10 | REGIONAL DEVELOPMENT Universal Developments Company extends reach to Dunedin Karen Phelps Longview Lake Hawea, Universal Development’s current flagship project, comprises 500 lots and includes two recreation reserves and five pedestrian reserves plus three hectares of commercial land. “We see Longview as a community so there are real benefits in the majority of owners being fulltime residents.” Universal Developments Ltd is growing, extending into the Dunedin market with its first subdivision projects outside of the Queenstown Lakes district. Due to be released later this year or early next year, the projects will include a massive 500 lot subdivision in Mosgiel and a 100 lot project in Fairfield. Universal Developments director Lane Hocking says the projects are part of its plan to help alleviate New Zealand’s housing shortage by delivering high quality sections to the region. Universal Developments is 100% locally owned and operated by Lane. The company has been involved in property development for over 20 years. Being self-funded is a key point of difference for Universal Developments as it allows the company to create a high quality product without the timing considerations bank lending requirements often necessitate. For example, it can undertake some of its earthworks prior to engaging in pre-sales. This can allow purchasers to get a better feel for what they’re purchasing, says Lane. Combined with all of the subdivision specifications being available on the company website it’s a powerful sales model. The company’s reputation for quality and reliability builds trust so people can purchase with peace of mind, he says. Universal Developments has, until now, undertaken projects in the Queenstown Lakes district. The company’s current flagship project is Longview Lake Hawea. The masterplanned community comprises 500 lots and includes two recreation reserves and five pedestrian reserves plus 3 ha of commercial land. Launched in March 2021, over two thirds of the lots have now sold with first titles due to be issued in July 2022. A key point of difference is that Universal Developments has prioritised selling to first homebuyers and owner-occupiers. Covenants – including not being able to on-sell a section within five years unless it has a house on it – have been put in place to discourage speculation. Not that all sections in Longview aren’t available for those who want long term rentals or investment but Lane says it’s about getting a good balance and those other customers are second tier priority. “We’ve seen what’s happened with other subdivisions in the region where sometimes sections pass through two or three owners before they end up with the ultimate owner-occupier. So we want to get the sections in the hands of the ultimate owner-occupiers first up so they can benefit from the capital gain/equity. We see Longview as a community so there are real benefits in the majority of owners being fulltime residents. It’s a nice feeling when purchasers tell us they had never thought they’d be able to afford a home in this district and that they’re excited about moving into Longview.” Universal is happy to sell direct to purchasers or help introduce them to trusted house and land package building companies. Lane says that Longview has partnered with New Zealand’s leading group homebuilders to ensure there is something for everyone – affordable packages, long-term rentals, and sections to build a dream house or holiday home. For those using Kiwisaver funds for the deposit Universal Developments allows a delayed deposit of several weeks in order to accommodate the Kiwisaver withdrawal administration. For first homebuyers Universal can reduce the deposit to 5% if needed to make that part of the process easier. Of course Longview offers packages at higher prices as well and has something for everyone to result in a good community mix, says Lane. As part of its consent requirements, Universal Developments is also gifting 62 sections valued at over $20m in Longview Lake Hawea to the Queenstown Lakes Community Housing Trust which will provide a range of affordable and secure tenure rental programmes along with its assisted ownership model, the Secure Home programme. Lane says that the objective of Secure Homes is not only to provide decent and affordable housing, but long-term housing stability and security in the same way that home ownership does. Secure Home is based on a leasehold agreement between the Community Housing Trust and the household, which sees the Trust retain full ownership of the property. The household purchases the right to occupy the property at the cost of house construction (excluding land). The household then pays an annual ground rent to the Community Housing Trust for use of the land, which is set well below market value and only ever increases annually with inflation for the period the household remains in the programme. The lease cannot be transferred or on-sold on the open market, but should a household decide to move on, the Trust will purchase the house back at the original purchase price, plus an annual inflation adjustment (provided the house has been well maintained). If the household has made any improvements to the property, which the Trust has approved, then these too will be factored into the resale price. “This initiative helps to build and cement a strong community. We’re happy to be a part of this as it genuinely makes a difference for a lot of people. Julie Scott and her team at the Community Housing Trust do an incredible job and have created a product which is genuinely at the vanguard of modern housing solutions.” Longview will also include 3ha of commercial titles. Lane says that consent is already in place for a childcare centre and for a commercial building containing a café, offices and commercial tenancies. “Over time we expect this to grow into a commercial area servicing local needs and provide a broad range of commercial and community uses,” he says. Other developments completed by Universal Developments in Wanaka include Dungarvon (25 lots), The Heights (161 lots) and Clearview (121 lots). All sections in these developments are sold out. Universal Developments also has a 9ha high-density residential project in Queenstown in the planning phase. People interested in any of Universal Developments’ current and upcoming projects whether in Dunedin or Wanaka, Hawea, and Queenstown can register early interest via Universal Development’s website. Lane says that Universal Developments is actively seeking other opportunities across the South Island and would welcome any approaches.
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