64 | DEVELOPMENT Vasist Property High quality subdivision well on track T Kelly Deeks Buying local and supporting local employment is an important goal for Vasist Property. Bringing another new, high quality subdivision to the Wellington region, Vasist Property is continuing in the same way its has had since it was established in 2015, completing all the excavation, site works, and construction from in-house. Initially completing full contracts for other developers, Vasist Property owner Kumar Vasist says he quite quickly realised there isn’t a great deal of money to be made in construction, because the margins are just so tight. “So we took the risk early on and moved into development,” he says. “It was risky because development requires a lot of cash flow and capital, but it paid off quite quickly.” Vasist Property’s first development was done in partnership with another investor. Kumar bought a 9000sqm block on Rangiora Avenue in Kaiwharawhara, a steep site where he built two houses. As this project was drawing to a close, multi-unit development was starting to take off in Wellington as land became scarce and land prices climbed significantly. “What we’re doing now is trying to unlock the maximum potential yield out of every site,” Kumar says. “We are doing a lot more multi-units now because that is where property development is heading. The situation with the scarcity of land and the price of sections isn’t going to improve, and now the cost of construction is very high as well. “Multi-unit living will eventually become standard in New Zealand. This is high-density living like Europe and places like that have had for many years. We have to adapt to the times.” Kumar says from the day Vasist Property started, he has looked at how the company can be different to what the market is doing, so instead of building big developments with lots and lots of houses, he has focused on smaller developments with a bit more profit on each individual project. “Because we do all of the construction in-house, we cut out a lot of outside costs, and we also have control over our own costs.” Buying local and supporting local employment is an important goal Vasist Property is proud to achieve, by employing each of the 40 people who work in the business and buying all materials from the local Mitre 10. With its buying power, Vasist Property is able to pre-order in advance and for its latest and largest project to date, Stockden Place in Karori, the company has a warehouse in Newtown where the majority of materials to complete the two stages have been stored away. Stockden Place is currently the largest residential development underway in Karori, with 11 homes on track to be completed in September and a further 14 homes to be completed in December. It is up high with beautiful views, good link roads, and good bus routes. “This is a large development with 25 homes but we have allowed for lots of shared communal spaces so it is nicely spread out. The driveways are 6.5-7m long so there is a decent amount of space between homes, and the 11 homes on the lower platform are accessed from Cathie Place, while the 14 across the top are accessed from Stockden Place.” The homes are all built on thermally broken concrete slab foundations, with 140mm framing making a stronger home and also allowing for double insulation in all the walls and ceilings. Vasist Property has chosen to wrap these frames with Rab Board, providing an all in one bracing, airtight, and fire resistant cement rigid air barrier. Cladding is cedar, corrugated iron, and sto plaster. “We have chosen to use cedar extensively throughout the development for its sustainability.” The elegant and refined look continues on the inside of these homes, with timber floors, engineered granite bench-tops, and high quality appliances, as well as two skylights in each home bringing in natural light and heat. “Because we do all of the construction in-house, we cut out a lot of outside costs, and we also have control over our own costs.” Concrete pumping and spraying specialists servicing the Wellington and wider regions. 027 667 4466 charlie@rhinoconcrete.co.nz Rhino Concrete Services NZ
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