Ngāi Tahu Property has entered into a development agreement for one of the last undeveloped sites in Hobsonville Point.
Over 200 homes are planned for the two-hectare site in the heart of the master-planned community 20 minutes north west of the Auckland CBD.
The newest acquisition resulted from an Expression of Interest process conducted late last year. It effectively doubles the size of the development known as Kerepeti which will now deliver 417 homes over a combined four hectare area.
The new site will consist of a mix of apartments, terraced homes and walk up apartments.
Based on a masterplan by Isthmus Group, the homes will be delivered in four stages. The first stage will consist of 27 terraced homes with a blend of two and a half bedroom and three bedroom dwellings and nine walk ups with a blend of one and a half and two bedroom dwellings.
Thirty percent of the properties will be priced in keeping with the Hobsonville Point affordable homes Axis programme.
Ngāi Tahu Property is already developing two sites in Hobsonville Point as part of a consortium with NZ Super Fund and New Ground Capital, with construction already underway on those sites. Ngāi Tahu Property is undertaking this second project on its own.
The majority of homes will be available for sale as they are developed, but as with the accessible philosophy for the Kerepeti development as a whole, a portion will be retained and made available as long-term rental properties to be managed by New Ground Capital.
David Kennedy, Ngāi Tahu Property Chief Executive, says he is delighted that Ngāi Tahu Property has been successfully appointed by HLC as its development partner for the new site.
“The two-hectare site is in a great location with easy access to schools, the ferry, retail offerings and the farmers’ market.”
“We are committed to delivering attractive and functional homes that are in keeping with the fantastic location. All of the sites deliver a strong, connected community that adds to and benefits from the great levels of amenity that have made Hobsonville Point one of the most desirable new places to live in Auckland.”
Chris Aiken, HLC Chief Executive, says through Ngāi Tahu Property’s commitment to this Crown Housing initiative, especially the affordable housing component, Ngāi Tahu Property has demonstrated that developers can combine quality urban design, affordable housing and sound commercial returns working in partnership with HLC.
The first homes on the existing two sites, Uku and Kerewhenua are due for completion early next year and will be available for sale off-the-plan from September this year through Colliers International.