A 135-hectare dairy farm could bolster housing stock in a city bulging at the seams.
The Horsham Downs farm on the northern fringe of Hamilton but in the Waikato district is being pitched as a possible residential development.
Bayleys Waikato salesman Mike Fraser-Jones said it's prime real estate for urban living. It just needs a zoning change.
Bayleys Waikato salesman Mike Fraser-Jones says the property is ripe for lifestyle blocks.
"With Hamilton's burgeoning residential growth continuing to push out the city's urban boundaries, it's not difficult to suspect where the property's future lies," Fraser-Jones said.
City space is running out. Hamilton's population has been growing at a rate of 3 per cent since 2014 and is tipped to reach more than 260,000 in the next 50 years due to migration and higher life expectancy.
Apartment blocks are going up in the CBD and duplexes and townhouses are proliferating in the urban landscape.
Demand is spilling across the border into the Waikato and Waipa districts, too.
Waipa expects growth of 25,000 people by 2050 and Waikato expects growth of 880 households every year until 2043.
That's 19,000 new households in the district in that time period, with a growth rate of 73 per cent, outstripping Hamilton's 67 per cent and nearly matching Auckland's 76 per cent growth rate.
"Rototuna North is now well established as an urban boundary subdivision, so the next move further out is along the Horsham Downs Road arterial spine," Fraser-Jones said.
Any purchaser wanting to change the use of the land to residential will have to apply for a private plan change or submit to the District Plan review currently under way, said Waikato District Council customer support general manager Sue O'Gorman.
"This can often require quite detailed material to be supplied and can be costly and time-consuming and may not result in a successful outcome for a zone change if that is what they are seeking," O'Gorman said.
As a dairy farm, it runs a herd of 430 cows supplying more than 134,000kg of milk solids annually. It has a 40-a-side herringbone shed, three three-bedroom houses, a calf shed, three hay barns and four water bores.
It's across the road from a residential development at the corner of Kay and Horsham Downs roads, is 3 kilometres from the Rototuna Shopping Centre and a short walk or bike ride to the Rototuna Junior and Senior High schools.
Fraser-Jones said the land could be used for lifestyle blocks.
"This property could sustain more of a lifestyle block zoning, allowing for the creation of bigger sections than seen in the nearby locations already being built out."