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Ngai Tahu Property has made its first big statement in the Auckland market with an investment in a 200-home development on former defence land at Hobsonville.
The $113 million project is a partnership with the New Zealand Superannuation Fund and New Ground Capital.
The partners say about half the properties will will be priced under the Auckland median house price and thirty percent will be priced at $550,000 or below.
A quarter of the properties will he held as market-based long-term rentals.
There will be a mix of apartments, terraced housing, and standalone houses on the 2 hectare site.
Ngai Tahu Property’s incoming chief executive David Kennedy, who joined the company earlier this year as its first Auckland manager, says the project is a perfect entry into the Auckland market and an opportunity to develop a strong partnership with the NZ Super Fund.
Ngai Tahu Property will act as development manager, overseeing the construction of the houses, while New Ground Capital will run the rental component of the investment.
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