportunity here for a developer to bring turnkey modern, low-maintenance lock and leave homes to the market, in a convenient location close to village amenities and with strong arterial connectivity.”