Te Ara Pekapeka Bridge – Waikato’s newest river crossing bridge – has opened to the public linking Hamilton’s eastern suburbs with its southern neighbours. Waikato Business News staff writers look at how this might affect businesses, traffic movements and house prices.
Te Ara Pekapeka. Photo: Mary Anne Gill
It’s not just a bridge.” That’s the message Hamilton City Council was keen to convey days before the $166 million Te Ara Pekapeka Bridge opened to traffic.
There is all the infrastructure either side and under it – a network that caters for public transport, pedestrians and cyclists, parks, and strategic water, wastewater and stormwater networks.
The path leading to an innovative cascade outfall which manages the release of treated stormwater though a series of waterfalls into the Waikato River. Photo: Mary Anne Gill.
Then there is the environment work – including the extensive Mangakootukutuku gully system – and the innovative cascade outfall which manages the release of treated stormwater through a series of waterfalls into the Waikato River without causing erosion of the riverbank or riverbed. (see sidebar – By the numbers)
The plan is to link the new Peacocke subdivision – with its 7400 homes and 20,000 people – but that is some years away; in the interim what will the bridge do now for businesses, transport connections and house prices?
Will a suburb like Glenview suddenly become the place to live in Hamilton, New Zealand’s fastest growing city?
innovative cascade outfall which manages the release of treated stormwater though a series of waterfalls into the Waikato River. Photo: Mary Anne Gill.
Harcourts Hamilton director Campbell Scott said Peacocke’s Akahura Terrace and the neighbouring Dixon Heights subdivision in Glenview had been well received by the market.
“The bridge is only going to escalate that, joining the southern parts of the city,” he said.
Businesses and residents in the southern-most parts of Hamilton will be better connected following the opening of the Te Ara Pekapeka Bridge.
The bridge is the first one to span the city in 30 years and is the first part of Southern Links state highway and arterial road network, a joint project with central government, council, and iwi.
The project is designed to reduce congestion, establish a key transport network in the Peacocke suburb, and support further urban development of the region.
Businesses both sides of the city will benefit from the opportunities offered by the construction.
“Apart from an initial phase where people drive across the new bridge for curiosity, we’re not expecting large volumes of traffic coming through Peacocke until more homes are built,” said Hamilton City Council infrastructure and partnerships communications manager Simone van Asbeck.
“Our traffic forecast suggests that by 2041 around 22,000 vehicles per day will be using the bridge. Most of these will be new residents.”
One of the two taurapa which serve as a Waharoa – gateway – to cross the Waikato River. Photo: Mary Anne Gill.
Scott said: “Akahura is where the bulk of the sales have been, that’s been reasonably well received, we’ve had a few new families move in, that’s a good example of what to come,” he said.
New build three bedroom and two-bathroom townhouse are listed in Akakura Terrace for $865,000.
Standalone three or four-bedroom family homes are selling for about $1 million more.
Scott said there was likely to be a knock-on effect, lifting property prices in surrounding suburbs, as has happened in other parts of the city.
Preparations for the development of Hamilton’s Peacocke greenfield site south of the central business district has been hampered by challenging market conditions.
“Peacocke is sitting there, ready to respond when that market condition improves,” said Hamilton City Council general manager of growth Blair Bowcott.
“I guess we are seeing the first shoots of that change.”
3060 tonnes (3,060,000kgs) of structural steel was used for the structure while 36 steel girder segments were installed to support the bridge deck. Photo: Mary Anne Gill.
The economy expanded by 0.2 percent in the March 2024 quarter following two consecutive quarters of contraction.
Inflation is expected to return to the target band of one to three percent later this year.
The Official Cash Rate, which sat at 5.5 percent from May 2023 until August when it was dropped to 5.25 percent, is likely to drop to five per cent by the end of the year. Banks have recently cut mortgage rates in response.
“Right now, market conditions are challenging for development. That’s just a symptom of where we are at in the economic cycle. Interest rates, construction costs, sale price, that equation is challenging. Developers need a certain return to balance the risks.”
Bowcott described Peacocke as a “really exciting new development for the city”.
“Peacocke came into the city in 1989, but it required new transport connections to open up. Through the Housing Infrastructure fund, we were able to secure financial arrangements to open it up.”
Developing Peacocke was made possible by the Government providing a 10-year interest free loan of $180.3 million, and Waka Kotahi NZ Transport Agency subsidies of $110.1 million for the infrastructure.
“Council has invested in Peacocke, we’ve taken away the transport challenges, wastewater, it’s effectively a canvas for the development community to respond to.”
“Peacocke’s going to be a home for 20,000 further people, around about 8000 homes in an incredibly environmentally diverse community with great eco systems, great topology, great vistas of the river, and it’s physically very close to the central city. It’s going to be an amazing community, a highly attractive option.
“It’s a long time coming, but I think it’s something we can be incredibly proud of.”
See: Te Ara Pekapeka – by the numbers
See: Out and About
See: Our stunning bridge
The central pier, bridge beams and balustrades are made from Corten Steel which reduces long-term maintenance costs and has safety and environmental benefits. Photo: Mary Anne Gill.
