A rendition of Simplicity Living's Build to Rent project in Remuera. Photo: One to One Hundred Ltd / Supplied by Simplicity Living
The construction of more than 300 new houses will begin next month as part of a build-to-rent project in Auckland.
Simplicity Living, owned by KiwiSaver provider Simplicity, now has resource consent for its Remuera development purchased from Ellerslie Racecourse.
Managing director Shane Brealey said it was a great location close to schools, a supermarket and a hospital and rents will be affordable.
"We are looking for residents that are looking for a secure tenure, more affordable rental opportunity for their housing solution and because we're very efficient in our design and construction and delivery, we don't have to push the rents like some other BTR operators might have to do.
Brealey said he is confident in demand for the projects under construction - the previous one, a 51-home development completed in Mount Albert, was fully leased within three weeks.
"[The housing market] is very depressed at the moment and even in the rental market, it is quite strained. But because we're pitching a high-quality product at a more affordable rental level, we aren't finding any difficulties in ensuring our entire portfolio, which is currently 210 completed apartments, 297 under construction and these additional 330 coming. We've been running at 99.2% occupancy since we started three years ago."
Brealey said the $280 million project will employ over 600 people at its peak on and off-site.
He said construction should be completed by February 2027.
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