Saturday, May 18, 2024

NZSF & Russell Property buys up Formosa and surrounds

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The new owner of a large block of land at Beachlands says it looks forward to engaging with the local community on the area’s future.

A partnership comprising the NZ Super Fund and parties associated with the Russell Property Group became the new owner of the 250-hectare waterfront landholding in east Auckland, including the Formosa Golf Course, following the settlement of the acquisition announced earlier in March.

NZ Super Fund Head of Direct Investments Will Goodwin says that settlement was completed as planned despite the Covid-19 lockdown and that Russell Property Group had been appointed as manager of the property.

The 250-hectare area has been bought by several interests. Photo supplied

“The partnership will be exploring opportunities for the site with any future plans and associated infrastructure improvement to be developed in close consultation with the local community for the benefit of Beachlands and Auckland as a whole.”

Russell Property Group Managing Director Brett Russell says the acquisition consolidated the Formosa Golf Club & Resort site and the 620 Whitford-Maraetai Road site to create a significant land holding able to support well-integrated and carefully considered development.

“We are excited to welcome golfers back to Formosa this week with Alert Level 3 protocols in place to provide a safe environment for everyone.

“We will commence improvements to the golf course immediately to benefit our members and public golfers with the conference and event facilities undergoing maintenance and refurbishment before possible opening later in the year.”

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