| 45 The Perry Group: Peake Mews DEVELOPMENT T T Karen Phelps Tackling Waikato’s affordable housing The Peake Mews development operates under the Secure Home Programme, a relatively new concept in New Zealand aimed at providing long-term housing stability. Bridge Housing Charitable Trust (Bridge) is ramping up its efforts to provide affordable-housing solutions across the Waikato region. With the success of its initial Peake Mews development in Cambridge, the trust is now setting its sights on new projects in Te Awamutu and Hamilton, offering hope for young families struggling to enter the property market, says Jennifer Palmer, general manager of Bridge Housing Trust. “Owning a home is becoming more out of reach for young whānau. Our focus is affordable housing to meet the real need in this area,” she says. The trust’s flagship project, Peake Mews in Cambridge, is entering its second stage of development. Following the rapid sell-out of stage one, which comprised eight homes, stage two is now under construction and taking expressions of interest. This new stage, set to be available in May next year, will offer a mix of two-bedroom and four-bedroom homes under both leasehold and freehold models. “Stage one proved very popular, selling out before the homes were even constructed,” says Jennifer. “We’ve had a growing list of enquiries ever since, so we suspect stage two will sell out quickly. “We encourage people to get in touch if they’re interested.” The Peake Mews development operates under the Secure Home Programme, a relatively new concept in New Zealand aimed at providing long-term housing stability. Under this innovative model, families purchase the home at its construction cost, while the Bridge Trust retains ownership of the land. Homeowners then obtain a 100-year lease for the land, paying an annual lease fee that increases only in line with the Consumer Price Index (CPI). “The goal is to make mortgage repayments, rates, insurance, and the ground lease more affordable than rental equivalents in the same market,” says Jennifer. Expanding its reach, Bridge has also partnered with Da-Silva Builders in Te Awamutu to offer affordable housing options. Out of a 36-terraced house development on Ohaupo Road, the trust has secured 20 units. Twelve of these have already been sold, with eight still available. These two-bedroom, two-bathroom homes are priced at $292,000 under the leasehold programme, presenting an attractive opportunity for first-time buyers in the area. The trust is also progressing with a large project in Hamilton’s CBD. “The goal is to make mortgage repayments, rates, insurance, and the ground lease more affordable than rental equivalents in the same market.” T T to page 46 Amber Garden Centre 7 Peake Road, Cambridge, 3283 07 827 6259 gardening@ambergardencentre.co.nz Not your average garden centre Proud to support The Perry Group
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