By Beckie Wilson
The construction of a new $20 million Masterton residential housing development is underway, with the developer hoping to make the most of a region-wide housing shortage.
The 40-lot subdivision on Upper Plain Rd will be completed in two stages, with the first 21 sections due to be ready for construction to begin early next year.
The additional 19 lots will begin being prepared in late March.
Steve Pilbrow, director of Westwood Development, said planning for the first 21 homes was already in motion.
“Timing could not be better with the huge shortage on existing homes.
“A show home is planned for completion in February next year, with packages soon to be available to view.”
The house and land packages will start from $450,000, with section sizes ranging from approximately 800m2 to 1100m2.
The land, formerly owned by the Salvation Army, was purchased by Westwood in December 2014.
Original plans consisted of a new retirement village, however after discussion with Wairarapa District Health Board in September last year, there was concern of an oversupply of retirement facilities in the region.
Subsequently, Westwood is now in the process of obtaining a new resource consent for the 40-lot division.
David McHattie, owner of LJ Hooker in Masterton, is the marketing agent for the new homes.
“[There is] strong interest from out of town buyers, and with price values rising, new homes are becoming a very attractive option,” he said.
“It’ll attract a blend of people, with smaller properties attracting baby boomers and the bigger [homes] for families.”
While it is still in the early stages, marketing had not yet begun, Mr McHattie said.
However there had already been interest in the subdivision.
Westwood have recently completed the redevelopment of The Hub in Greytown, a site formerly occupied by the Trust House Community Store.
It is also confirmed by Westwood that they have the contract to purchase almost 20 acres of land from the A&P Society. It is planned that these housing sites will be larger in size.