| 67 DEVELOPMENT New Ground Capital: Mt Albert Development The Moroki development in Glen Innes will deliver 50 purpose-built rental homes, including one, two and three bed configurations. Karen Phelps New Ground Living, the property arm of investment company New Ground Capital, is nearing completion of its latest build-to-rent (BTR) project, and first with iwi investor partner Hapai Housing LP, in Line Road, Glen Innes, Auckland. Called Moroki, the development in Glen Innes will deliver in 2023 50 new purpose-built rental homes, including one, two and three bed configurations, and 35 car parks. Hapai Housing LP is the owner of the development, and New Ground Capital will maintain responsibility for the development management and on-going property management aspects of the project on its behalf. The parties are also working on a second project, called Kaweka, located in New North Road, Mt. Albert, Auckland. This development expects to deliver 44 new high-quality purpose-built rental homes, in one and two bedroom configurations, and 34 car parks. “We’ve been searching for the right site for purpose-built rental housing within the Mt Albert/Owairaka area for several years, so we’re pleased to have now secured this site at 1088 New North Road from Kainga Ora, being so close to the services and transport options offered by the Mt Albert town centre,” says Brian Collins, one of New Ground Capital’s directors. Civil works have commenced on Kaweka and Mike Greer Commercial is expected to be completing construction progressively between late 2023 and early 2024. BTR has become a main focus for New Ground Capital – constructing high quality purpose-built rental housing for tenants helping to meet the shortage of housing something that New Zealand desperately requires. This sees New Ground Capital team up with large investment institutions such as community trusts, iwi organisations, pension funds and government agencies to develop new housing solutions that generate societal and environmental impact alongside solid returns. Brian says BTR marks a distinct change in the way rental properties are built, managed and delivered to tenants. “BTR tends to put tenants at the centre Iwi partner in housing development of the relationship. Whereas traditionally property managers would work with landlords to solely maximise returns BTR is more about identifying tenants’ needs and providing them with long-term rental housing options that suit those needs. “It’s about making rental housing a choice, not necessarily the only option because people can’t afford to buy a home.” As an example of being flexible and listening to tenants he says that New Ground Living, has a flexible pet arrangement with tenants who meet the right criteria. “It seems like a small thing but it’s extremely important and there are not many landlords willing to allow pets. Tenants can also make changes to the property such as putting pictures up, repainting the walls and other things to make the property their home. “Our first answer is ‘yes, let’s look at this and see how it can be done’ while protecting the asset,” he says. The tenant centric model continues to evolve on the ground with New Ground Living community managers (as opposed to being termed ‘property managers’) regularly visiting each precinct to meet and work with communities on events, improvements as well as resolving any issues that might crop up. “A stable housing market is in everyone’s best interests long term,” says Brian. “Our BTR projects offer investors stable long-term returns and our tenant customers enjoy secure high quality rental housing for as long as they wish.” Working together to design New Zealand’s tomorrow info@construkt.co.nz construkt.co.nz 09 373 4900 PLANNING. SURVEYING. ENGINEERING. ENVIRONMENTAL. LAND DEVELOPMENT. 09 524 7029 auckland@ckl.co.nz www.ckl.co.nz We deliver integrated solutions that work!
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