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The property had the potential to accommodate between 400 and 550 new homes of different types, but it would also be suitable for a retirement village, or a mix of homes and a retirement village, he said. “For developers it is a once in a lifetime opportunity to deliver a quality master planned residential community, which targets aspirational buyers and achieves price growth due to favourable market dynamics.” Ellerslie and Remuera had experienced strong price increases, of 26 per cent and 36 per cent respectively, over the year to June, Real Estate Institute information showed. Ellerslie’s average house price was $1.14 million and Remura’s at $2.22m.

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