CDL Land has bought a large chunk of land in Havelock North for residential development.
Havelock North (file image). Photo: RNZ / Rebekah Parsons-King
The company, which is associated with hotels and development firms Millennium & Copthorne and CDL Investments, obtained Overseas Investment Office approval to buy the 69.4 hectares of land from the Lowe family, earlier this month, for an undisclosed price.
"This is a very significant acquisition for CDL Land and something we have been working on for some time," CDL Land's executive director Jason Adams said.
Development would begin once the necessary approvals had been obtained, he said.
"We want to get works started as quickly as possible as Havelock North is an area which is growing very fast, where present demand for additional residential housing and sections exceeds supply and we are keen to be part of the
solution."
Company chair BK Chiu said the acquisition allowed the business to maintain its long term strategy of development in growth areas across New Zealand.
The company recently completed two Auckland subdivisions at Kewa Road on the North Shore and at Dominion Road in Papakura, with a third in West Auckland in the final stages of completion.
Staged completion of sections at Prestons Park in Christchurch was ongoing.
"This Havelock North purchase adds to our land holdings in the North Island in locations such as Hamilton and affords us the opportunity to meet residential section demand in these two growing regional locations."