Despite the property slump, McConnell Property is launching construction on a 10-year commercial development worth over $100 million in Hamilton that will bring skilled labour jobs to the Waikato.
The Waipa District Council has granted final approval for the 65ha business complex Titanium Park to go ahead, with construction slated to begin in June.
The multi-use development has flexible noise control limits and a 20 metre height restriction. It will be built alongside the Hamilton International Airport and State Highways 1, 3 and 21.
Commercial, industrial and manufacturing businesses will make up the bulk of the site, with added retail. A plane-watching area will be included for aviation enthusiasts.
The project is a joint venture between McConnell and Hamilton International Airport.
McConnell Property head of commercial and industrial Nigel Richards says that the development has received encouraging pre-sales interest despite a slump in property development.
”This development has the potential to create a truly vibrant commercial and industrial hub for a region which, to date, hasn’t been widely recognised as an option by businesses,” Mr Richards says.
Most of the enquiries so far have been from businesses in freight forwarding logistics, warehousing and agri-business. “The majority of enquiries are from parties with an existing presence in Waikato looking for new premises,” Mr Richards says, adding that low interest rates are encouraging potential buyers.
All going to plan, the development will include a service station, crèche, fitness gym, walking and cycling trails when completed.
Buyers can purchase lots freehold, terminating freehold or leasehold on 99 year (from 2008) leases.
Eight lots of varying sizes priced from $150-$200 per square metre in the first stage have been released to the market. “Sites range from 3000sqm to 1.5 hectares, which can be cut down to requirements,” Mr Richards says.
McConnell would like to see titles released and the first occupiers starting building by February or March 2010, with businesses in residence by the end of 2010.
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