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New development planned

Trust House land behind the Farriers Bar and Eatery on Chapel St, Masterton, is being sold. PHOTO/EMMA BROWN

KAREN COLTMAN
[email protected]

Directors of Trust House Ltd are selling a chunk of its land at the back of Farriers Bar and Eatery where the Wairarapa Famers’ Market is held.

Purchaser of the 1700m2 block, Westwood Property Group Ltd, has an “exciting” proposal to develop the land, company director Steve Pilbrow said.

“We can’t say more now, but we are pretty sure it will be exciting for the town. It’s a little premature for us to announce what we are planning as we have consent applications into the Masterton District Council.”

Westwood Property Group Ltd has other developments on the go including The Plains, The Barracks, Solway Country Estate, Maple Grove and The William’s Estate.

The sale and purchase agreement was signed in December last year and settlement is expected around May this year depending on the timing of the building consent decision.

Trust House chairman Jock Kershaw said the land was surplus to requirements and selling it was the right thing to do.

“It’s a pragmatic step for the trust given the attention on and need for, affordable housing in Wairarapa,” Kershaw said.

“We will absolutely use the proceeds from the land sale to grow or improve the Trust House housing stock,” he said.

Trust House chief executive Alan Pollard said over the past seven years while he had been at the helm, there had only been a net loss of three houses and plenty of upgrades of stock.

There are plans under way to build three one-bedroom units in Featherston.

Trust House owns and manages 483 rental homes, from 1-bedroom units to 4-bedroom houses, in Masterton, Martinborough, Featherston, Pahiatua, and Dannevirke.

In 2014, it became New Zealand’s first registered social housing provider in the government’s new social housing scheme.

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