The birth of a suburb
Friday 16 July 2004
Angus McNaughton took his family to the Gold Coast last month, but as he gazed across the Pacific, a 24ha block of land in the centre of Auckland was never far from his mind...
By The LandlordThe knuckle-whitening Sylvia Park development, which has consumed all his energies since he joined the Kiwi team working on the project five years ago, had been quite enough.
For 10 years, Kiwi has been promising the market and investors it will transform a site covered in a collection of elderly military storage sheds into a goldmine worth $300 million.
At an intersecting motorway network, the group will soon start a six-year project, creating a new town centre.
The development, revealed yesterday, will have hundreds of apartments, parking for 3000 vehicles, a multiplex cinema, supermarkets, a chain of large stores such as The Warehouse, office blocks for up to 5000 people, restaurants and cafes - all on a block of land the size of 34 rugby fields.
Millions of people are expected to pass through the development every year.
On Tuesday, Kiwi applied to the Auckland City Council for the project's resource consent.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.