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Luxury Property Developer Buys Whisper Cove

Media Statement

11th September 2006

Luxury Property Developer Buys Whisper Cove

One of Australia’s leading residential developers buys the new concept in beach side living north of Auckland

Lance Hodgkinson, one of the team behind Melbourne’s recently opened Chevron development, has purchased the exclusive $215 million Whisper Cove water front beach side development at Snells Beach. Hodgkinson has acquired the assets of Kawau Holdings and will be developing the project in Kawau Bay north of Auckland through his new Whisper Cove company.

Canterbury-born Hodgkinson was involved in the initial financing of the development through his Sydney-based financial management company Bluestone Property Services.
He commented: `I first saw the site three years ago before resource consent was granted and have followed the progress with considerable interest. Now is the right time to get more involved and help achieve the outstanding potential Whisper Cove has to become one of the most desirable beach side retreats north of Auckland.’

Kawau Holdings purchased the Snells Beach site just north of Auckland nearly five years ago with a view to building a prestige beachfront residential enclave. The company got resource consent two years ago to build 160 luxury houses and at the time of the sale had completed earthworks and pre-sold the majority of stage one in the development.

Kawau Holdings director Tim Manning said Hodgkinson has had a close business and personal interest in the development of Whisper Cove almost from the outset: ‘That he has chosen to increase that interest at this time speaks volumes about the quality of this development. For Kawau Holdings, it underpins both our confidence in and the value of Whisper Cove as a high value, prestige residential community.’

Manning said Hodgkinson’s involvement offered development continuity as well as an attractive early gain for Kawau Holdings, leaving in place a solid quality commitment to purchasers.

Kalmar Projects has now started building the first of 160 homes on 16ha of prime land at the popular beach resort. The outstanding Swan Railley designs feature a mixture of styles from villas to apartments and are notable in that all will have a sea view.

Hodgkinson is one of the figures behind the much-lauded redevelopment of Melbourne’s iconic Chevron building and the Australia Post site in Crown Street, Darlinghurst. He recently completed construction of a seven-storey 31 strata office/retail building in Sydney’s Bondi Junction commercial precinct, along with numerous boutique style developments in East Sydney. In the last five years he has arranged close to $600 million finance for other real estate projects.

ENDS

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