Housing Foundation lays ground for new dwellings in Old Papatoetoe

The New Zealand Housing Foundation has laid the for groundwork 29 new dwellings in Old Papatoetoe eligible for shared ownership for first home buyers.

Eke Panuku sold the 4,000m2 site to the foundation back in 2022. Formerly home to the Papatoetoe Borough Council Works Depot, the site will soon house a mix of two and three bedroom low-maintenance dwellings, with registrations of interest now open.

Housing Foundation Senior Development Manager Nicolas Giraldo is excited at the outcome of the Cambridge Terrace site, “Partnering with Eke Panuku to purchase the site, the Housing Foundation has commenced construction of 29 brand new homes in central Old Papatoetoe.

“These homes will enable 29 families to attain the goal of home ownership by providing an opportunity for the buyer and Housing Foundation to share ownership,” said Nicolas.

The shared ownership scheme lowers barriers for first home buyers to get their own home. Shared ownership allows buyers to purchase a majority share (usually 60 per cent or more) with the Housing Foundation retaining the remaining minority share. Repayments are kept affordable at no more than 30 per cent of owners’ income. Shared ownership has helped hundreds of families into home ownership and most buy out the foundation entirely within seven to ten years.

Eke Panuku Priority Location Director Richard Davison says the development will be in the heart of Old Papatoetoe’s redevelopment, “We have already completed stage one of Unlock Old Papatoetoe, including a new supermarket, ten retail commercial spaces, and carparking”.

“The concept design for Stadium Reserve, adjacent to Cambridge Terrace, was approved in June and marks the next step in creating the new heart for old Papatoetoe,” said Richard.

The concept design for Papatoetoe Stadium Reserve provides an extension to Cambridge Terrace and links the development with new road and cycling connections to the future redeveloped town centre and existing upgraded supermarket. The Housing Foundation development of 29 new homes will be the first of at least 200 dwellings surrounding the upgraded Stadium Reserve.

The concept design revitalises the currently underwhelming greenspace, instead creating a safe and attractive civic space for locals that encourages future growth.