Financial services group First Capital has settled on its $NZ17.8 million (approx $A14.59 million) purchase of the ‘Oasis’ residential development at the Gulf Harbour marina and golf course lifestyle community just north of Auckland in New Zealand.
First Capital has entered into a joint venture with the vendor, Gateway to Queensland Homes to develop 137 elevated blocks over 7.8 hectares.
The homes will be nestled between two fairways of the highly rated Robert Trent Jones Jnr designed Gulf Harbour Golf Course overlooking the 1000 berth Gulf Harbour Marina and the soon to be completed Eastern Boat Harbour.
The residential component of the ‘Oasis’ joint venture between First Capital and Gateway to Queensland Homes will have an end market value of approximately $NZ96 million.
Gateway to Queensland Homes will manage the construction, sales and marketing of the house and land packages.
House and land packages will sell for approximately $NZ730,000 each.
First Capital’s managing director Les Freeman said that the entry into the buoyant New Zealand property market enhances the group’s growth strategy and diversification.
By Kathryn O’Meara
