Development taps into Prebbleton’s charm

Development taps into Prebbleton’s charm
The Prebbleton Village Estates development encompasses 87 residential lots in a six-hectare subdivision

Nestled in the heart of Prebbleton lies the small rural community’s latest residential jewel—Prebbleton Village Estates.Within a six-hectare subdivision sitting between Stationmasters Way and Tosswill Road, the development encompasses 87 residential lots, of which all but 10 have already been sold.
Brimming with village charm and replete with amenities that includes pre-schools, primary schools, a broad range of sporting facilities, parks and playgrounds for all ages, it is little wonder Prebbleton has proven a popular draw card.
With a new supermarket currently in development, Bupa’s new Aged Care Village in progress and plans to build a new medical centre, Prebbleton has evolved into self-sufficient village, just a smooth 15 minutes drive to Christchurch’s CBD.
“With this development it’s really Prebbleton selling itself,” says Jonathan Holden, Chief Operating Officer for New Ground Capital, the company managing development of Prebbleton Village Estates subdivision.
“There was a gap in the market. We saw a lot of demand for people wanting to live in Prebbleton but there were no current subdivisions in the area.”
Working on behalf of private investors, Auckland based New Ground Capital found a 14-hectare parcel of land and partnered with Bupa NZ, which bought 8 hectares for the development of its own Aged Care Village.The remaining six hectares formed the basis of Prebbleton Village estates subdivision with development over two stages.
“It was a good proposition to live in a nice village so close to Christchurch CBD. We saw the partnership with Bupa as providing a really good mix of owner occupied houses, providing for a range of buyers as well as people seeking aged care facilities.”
Jonathan and co-directors, Roy Thompson and Brian Collins who all came from banking back-grounds, founded New Ground Capital in 2014 after identifying an opportunity to direct capital into areas in the New Zealand economy where it was not currently getting.
“Housing was one of the key areas where we saw acute pressure with not enough capital to build the types of housing required—particularly in Auckland, Queenstown and Wellington. “So we’re trying to get more institutional capital into the housing market particularly in what is called the ‘build to rent’ sector where housing is built for the purposes of long-term rental.
“More often than not that’s higher density housing—terrace houses and apartments, rather than stand alone houses. With ‘built to rent’, one of the things we can provide people with is security of tenure through long term leases.”
The range of services offered by New Ground Capital includes project identification and feasibility, pulling together the capital to fund the project and then doing the development management and for on-going rental proposition the on-going property management.

Development taps into Prebbleton’s charm

“In Hobsonville we’ve completed 208 terrace houses and apartments, about a quarter of which have been retained for rental. In Whenuapai we’ve done 49 terrace houses, all of which have .been retained for rental and leased to the New Zealand Defence Force. In Queenstown we’re building 236 apartments of which 150 will be retained for rental.” For the Prebbleton Village Estates project New Ground provided full development management services.
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