Tuesday 21st September 2021
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Kiwi Property today announced it is moving ahead with the construction of New Zealand’s first major build-to-rent development, marking an important milestone in the delivery of the company’s mixed-use strategy. The 295 apartment complex will be located at Sylvia Park in Auckland, accelerating the site’s evolution into an integrated retail, office and residential community.
Build-to-rent accommodation is developed, owned and managed by institutional landlords, specifically for long-term rental. Featuring a combination of studio, one, two and three bedroom apartments, the Sylvia Park build-to-rent development will offer residents the security of long-term tenure, coupled with quality amenities, resident services and curated events.
Enabling works are already underway at the Lynton Road site, with construction set to commence in late 2021 and renting to begin in early 2024. The $221 million development will target a stabilised net yield of approximately 4.5%, and a 10 year property internal rate of return of over 8.0%. The project will be debt funded, pending the outcome of the process to sell The Plaza and Northlands, which is currently underway.
Kiwi Property has a clear pathway to scale in build-to-rent. Under the Sylvia Park masterplan, approximately 1,200 apartments could potentially be built across the site over the medium term, transforming the location into a major residential hub. Resource consent is also being sought for a 25-storey mixed-use building at Auckland’s LynnMall, which will include 245 build-to-rent apartments, as well as three floors of office and additional ground floor retail. More than 600 apartments could be accommodated at the location in the coming years. Further details regarding the LynnMall mixed-use development will be provided once a decision has been made to proceed with the project.
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