The NZ Super Fund & parties associated with Russell Property Group Ltd have agreed to acquire a 250ha waterfront landholding at Beachlands in east Auckland, including the Formosa golfcourse.
The partnership, Beachlands South LP, will be a separate venture from the limited partnership NZ Hotel Holdings Asset LP, which the Super Fund, Russell & Lockwood Property Group established last year to acquire hotel assets.
The Beachlands acquisition consolidates the Formosa golfcourse land (170.5ha at 110 Jack Lachlan Drive) plus 80ha at 620 Whitford-Maraetai Rd owned by Pipers LP, an associate of Russell Property Group & its investment partners.
The Super Fund’s head of direct investments, Will Goodwin, said yesterday: “The new venture provides the fund with exposure to an asset class that it has been evaluating & exploring for some time. This investment creates a high quality landholding that we will look to add value to over time.
“We are a long-term investor and this acquisition signals our confidence in Auckland’s future growth and commitment to the region. In time we will engage with the community & Auckland Council about what kind of high quality masterplan & associated infrastructure improvement could work for the area.”
Russell Property Group managing director Brett Russell said the partnership had enabled the consolidation of a strategic waterfront site in Auckland that allowed for a considered, long-term plan.
Russell Property Group will manage the land and continue to operate the Formosa Golf Club for the foreseeable future, while the partnership considers options.
“Whilst there have been a number of proposed development concepts over the years, no definitive plans are currently in place and any future plans would be developed in close consultation with the local community, Auckland Council & all stakeholders,” he said.
16 July 2019: Super Fund joins Russell & Lockwood in hotel portfolio investment
Attribution: NZ Super Fund release.