Post by Brent George on Nov 19, 2023 19:04:15 GMT
Developer Quashes Rumours about Sale of Mega Mangawhai Subdivision
Stuff - Auckland: 19-Nov-2023
The developer of a 1200-house subdivision in Mangawhai, north of Auckland, has decided to sell the lot despite stage one of the development having already been partially sold.
Mangawhai Central was anticipated to roughly double the population of the seaside village, prompting the arrival of a New World supermarket and Bunnings Warehouse.
However, work reportedly slowed to a near halt at the end of last year and the greenfield site remains without houses, five years after plans were unveiled.
The timing of the sale was a result of a planned exit by investors that had always been on the cards.
An incoming developer would be obliged to honour any existing pre-sold packages via the overall sales agreement for the subdivision.
Stuff - Auckland: 19-Nov-2023
The developer of a 1200-house subdivision in Mangawhai, north of Auckland, has decided to sell the lot despite stage one of the development having already been partially sold.
Mangawhai Central was anticipated to roughly double the population of the seaside village, prompting the arrival of a New World supermarket and Bunnings Warehouse.
However, work reportedly slowed to a near halt at the end of last year and the greenfield site remains without houses, five years after plans were unveiled.
The timing of the sale was a result of a planned exit by investors that had always been on the cards.
An incoming developer would be obliged to honour any existing pre-sold packages via the overall sales agreement for the subdivision.