CDL Land New Zealand Limited (CDL Land), the wholly-owned subsidiary of New Zealand Exchange-listed CDL Investments New Zealand Limited (CDI), has announced that it has settled the acquisition of 69.4 hectares of land in Havelock North, Hawke’s Bay. The land was acquired from Lowe Family interests after approval from New Zealand’s Overseas Investment Office was obtained earlier in July. The purchase price remains confidential between the parties. This acquisition adds to CDL Land’s existing holdings in Havelock North, an area it knows well and has been developing residential sections in for some time.

“This is a very significant time for CDL Land and something we have been working on for some time,” said CDL Land Executive Director Mr Jason Adams. “We would like to express our sincere gratitude to the Lowe Family for their patience and cooperation over an extended period of time as we worked through the various processes and obtained all of the approvals we needed to.”

Mr Adams signalled that once the necessary consents had been obtained, CDL Land would begin development works on the land as soon as practicable. The land is located in Havelock North, in the North Island’s Hawke’s Bay region, and was re-zoned two years ago to meet the region’s building demand.

“We want to get works started as quickly as possible as Havelock North is an area which is growing very fast, where present demand for additional housing and sections exceeds supply, and we are keen to be part of the solution,” he said.

According to Stats NZ, the population of Hakwe’s Bay region rose to 178,600 as at October 2020, up 9% compared to 163,700 five years ago. This has led to greater demand for housing in Havelock North and neighbouring townships.

CDI Managing Director Mr BK Chiu said that the acquisition allowed CDI to maintain its long-term strategy of development in growth areas across New Zealand. “We are delighted with this acquisition as it secures our position as a developer in Havelock North over the immediate and long term,” he said.

He added, “Geographic diversity has always been a key plank in our success. We have recently completed our two Auckland projects at Kewa Road on the North Shore and at Dominion Road in Papakura, with a third in Swanson, West Auckland, in the final stages of completion. Staged completion of the residential section at Prestons Park in Christchurch is ongoing. This Havelock North purchase adds to our land holdings in the North Island in locations such as Hamilton and affords us the opportunity to meet residential section demand in these two growing regional locations.”