Richard Woodd, TPIA Executive Committee
The brains behind Waimea Crossing, an impressive New Plymouth subdivision, were the guest presenters at the TPIA’s AGM on June 20.
Developers Nathan and Karen Mumby, who also own the local David Reid Homes franchise, purchased a bare six acre lot in Hurdon about 6 years ago and over the past 3 years have subdivided this into 23 sections with roading and all services completed.
It’s a great location fronting upper Tukapa St close to the Frankley School and handy to the Base Hospital.
“We’ve put a lot of thought into the design and layout, as we wanted something with a strong community feel and not too densely housed, that would retain its resale value,” Nathan said. “For this reason there are covenants controlling fence heights, roofing materials and some cladding, and paint colours.”
That’s also why the sections are bigger than usual. They range from 590 to 1075 sq.m, but they average 700 and there are plenty of those. The reticulated services comprise fibre, power, gas, water and stormwater (no soakholes).
The Mumbys were accompanied by Dillip Patel, their dynamic operations manager, who believes it’s quite a while since New Plymouth has seen a development of this standard and it’s why they are selling very well, starting at $450,000.
Lots 1-5 are still available with titles expected in July. There are currently 7 lots in stage 2 under contract and title is expected for these sections in October.
Dillip said: “This will not only be a great place to raise a family, we think the investment potential is very strong due to the proximity of the hospital where 20,000 square meters of new buildings are in progress.
“One of the larger lots would be ideal for our David Reid 220 sq.m duplex option, which is a full 3 bedroom house with a 2 bedroom unit attached.
“The cost of that option would total around $1.38 million: section $450,000, David Reid house $830,000, plus landscaping and driveway $80,000. Estimated rental income $1250-1500, a weekly return of 4.8% to an investor.”
Buyers are not required to build with David Reid Homes designs, but the franchise owners say their prices will be very competitive.
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