12 Lot Subdivision with RC. $1 Million under Valuation!

Katherine Mansfield Drive, Whitemans Valley, Upper Hutt, Wellington
Freehold

Property Details

  • Type
    Freehold
  • Location
    Upper Hutt, Wellington
  • Price
    $2,250,000

12 Lot Subdivision with RC. $1 Million under Valuation!

North Valley Estate is Whitemans Valley’s premier rural/lifestyle subdivision. Set amongst rich farmland and within proximity to Upper Hutt town centre this boutique subdivision offers twelve (12) lots ranging from 2-4 hectares in size (approx. 5-10 acres), on a choice of flat or hill side terrain. 

The property has a Registered Valuation of $3,350,000 (As at January 2018) and with further price growth (approx. 5%+) over 2018, and ongoing demand for lifestyle blocks, this strong market is likely to forge ahead for some time to come.

The owners are prepared to sell to the right buyer or alternatively develop the property themselves which is planned to begin in January 2019. Over the past year much of the hard work has been done, including obtaining a resource consent for the proposed subdivision. Engineer reports, S&P agreements, land covenants, marketing material and more have all been prepared ready for someone to start marketing the lots, gain pre-sales and proceed with the development.

Based on current demand we estimate a sell down of all 12 lots to be 3-6 months and have agents and builders ready to get started with the sell down.

The valuation has been prepared by a reputable Wellington firm (Nathan Stokes + Associates) who have applied a fair development margin to their calculations. Therefore, a discounted sale of $2,250,000 + GST represents a ROI in excess of your standard 20-25%.

Don’t wait, call Hamish today to get this deal under contract. The returns are strong with this one!

 

Visit the website for the development here: www.northvalley.co.nz

 



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