Far North Holdings has sold most of its land holding on Kellet Street in Opua to a residential developer. The land is consented for low-density, high-quality residential development.
No further details of the buyer are available at this stage. The company is restricted by contract from publicising this information.
The company will not reveal the price paid for the land but Far North Holdings chief executive Andy Nock said it was both substantial and above market value.
A conditional contract for the land was negotiated in 2018 after the initial Consent application was lodged and publicised on social media, in regional print media, on the FNHL website, and with the local community group Love Opua. It was also presented to the Whangaroa-Bay of Islands Community Board.
The sale was subject to several conditions which have now been met.
The funds from this sale are to be re-invested across the District in projects such as the Ngawha Innovation and Enterprise Park, an important economic regeneration initiative designed to create social and economic opportunities for communities and businesses in the Mid-North.
Far North Holdings has retained a large area, about 2,800m2, that will be set aside as a green reserve in the middle of the development. The company will design and install a walking trail to connect the school and the community with the planned play area and marina precinct.
The company envisages a play area combining elements of a traditional Maori mara hupara with other equipment such as swings and a play frame.
Far North Holdings remains committed to working closely with Opua School and FNDC on aspects of traffic management at the top of Kellet Street. As part of its Resource Consent compliance for the Kellet Street residential development the company will be installing, at a cost of about $150,000, previously-agreed pedestrian improvements at the school, including a crossing and pavements on either side of Kellet Street.