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$95m Stockyard Falls Development Gets Green Light

8 February 2007
News Release

$95m Stockyard Falls Development Gets Green Light For Warkworth

The $95 million Stockyard Falls development planned for Warkworth has been given the green light by the Environment Court. The $55 million, 23,000 sqm Stockyard Falls retail centre will be built in 3 stages over the next 5 years on Woodcocks Road in Warkworth bringing up to 600 new jobs to the area once completed.

Alongside the retail centre Summerset Holdings Limited are building a $40 million full service retirement village, Summerset Falls. The village will consist of an impressive main building 150 home retirement village and 40-bed care facility. The earthworks are commencing in the first quarter of 2007 with the project being completed in stages over the next 3-4 years.

Perrendale Holdings developer, Neil Barr said the 9ha retail centre has been planned to meet the needs of Warkworth’s increasing population.

“Warkworth is the key service center for Rodney North, New Zealand’s secondfastest growing region. The area is identified in the Auckland Regional Growth Strategy as a key growth node with well-planned, sustainable development being a vital part of this growth to support and service the increasing local population,” he said.

Mr Barr’s family links with the area have played a significant role in his vision for Stockyard Falls and creating opportunities for the region’s continued growth. Situated on the banks of the Mahurangi River, Stockyard Falls ‘town square’ heritage design draws on Warkworth’s history and will compliment the town’s unique ambiance with heritage building designs and significant native planting to compliment and enhance its riverside location.

The $95 million investment in Stockyard Falls and its flow on benefits for the local economy make it the single largest investment in Rodney North for 30 years. “During construction Stockyard Falls will create significant employment and economic benefits to the region. Importantly, into the future, it will boost regional employment by around 4%, allow those retiring to live and be cared for in their own community and assist Warkworth to fulfil its growth aspirations as a key hub within the Auckland Region.

Mr Barr also said having Stockyard Falls on their doorstep will also mean Warkworth residents won’t have to travel out of town as frequently reducing south and northbound trips substantially.

Research conducted for Perrendale shows that currently, $47 million in retail spending is lost to Warkworth because locals have to travel out of town to shop. Following the first stage of the development, retail leakage would be cut by $17 million to around $30 million.

Perrendale Holdings has worked closely with the local community and the Rodney District Council on the Stockyard Falls project since 2002.

This partnership approach has built strong community and Council support for Stockyard Falls with recognition of its social, economic and environmental benefits. It had also been the catalyst for an agreement between the Rodney District Council and Transit New Zealand to begin upgrading Warkworth’s roading network. Mr Barr said in the 5 years it had taken to get the project off the ground, the community had backed it every step of the way and he paid special tribute to the Warkworth Community Liaison Group and Rodney Mayor, John Law for their help to remove the town’s roadblocks to development.

The development had been delayed by a veto from Transit New Zealand based on concern it would add more pressure to Warkworth’s already congested roads. The past year has seen Council, Transit and Perrendale working closely to reach agreement on roading issues resulting in the Environment Court now issuing a Consent Order to allow the project to get underway.

With Warkworth’s rapidly growing population, Mr Barr said Warkworth was now well placed to take advantage of economic development opportunities like Stockyard Falls.

Retail Manager for Colliers International, Ash Hira said they were already seeing very strong interest from national tenants wanting to come to Stockyard Falls. Neil Barr said Perrendale are very pleased to be working with Summerset Holdings Limited who are developing the adjoining Summerset Falls retirement village giving residents the opportunity to retire and be cared for in their own community. Now owned by AMP Capital Investors, Summerset was established in 1994 and is New Zealand’s third largest retirement village operator with villages in Taupo, Havelock North, Aotea (north of Porirua), Palmerston North, Wanganui, Manukau, Levin, Paraparaumu, Trentham and Napier. Further villages are planned. Norah Barlow, CEO for the Summerset Group said “there will be Summerset retirement options available to Warkworth residents by the end of 2007/early 2008”. A Stockyard Falls website will be set up in the next few weeks where project plans, information and updates will be available.

ENDS

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