The last five sections of the Bay of Plenty's biggest residential development have sold five years ahead of schedule.
The Lakes subdivision was once just 254ha of rolling farmland in Pyes Pa West but has since been developed into more than 2000 sections.
The last of those sections have nowbeen snapped up by two local investors with contracts signed during the Covid-19 lockdown.
Carrus Corporation, headed by Sir Paul Adams and his son Scott Adams, bought The Lakes from the original owner Grasshopper Farms after it went into receivership in 2011.
Scott Adams said coming out of a Global Financial Crisis after 18 months of trying to acquire the subdivision it was evident the market was ready to make a move again by 2012.
"We sold 100 lots in 2012 and realised we better get into gear and start developing more land otherwise we are going to lose momentum.
"It was a really long property boom from 2012 to 2020."
Scott said being able to sell out five years ahead of schedule was no understatement as the country heads into what was "probably a modern-day recession".
"We have taken a farm and turned it into a community."
The last five sections sold to two local developers who signed the contracts during the lockdown.
The sections slope away from the road and have views towards Pyes Pa and the Kaitemako Hills and ranged between $215,000 and $250,000 each.
"The original budget showed us finishing as early as 2025 but we have sold out five years ahead of our original forecast," Scott said. "It is hard to believe."
Scott said he had mixed feelings and nostalgia now that the last sections had sold.
"When you look back at it, it was a really steep, fast development curve between 2012 and 2018 when we built and sold 1300 lots."
Paul and Scott Adams from the Carrus Group. Photo / File
He had planned a big celebration with the management team and shareholders but because of lockdown, it had not happened yet.
"I thought a couple of years ago that there would be a big celebration once we had finished the subdivision but the lockdown has sort of taken the shine and attention away from that."
But he said they could not have done it without his team including construction manager Tony Mills and marketing and sales manager Simon Maxwell. Carrus was now in the process of applying for various consents for a 40-lot commercial business park in Papamoa Junction on the corner of Te Okuroa Dr and Parton Rd.
But Te Tumu was the next big development project for Carrus.
"Hopefully, there is still a number of hurdles we have to get through but we are hoping to be under way with the development by 2023. That is when we expect to see the first house flats down."
Sir Paul said he was proud of the results his son Scott and the development team had achieved and was looking forward to celebrating.
"This is one of the best outcomes we have had in any development we have done in the last 40 years.
"It is an extremely successful outcome not only for our company but for those living at The Lakes."
One of the local investors who bought four of the five sections said the development was a testament to the Carrus team, Paul and Scott Adams.
"It just shows the passion they have for Tauranga. Someone had to do it."
The investor, who spoke under anonymity, said he had bought other sections in the development and had "seen The Lakes grow".
He had been looking at the sections for a while but said with interest rates at a record low now was the time to invest and he planned to subdivide the four sections into eight.
"My plan is to sit on them for a bit because at the moment ... land is a good investment right now. It is a viable option."
Mount Maunganui businessman Morris McFall became a partner in The Lakes development at the beginning.
"It has been a magnificently managed project. The fact that in the environment in which it was originally bought from receivership it has had incredible success.
"It has that risk and reward."
The only "black spot" was Bella Vista but he said that had not tainted the development.
McFall said he had kept updated with progress reports and he was expecting it may have been sold before the original deadline.
