With demand for housing in Gore soaring, a new subdivision is about to hit the market.
The Gore District Council’s Matai Ridge subdivision is back on the books, looking to fill a substantial gap in the town’s housing and land markets.
The Council and southern construction company Wilson Contractors (2003) Ltd have entered into a joint venture that will see 35 sections developed on the East Gore site. The first 15 sections are being released this week by First National Gore.
Gore District Mayor Tracy Hicks said the demand for housing in Gore was more significant now than it’s ever been.
“I’ve had some of our biggest employers say they can’t attract staff because there’s no housing and a shortage of residential sections.”
The joint venture shows confidence from the Council and private enterprise in the future growth of the Gore District, Mr Hicks said.
“It’s (Matai Ridge) exciting. We haven’t had a subdivision of this scale since the 1980s.”
In acknowledging the Council’s decision in 2018 to put the project on hold, Mr Hicks said the timing just hadn’t been right then. The real estate market now is considerably more bullish, he said.
“Councillors were unanimous in supporting the joint venture with Wilsons.”
Chief executive Stephen Parry said Wilson Contractor had been a “keen tenderer” throughout the history of the subdivision.
The Council’s contribution to the joint venture was about $1.15 million he said.
“We bring to the table the market value of the land, detailed engineering designs, resource consent and marketing among other things.”
Under the joint venture, revenue will be shared in proportion to the financial contribution of each party, Mr Parry said.
Wilson Contractor chief executive Steve Osborne said the company had been involved in this project since 2017 – “we are happy that soon we can finally turn dirt”.
