Ngai Tahu/CDL launch Prestons subdivision
Marketing is under way for the long-awaited Prestons subdivision in northeast Christchurch.
It is a joint venture between Ngai Tahu Property and Stock Exchange-listed CDL land and Foodstuffs.
Prestons is the only new subdivision east of the city centre and has been tipped as a likely attraction for earthquake-displaced residents who do not want to move to the western fringes where most new developments are under way.
Ngai Tahu engaged in discussions with the local councils and Canterbury Earthquake Recovery Authority to fast-track zoning permission by Earthquake Recovery Minister Gerry Brownlee under the Canterbury Earthquake Recovery Act – some developers who were cut out of the process are currently engaged in a court challenge to obtain zoning.
In spite of the flood of new sections around Christchurch, those in Prestons are keenly priced and may still be beyond the reach of red-zone residents with rateable value payouts under $400,000.
The first 200 sections in stage one, which will be known as Korowai, range in size from 450sq m to 650sq m and are priced between $180,000 and $245,000. Titles are due in December 2013.
Ground tests show the majority of the land is TC1, with some small, localised areas being TC2.
Earthworks will include ground densification to TC1 foundation standard.
The land is sandy and therefore was not damaged by liquefaction or lateral spreading. However, some areas of thin peat layers have been identified and will be removed.
Prestons is sited on 203ha with capacity for 2500 houses and 8000 residents. It is bounded by Mairehau Rd to the south and Lower Styx Rd to the north and is bisected by Prestons Rd.
Plans are under way for a school and supermarket.
Roading upgrades will be undertaken during the project, including Prestons Rd, the Prestons Rd/Marshland Rd intersection and other neighbouring intersections.
The developers will assist buyers to obtain insurance.