The financial and economic benefits for Hamilton since unlocking Peacocke for new homes in 2018 is outlined in a new council report. Photo / Hamilton City Council
The financial and economic benefits for Hamilton since unlocking Peacocke for new homes in 2018 is outlined in a new council report. Photo / Hamilton City Council
Times of growth are ahead for Hamilton’s Peacocke development according to a council report that says the project is ready for the next stage of new homes and could save ratepayers millions of dollars in interest.
The Government provided a funding package of $290.4 million from the Housing Infrastructure Fund, which included a $180.4 million 10-year interest-free loan and $110.1 million in Waka Kotahi NZ Transport Agency subsidies, towards the project.
Projected savings from the interest-free loans could be between $70 million and $80 million.
Hamilton City Council’s strategic growth and district plan committee chairman Ryan Hamilton says the high-trust funding model enabled the city to get on with the development of Peacocke.
“Receiving upfront investment from central government was a real game-changer for Peacocke and made it possible to unlock the area for future housing developments in a financially sustainable way for council, the community and ratepayers,” councillor Hamilton says.
Peacocke will, once completed, be home for up to 20,000 Hamiltonians. Nearly 2000 homes are expected to be completed by 2028.
Strategic growth and district plan committee chairman Ryan Hamilton. Photo / Hamilton City Council
The council says the development is ready for the next stage of new homes with the updated structure plan in place now and key water and transport infrastructure on track to be completed by the end of 2023.
Other economic benefits outlined in the report include the creation of local jobs, with major project elements completed by medium-sized businesses both in Hamilton and around the country. Infrastructure projects for Peacocke have boosted economic activity to the tune of $242 million – that’s equivalent to around 4000 full-time jobs each employment year for the first five years (2018-2022) of the programme.
The council projects that over the next 10 years, up to 20,000 full-time jobs could be generated to complete the remaining infrastructure projects and to build the first stages of homes and developments in Peacocke.
“It’s not just how Peacocke stacks up financially that makes it a game changer for the city, it’s also the social, environmental and cultural benefits that are a core part of the programme,” says Hamilton.
Apart from the infrastructure development, the council is also focusing on enhancing Peacocke’s environment, including the extensive Mangakootukutuku gully system.
The Peacocke plan covers multi-level housing, transport connections and community spaces, as well as the protection of cultural heritage and natural environment. Image / Hamilton City Council
Work has already started to deliver new wetlands, protect habitats for native lizards and bats, restore 1.5 hectares of the gully network and extensive planting of new trees and plants.
So far, there have been 200,000 native plants established and 41 per cent of installed artificial roosting boxes for bats are in use.
Working in partnership with iwi and hapu has resulted in cultural symbolism and artwork, tikanga and tangata whenua values and storytelling being incorporated into the projects.
Despite the projected positive economic outcomes, the report acknowledges the development has not been without its challenges as the housing delivery is tracking slightly slower than expected.
“We know the market has changed recently and it’s a tough economic environment for developers given the downturn in the housing market and the huge cost increases of materials and fuel,” says Hamilton.
Meanwhile, several major developments have been consented by the council, including an 1100-home residential development and a 230-unit retirement village, as further community facilities are being investigated.
The completed development will include a bridge, 16 parks, sports fields, water, wastewater and stormwater networks, as well as a transport network that also caters for public transport, pedestrians and cyclists.
Clarification: An earlier version of this story stated that equivalent to 20,000 full-time jobs had been generated from infrastructure project spend in the first five years of the programme. The council has now clarified that this figure is the number of full-time jobs the Council is projecting to be generated over the next 10 years to complete the remaining infrastructure projects and to build the first stages of homes and developments in Peacocke. Around 4000 full-time jobs each employment year for the first five years (2018-2022) of the programme based on the $242 million project spend to date.
