Residential property firm AVJennings is expanding into retail development, with its acquisition of Hall Farm in Orewa, 37km north of Auckland.
The green-fields site is located in Auckland’s designated northern growth corridor and connected to major transport routes into the CBD, including Highway 1. The site is expected to yield 580 lots, five of which are zoned for commercial development.
The acquisition expands AVJennings’s New Zealand operations and further diversifies the company’s allocation of net funds employed, which until now have been focused on wholesale land development projects around Hobsonville Point.
The acquisition will provide the company with a mix of wholesale and retail land development sales.
“We’ve been operating in NZ for ten years now and look forward to growing our NZ business,” AVJennings managing director Peter Summers said.
The site has received regulatory approval and is now unconditional. Development is expected to commence this year, with settlements due to commence in FY20.
