Peacockes Road development land with consent granted

Earlier this year, JLL’s John Binning and Chris Harding embarked on advertising 5.2 hectares of proposed town centre rural land holdings at 410 Peacockes Road in Hamilton. Following discussions with the vendor, it was decided that the sale of the property would be put on hold until the Hamilton City Council adopted its 10-year plan. This 10-year plan is now in place and the property, which is now prime Peacockes Town Centre land, is back on the market to be sold through an expressions of interest campaign closing 9 October, 2018.

“The land for sale hasn’t changed, but with the council’s 10-year plan in place a new owner could now make good headway bringing on commercial operators to turn this land into the town centre in keeping with the vision of the council,” says Binning.

The contour of the site is level, with four of the five lots having frontage to Peacockes Road. Only one lot (Lot 7) sits behind, however this site has access through Peacockes Lane. Lots 2 and 5 are 20,000sqm while Lots 3, 4 and 7 are smaller 4,000sqm sites. 

Located on the eastern periphery of Hamilton City, between Hamilton and Cambridge, Peacockes Town Centre is in the Peacocke Character Zone, which was put in place to ensure the Peacocke area would become a high quality urban environment, based on urban design best practice, environmental responsibility and social well-being.

“Hamilton is one of New Zealand’s fastest growing cities, with the council reporting that a further 20,000 new residents will live there in the next 10 years. The council has indicated that the Peacockes Town Centre on the southern edge of the city will be instrumental in catering for this growth and as part of their 10-year plan, will invest $251 million on infrastructure and transport upgrades,” says Binning. 

“In June the council voted to accept an infrastructure loan from Central Government to help fund the infrastructure works in the Peacockes area of the city. This will enable broader development and allow for approximately 10,000 new homes for the area.

“A large amount of residential land has been purchased or is under construction at present. New suburbs such as Amberfield, which is 23 hectares and will be home to close to 1,000 houses, will provide ready-made custom for the town centre. With this in mind, we expect interest from supermarkets, large retailers, cafes and restaurants. Basically a suburban shopping centre would bring this area to life,” explains Binning. 

The vision for the area was the driver for a commercial prospect such as a town centre being placed on the site. Now the 10-year plan is in place, the necessary roading near the site can be constructed. This includes a minor arterial road that will extend along the front of the property and meet up with a proposed collector road extending to the north and west. There is also easy access to the proposed Southern Links transportation network, and existing State Highway 3.

“Last week the council opened tenders for the construction of a bridge that will provide a direct link between Peacockes Town Centre and the CBD,” explains Harding. “This town centre property also has great access to Waikato Hospital and Hamilton International Airport. It is prime land and represents a limited pool of commercial land available in the wider Hamilton area.” According to Statistics New Zealand, Hamilton is forecast to experience population growth of 74,600 residents, an increase of 50% between 2013 and 2043. This will take the total population from 150,200 to 224,800. 

“The 10-year plan is exciting in terms of the growth

of the city. It includes funding for a new theatre, a recreation facility and park areas. This growth will inevitably present huge opportunities for businesses in the region. The Peacocke Town Centre land is in the ultimate position, to provide the commercial businesses to service the increased population in the area,” says Harding.