The Government has approved a $300 million, 600-home development at a Christchurch racecourse.
Building and Construction Minister Nick Smith said building could start at Riccarton Racecourse after Cabinet removed the land’s reserve status on Monday.
The land, situated around the outside of the race track, will be developed by the Christchurch Racecourse Reserve Trustees and Ngai Tahu Property.
Parliament passed legislation to hasten the development last June.
Smith said freeing up the land would increase the housing supply and provide a financial boost for the Canterbury racing industry.
“The key to improving affordability is increasing supply and this development will do that while helping first home buyers into a new, high-quality homes,” he said.
“This development, alongside those at Awatea, and Colombo and Welles streets, is the final phase of the Government’s housing response to the Canterbury earthquakes.”
Smith said Government interventions in house planning and supply since the earthquakes made Canterbury one of the most affordable regions in the country.
“It provides a model of how we can resolve issues in other centres and a competitive advantage for the Canterbury region in attracting new industry and people.”
- Jamie Small
- The Press