As more and more Aucklanders choose to rent rather than own their own home, increasing the number of long-term rental accommodation in the market is ever more important. Hobsonville Point’s latest development will help address this need.
The NZ Super Fund, Ngai Tahu Property Limited and New Ground Capital have teamed up to invest at Hobsonville Point. The NZ$113 million project will see around 200 new homes developed.
A total of 1.95 hectares of land in two super lots has been purchased by the consortium. Around 50% of the homes will be priced at below the Auckland median house price. Thirty percent of homes will be priced at $550,000 or below under the Hobsonville Point Axis Series homes programme. Around three-quarters of the homes will be sold as they are developed, and the remaining quarter will be retained as market-based, long-term rental homes that will be managed by New Ground.
HLC Chief Executive Chris Aiken says that retaining a portion as long-term rentals and delivering half of the dwellings under the median Auckland house price would add further diversity to the homes available at Hobsonville Point. Construction is due to commence mid 2016, and due to be complete in late 2018.