The Whakatāne District Council has signed an unconditional agreement with Seascape Developments to sell 2.4 hectares of land at Port Ōhope for $3.3 million plus GST, if any.

Mayor Tony Bonne has welcomed the agreement and says the high-quality, 30-section subdivision which will result is an “extremely positive development for the Whakatāne District”.

“I’m very confident that we have achieved the best possible outcome for ratepayers, while ensuring that impetus will be added to the District’s economic development efforts,” he says.

The land at 325-345 Harbour Road was the subject of a conditional sale and purchase agreement in late 2013. Following a due diligence process which involved a comprehensive marketing programme throughout the early summer, Seascape Developments made adjustments to the asking price for rear sections in the development. As a result, variations were sought to the conditions in the original agreement. After considering advice from its legal and property advisors earlier this month, the Council authorised Chief Executive Marty Grenfell to undertake further discussions aimed at bringing the negotiations to a successful conclusion.

Mr Bonne says the sale of the land is now unconditional, and settlement will take place on 30 June or earlier.

“I understand that Seascape now has sale contracts on close to two-thirds of the available sections and that the majority of buyers are from outside the District, which will bring new investment into the area. That provides strong confirmation that this development has been a major stimulus for the local property market, which can only be positive for our economy. We look forward to further gains as more of the initiatives the Council has taken in recent months come to fruition.”