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The Warkworth property known as Stubbs Farm has sold for just over $50 million.
The bulk of the land lies between Viv Davie-Martin Drive and Hudson Road, and is zoned for housing, light industry, business, retail, parks and recreation, plus a network of proposed roads and pedestrian and cycle connections.
Under the new ownership, a retirement village may be added to the mix.
The property was purchased in December by a joint venture called The Neighbourhood North Limited (TNN). The major shareholder is WFT Finance and Investment Company Ltd, in partnership with Arena Investors. TNN’s three directors are Todd Strathdee (Arena), and Wayne Wright and Wayne Leslie Wright (WFT).
The property was sold by Colliers after previous owners, Warkworth Holdings, was put into liquidation late last year owing $47 million. Strathdee was a director of Warkworth Holdings, along with Mangawhai Central developer Andrew Guest. The other directors were Kerry Hitchcock and Marcus Jacobson. A minority shareholder in the company was Arena Global, which Mr Strathdee is also associated with.
Speaking on behalf of WFT, Wayne Leslie Wright (Wayne Wright Jnr) confirmed the purchase. He says the initial site was Stubbs Farm at just under 50ha.
“We are also acquiring the neighbouring Middle Hill farm, which is another 20ha. Those two properties are the extent of the development at this time,” Wright says.
He says WFT was approached about the Warkworth property by Strathdee after a separation with their (Arena’s) previous partner.
“We have worked with Todd on several occasions in the past and he knew we had the experience and capital to be a suitable partner in this development. We are particularly drawn to Warkworth’s proximity to the city and the growing trend for people to work part of their week from home while still having access to the city.
“Warkworth is a picturesque gem and we believe its proximity to the wine areas, parks and beaches will be appealing to new home owners.
“The town also offers good synergy with our Silverdale retirement village and we may explore having another The Botanic retirement facility within the development.”
Wright says TNN is still exploring an appropriate name for the development, which captures the history and opportunity of the site and where its significance lies in the surrounding area.
“We are planning a mix of residential and commercial space. Most of the land will be used for housing and we expect in excess of 1000 new homes. However, if we allocate some of the land to a retirement village then adjustments will need to be made.”
Wright says present uncertainties make it difficult to put a timeframe on the development.
“Covid restrictions, consent delays, materials delays and worker shortages could all have a significant effect on the development timeline. However, simplistically, we expect this to be a four to five year project for all the consent, civil and other infrastructure works, with an overlapping housing and commercial build agenda that will extend longer.”
Wright says WFT believes the housing and additional commercial facilities presented by this development will add significant growth and opportunity to Warkworth.
“We hope the current residents of Warkworth will welcome us and I look forward to meeting the community as the project takes hold.”
BOP dynasty spreads to Warkworth
Wayne and Chloe Wright, of Tauranga, are the patriarch and matriarch of The Wright Family, which includes five children and several grandchildren.
According to Wayne Jnr, his father started his entrepreneurial career when he was 19, mowing lawns in the summer and shovelling coal in the winter in Lower Hutt.
Around 1968 he went into partnership with a concrete retaining wall supplier based in Petone and bought out his partner the following year. He expanded that company into California in 1976 and across the US from 1986. The retaining wall company success afforded him the opportunity to invest in multiple industries along the way including property development, earth moving, kiwifruit syndicates, furniture moving, telecommunications, meat processing, ferti liser manufacture, truck parts, computer programming, childcare, retirement villages and others.
In the early 70s, his development in Lower Hutt was the first property to make use of the new Unit Title Act. He has since been involved in developing a large range of properties, from single homes to subdivisions, hotels to apartment buildings, commercial parks and shopping malls.
Wayne Sr was awarded the Ernst & Young Master Class Entrepreneur of the Year in 2016.
Today, the family’s interests are divided into two areas – The Wright Family Foundation and the Wright Family Trust.
Wayne Jnr says the foundation is one of New Zealand’s largest registered charities with more than $300 million in assets. It contributes millions of dollars a year across a wide range of community programmes. It is run by Chloe, who was awarded an Officer of the New Zealand Order of Merit last year for her lifetime commitment to philanthropy, education and health.
The Wright Family Trust is the commercial arm of the family and oversees a range of investments. WFT Finance and Investments Company Limited is a wholly owned subsidiary of the trust and is in the business of lending money to commercial ventures including property developments.
More recently, the trust has become involved in the retirement village sector through its subsidiary company, Senes Investments, and has partnered with local operators to fund, build and operate villages. It is a partner in The Botanic, a retirement village being built in Silverdale which includes more than 500 residences. The Longridge Country Estate in Paeroa, which is also under construction, has more than 400 residences, and there is another project, still in the planning stages, in Riverhead which will accommodate more than 400 residences.
The trust also recently purchased the old Paeroa Racecourse which it intends to develop into a mix of residential, commercial and community services.
Wayne and Chloe’s five children have participated with supporting roles in both the foundation and the trust over the years.
