Wednesday, May 22, 2024

Takapuna sold on build-to-rent reality

Takapuna looks set to become the Auckland North Shore’s first major build-to-rent development thanks to a sale and development agreement between Eke Panuku Development Auckland and the Cedar Pacific and McConnell Property consortium.

Build-to-rent – widely embraced overseas and an emerging concept in New Zealand – offers the option of secure, long-term rental accommodation with a range of amenities.

Eke Panuku Priority Location Director – North, Kate Cumberpatch says the agreement will see the development of around 350 new state-of-the-art apartment homes and deliver on the agency’s regeneration plans to provide more housing supply.

“As well as creating new public space that reinforces the heart of Takapuna and improves connections with the beach and other key public spaces, Eke Panuku looks to make better use of under-utilised council-owned land to deliver not just development, but a multitude of outcomes that contribute positively to Takapuna’s evolving landscape,” said Ms Cumberpatch.

“We are delighted to have agreed on the sale and development of the vacant site on Auburn Street at the corner of Huron and Northcraft Streets with Cedar Pacific and McConnell Property consortium for the first of their Auckland build-to-rent developments. Build-to-rent is a simple, effective way of helping alleviate our housing shortage.

“It offers choice and availability and delivers quality rental choices for Aucklanders. This development will significantly increase the number of living options in Takapuna, allowing more people to live near the Takapuna town centre.”

Architectural render by project architect, Warren and Mahoney.

Eke Panuku worked alongside the Bayleys Corporate Projects team to identify the Cedar Pacific and McConnell Property consortium as the visionary development partner to unlock this site’s true potential.

North Shore Councillor, Chris Darby.

North Shore Councillor, Chris Darby, has welcomed the announcement.

“The provision of genuine housing choice has always been one of the fundamental outcomes I’ve been wanting to see realised in the unfolding of a reimagined Takapuna,” said Cr Darby.

“The arrival of build-to-rent apartments, supported by professional management, is a step-change in the availability of affordable and secure living solutions.

“Building 350 new apartments enables a big lift in the number of people who call Takapuna centre their home, complementing the thousands who already call it their workplace or a great place to visit. This quality development is another step in making Takapuna even more vital and attractive.”

North Shore Councillor, and Chair of Auckland Council’s Planning, Environment and Parks Committee, Richard Hills said he was also excited to see the Takapuna transformation take shape.

“It is fantastic to see Eke Panuku secure such a great development which will bring many new residents to Takapuna with options to rent with certainty,” he said.

“The design, retail, and hospitality components will bring positive outcomes for locals and visitors as well.”

Architectural render by project architect, Warren and Mahoney.

“Public investment through the council and its council-controlled organisations (CCOs) in new public spaces and streetscapes is helping to reinvigorate Takapuna from Auburn Street to our stunning beach.

“It is great to see the private sector come on board to provide housing and many new retail and hospitality options popping up after a tough few years through the pandemic,” said Cr Hills.

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