Build-to-rent development to bring new housing choice and availability to Takapuna

Takapuna is destined to become home to the 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 Kiwis the option of secure, long-term rental accommodation with a range of amenities of the type normally seen in top-quality hotels. Owned by investors, not landlords, and professionally managed, build-to-rent living appeals to a wide range of tenants, from first­ time renters to those looking for an alternative to retirement village living.

Eke Panuku Priority Location Director - North, Kate Cumberpatch, says this 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 and choice and stimulate further growth and investment in this lake and seaside neighbourhood.

"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.

"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."

Given the development site's location and size, 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 has welcomed today's 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.

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

Public investment through council and its council-controlled organisations (CCO's) 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."

Devonport-Takapuna Local Board Chair Toni van Tonder is delighted to see continued progress in the urban regeneration of Takapuna.

"Takapuna is rapidly changing, and the local board is working at pace with council's development arm Eke Panuku to prepare the public realm for what will be a huge influx of future residents.

Not only will this exciting new Homestar 6 build-to-rent proposal create 350 new homes in our metropolitan centre making the most of this under-utilised site, but it will also add to the commercial vibrancy of our famous beach-side suburb."