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Media Release: 26 October 2006
McConnell Property development to inject over $600million into economy.
The groundbreaking McConnell Property led ‘Addison’ development in Papakura is forecast to inject over $600million worth of economic benefits into the regional economy.
Addison is a landmark residential community being developed by McConnell Property in the Papakura district, in South Auckland. Addison will eventually integrate approximately 1,500 homes with design led housing styles ranging from apartments to tree-lined streets of substantial family homes.
A recent independent economic analysis has forecast that the Addison development will provide an economic benefit to the Auckland Region during the construction phase (2006-11) of $613m, with an ongoing economic benefit to the Auckland Region following the construction (2012 onwards) of $200m per annum.
Looking more locally, the forecasted economic benefit to the Papakura District during the construction phase (2006-11) is estimated to be $251m, with an ongoing economic benefit to the Papakura District following the construction (2012 onwards) of $126m per annum.
Stage 1 of the Addison project is nearing completion, and the 275 completed dwellings will already be contributing $110m into the economy by the end of 2006.
McConnell Property General Manager Martin Udale says the Addison development will provide other benefits as well, “Because of the quality with which Addison has been developed, it will provide many tangible and intangible benefits. It is already generating superior returns on investment to the surrounding area, and because it is also about creating a community as opposed to taking a piece of land and turning it into smaller pieces of land, it is a great place to live – a real community with many benefits, adding to the prestige of the Papakura district.”
Now regarded as a benchmark for community minded suburban intensification in New Zealand, Addison has been recognised by the Ministry for Environment, who recently identified the Addison development as a successful example of progressive urban development in New Zealand.
The MfE and McConnell Property will be conducting a longitudinal study of this development to measure the long term social and community benefits of progressive development. The study will analyse how Addison is founded on urban design principals and the effects of the quality of urban design on social, community and economic outcomes over time.
Environment Minister the Hon David Benson-Pope visited the South Auckland site recently and was impressed with what he saw, saying that the project meets all the key areas of the urban design protocol.
Addison planning also includes a small community retail precinct that will provide a focal point and community heart. This planned precinct is forecast to provide estimated construction phase benefits of $9m, with ongoing benefits of $6m per annum, with the additional population of Addison significantly enhancing the retail spend at existing businesses.
“Addison is everything a subdivision isn’t. McConnell Property is at the forefront of emerging principles of sustainable living, responsibly balancing living needs with environmental realities. Our work not only respects but also enhances the environment. It is also about balancing living needs with environmental realities to aim for genuine sustainability. We believe this creates a much more valuable outcome for everyone involved, not only economically but socially and environmentally as well”, said Mr Udale.
ENDS
For further information contact:
Martin Udale DDI: +64 9 374 3302 Fax: +64 9 374 3319
Dan Ogle DDI: +64 9 374 3300 Fax: +64 9 374 3319
Richard Llewellyn DDI: +64 9 300 8276 Fax: +64 9 379 9133
Biographical notes:
McConnell Property Ltd www.mcconnellproperty.co.nz
Martin Udale– General Manager
Martin joined McConnell Property Limited in April 2003 as General Manager, with more than 25 years’ experience in the UK and Australian property markets. Martin is interested in the role that development can play in improving the communities we live and work in.
Where development was once seen as an outcome in itself, he believes we must consider the social, environmental and economic aspects of projects in order to create successful, vibrant, enduring environments
Dan Ogle – Project Director – Addison
Dan joined the Addison project team as Project Director in September 2002, bringing with him more than 20 years’ experience in the Auckland new home market. His involvement ranges from design, development and construction through to marketing and sales.
Dan’s extensive career in the housing industry has seen him manage Dempsey Morton, Spaceline Homes, Fletcher Homes, Aston Marsh and Fyfe Homes. Dan is passionate in applying the principles of smart growth and community building to the projects that McConnell Property is involved with.
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