Construction Works
Engineer Churchill LDS
Contractor M3 Civil Limited
Contract works are well on the way and progressing well despite having to deal with 2 COVID-19 Lockdowns and Winter Works restrictions. To date 90% of the earthworks have been completed and the proposed Spine Road has been formed. Installation of the SW and WW lines and the retaining wall are all scheduled to commence in September. Developer Works Agreements have been signed with Vector and Chorus and theseworks will proceed following completion of the WW and SW lines in mid to late October. The signalised intersection works is gearing up to commence within the next few weeks. As expected coming out of Winter Works means there will be a lot more activity on site over the next few months.
Sales
Demand for light industrial in the Hobsonville area has been strong over the last twelve months. This has been driven by lack of supply in the Albany light industrial area and by low interest rates. Westpoint Business Park was designed with subdivisions of around 4,000 square metres for 12 lots and was aimed at the medium developers who wanted to build small to medium warehouses for specific clients.
Austino commenced marketing its subdivision at the end of 2019 and although the Coronavirus pandemic interpreted life in general we found it has had little impact on developers wanting good property. Although titles will not be available until next year, we have now entered into contracts for all but one lot. We are confident with the developers that we have chosen the development will be a high quality business park.
A further update will be provided in due course.