| 69 T T Sue Russell Waikanae development ticks the boxes Stage 2 of Karikari Grove was completed in 2018 offering 11 sites to the market. All 11 have now been sold with 10 built on. Kakariki Trust: Kakariki Grove DEVELOPMENT Paul Workman workman@outlook.co.nz Team Group Realty Ltd Licensed Agent REAA 2008 0274 480 118 04 902 9634 YOUR Property OUR CARE to support the Kakariki Trust Harcourts Waikanae - is proud providing marketing and sales John Mouroukis has been seriously involved in property developments in Greater Wellington/Kapiti since 1998. When the opportunity presented in 2016 to purchase Stages 2, 4 and 5 of a 5 stage development originally owned by John Marris, he seized the chance, seeing the potential the Waikanae subdivision held, particularly with the new expressway and the imminent opening of Transmission Gully. “The original development in Kakariki Grove and adjacent streets commenced circa 2005. When John Marris passed away, my trust, the Kakariki Trust purchased the remaining stages,” John explains. Stage 2 was completed in 2018 offering 11 sites to the market. All 11 have now been sold with 10 built on. The land area is 5.7 hectares and had Council approval to develop 29 residential sites, with initially a remaining parcel to vest as a Reserve. Unfortunately, Council has subsequently decided not to develop the Reserve, on land that isn’t possible to be developed for housing sites. Covenants apply to each lot, regarding minimum house size (no less than 150 m2) and on some building materials to ensure a high quality subdivision. “It’s really important that those spending good money to buy in the subdivision and who invest in a high quality home do not face seeing others buy and develop sub-standard properties, hence the covenants.” When Business Central spoke with John he was engaged in gaining Titles to Stage 4, working up the hillside where eventually 8 Lots have been subdivided. Five presales are already in place, giving John the confidence to begin planning for a potential 26 further sites after the present Stage 4 Lots. One of the wonderful aspects to the subdivision is that all sites have expansive unobstructed views over Kapiti Island and enjoy all day sun. John’s focus is on selling sections only, although he has built on two of the first 11 sites. He has also had a serious approach from a developer who specialises in land and house packages and is in early-stage discussions with him. “Covid has certainly complicated the issues around further development for several reasons. Financiers are rightly nervous of an uncertain market. “They were firmly of the view that the financial aftermath of covid would be far more severe than the GFC. Lockdowns created material, labour and trade shortages in every aspect of a house build.” All this has been impacted further by high demand now for trades and without a clear build date firmed up, some buyers are opting for the sunset clause in contracts. The way the subdivision is situated, at the top end of Stage 4, residents will have views down over Cook Strait and to the Kaikoura ranges beyond. Asked what he most enjoys about property development of this nature, John says it is being your own boss. “You have a degree of control over how and where you spend your time. You also meet some delightful people in terms of purchasers and I enjoy communicating with planners, engineers and trades.” Homes in the subdivision are priced from $1.1million.
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