MaxCap Grp Provides NZ$100M Land Facility To MADE GroupMaster-planned Development On Prime Site In Hamilton City Region
MaxCap Group, one of Australasia’s largest real estate financiers, has today announced it is providing a first mortgage land facility to Made Group (MADE) to acquire a site in Hamilton City region.
The 122 hectare greenfield site at Rotokauri will be developed into circa 1,800 homes, with a primary school, sports park and neighbourhood centre. Works are expected to commence on site in early 2022, and the whole development is expected to take seven years to complete. The Base shopping centre is approximately 2.5 kms to the east and Hamilton CBD is approximately 13 kms to the south-east.
The project sponsor MADE Group is a privately-owned property group with an established and successful track record in developing land. Over the past four years they have master-planned and are currently delivering 3,000 lots as part of their flagship “Auranga” project in Drury. To date 1,000 lots have been completed and 100 per cent of those have been pre-sold.
Median residential house prices in Hamilton City have increased by 41% since August 2018. Particularly buoyant market conditions have been evident over the previous 12 months. Made Group has committed to at least 150 affordable champion homes in this development.
Mr Charles Ma, MADE founder and managing director, said “MADE is focused on enabling New Zealanders to inherit a better way of living together, one new township at a time. Rotokauri North, Hamilton is a natural extension from our flagship Auranga project at Drury West, the Southern gateway of Auckland, book ending our nation’s strategic future growth corridor. We have taken a holistic approach in developing our new townships that will result in a better inheritance for New Zealand. We are grateful for MaxCap’s belief in what MADE does by supporting us in this defining project.”
Commenting on the project MaxCap Co-Founder Brae Sokolski said “We are pleased to be able to assist MADE Group with this significant project, which will help bring forward the delivery of much needed supply of affordable housing for the growing Hamilton area.”
“We have a long-term commitment to New Zealand and we are keen to grow our book and support the real estate market. Whilst MaxCap has forged its reputation as the Australia’s preeminent real estate lender we see our business as being a true Australia and New Zealand platform. New Zealand remains a critical part of our strategic growth agenda. This large-scale, complex transaction is indicative of the unique value that MaxCap can deliver to New Zealand property developers.”
On completion the total Gross Realisable Value of the land and housing project is expected to be NZ$800M - $1bn. Approximately 2000 plus jobs will be created for the duration of the land and housing development.”