Farmland in Northland between Ruakaka and Marsden Point zoned for future industrial uses is skyrocketing in value, with investors viewing the new deepwater port as a potential second Tauranga.
Wednesday, June 1st 2005, 7:46AM
by The Landlord
"I've never seen anything like this in 40 years in real estate," says Peter Jennings, sales manager of Maxwell Real Estate at Albany, who has specialised in this area for the past three years.
He recently sold several blocks of land round Marsden Point, Ruakaka and Waipu - slated for industrial, business, residential and farm-park-lifestyle developments - and varying in size from 8ha to 100ha, for a total of $51 million.
He has another four blocks ranging from 40ha to 1500ha under contract for $36.5 million.
Undeveloped farmland near Ruakaka, within a 120ha area zoned for future business and industrial uses, sold for $12 to $15 a square metre two years ago but is now attracting expressions of interest at about $30 a square metre.
