Foresight and Resilience Brings Great Rewards for this Astute Developer
“This was an ambitious project, but we are so pleased with the outcome.”
Our client purchased a duplex property in Otahuhu in 2013. While this was an ideal rental property, the site also had great development potential. Soon after purchase, our client approached the next door neighbour asking if they’d be willing to sell. They agreed, which now made the potential development site an expansive 1801m2! The client continued to rent the properties while considering their development options.
Original Plan
The original proposal was to remove the existing duplex buildings replacing with an apartment block comprising 16 apartments. However, height restrictions soon put a dampener on that plan, so it was back to the drawing board.
Development Site Before
The Ashcroft Advantage
In 2019 the client approached Ashcroft Homes, where it was discovered, it would be possible to add 11 new Windsor townhouses while still retaining one of the original dwellings. The client was thrilled with this alternative solution which would still see great returns for the development. With the contract signed, it was full steam ahead, until a pandemic shook the world. This brought about some real challenges with market uncertainty and banks becoming cautious. Our client was glad to have Ashcroft Homes as a building partner at that point. Ashcroft’s good name, the fixed build price and guaranteed completion dates was instrumental in providing the bank with the confidence they needed to approve the loan.
A Few Challenges
Our client continued to face a few more hurdles along the way, including discovery of asbestos in the roof of one of the original dwellings. As the asbestos had been hidden under a tiled roof, it had been missed in the original testing. A neighbour’s permission was also required in order for some of the drainage work to be carried out. And they were not initially agreeable. With some negotiation, permission was obtained with the payment of a compensation fee and agreement to install a new fence and patio area where the ground was disturbed.
Twelve Separate Homes
This sizeable project has taken nearly two years from start to finish. With the land now divided into 12 separate titles, this developer has plenty of options for the future and is thrilled with the result.
Completed Development
This was an ambitious project, but we are so pleased with the outcome. As with most builds, we’ve encountered a few challenges along the way, but luckily these were all overcome. And we were really glad to have Ashcroft’s support and guidance throughout. I enjoyed the process and working with the team so much, I’ve now joined Ashcroft myself and really enjoy helping others to develop their properties.
Cameron Walker
If you have a project you’d like to discuss with Cameron, you can call him on 0800 377 588
or drop him an email at cameron@ashcrofthomes.co.nz
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