A Racecourse site in Dargaville was up for development, and the three parties involved in this process needed to understand the most effective way of doing this. TUA undertook a market demand analysis to achieve this.
The Challenge
The Dargaville Racing Club, Dargaville Development Board and Te Rūnanga o Ngāti Whātua came together to explore the possibilities of developing the Dargaville Racecourse site. To do this, they needed to understand the local and regional market demand for commercial, industrial and residential property that could be realised in Dargaville.
The Solution
TUA worked to provide a market demand analysis for the site. This involved researching demographic and market statistics, engagement with market experts - including real estate agents, valuers, property owners, business owners. These experts spanned Kaipara, Northland and Auckland. TUA then outlined metrics for commercially viable development (GFAs, leasing rates, yields, etc.).
As part of the work, TUA also ran a survey to understand housing demand, as well as focus groups with older residents in Kaipara, specifically, to understand their housing tradeoffs and aspirations.
The Journey
Through this research, TUA identified three primary options for the market to respond to this opportunity. These options took into account the developer and/or client objectives, which included financial returns, timeframes and the realisation of wider economic benefits to Dargaville.
The final analysis provided by TUA contributed substantially to the overall evidence submitted to the Kaipara District Council, to support the plan change application for the Racecourse site.
