Simplicity Living Announces Major Build To Rent Development In Morningside
Simplicity Living announced a further expansion in its Build to Rent programme today, with the purchase of land in Morningside, Auckland to build 256 apartments for long term rent.
Morningside Street - render
The site is 150m from the Morningside train station, and 10 mins walk from St Lukes shopping centre.
The development will be a combination of 1, 2 and 3 bedroom apartments, all for long term rent.
“All New Zealanders should have the option to rent long term, in great neighbourhoods, and within walking distance of transport and amenities,” said Shane Brealey, Managing Director of Simplicity Living.
“This one ticks all those boxes,” he said.
“And we’re building the apartments to last 100+ years, because that’s how long we want to own them,” he said.
The building will target a Homestar 7 rating, with environmental factors dominant. These include rainwater harvesting, solar panels, electric chargers and very high standards for thermal and acoustic quality.
And for every apartment leased, Simplicity Living will fund the planting of a native tree every week via Trees That Count. When fully rented, the development will help plant over 13,300 native trees every year.
The master planning process is already underway, with construction expected to start in 2025, and completion late 2027.
Morningside is the sixth development Simplicity Living has announced since it’s inception two years ago, with other developments in Pt England, Onehunga, Mt Albert, Mt Wellington, and Remuera.
It has already built and rented 159 homes, with another 348 in construction, and the land contracted for a further 592.
Sam Stubbs, Managing Director of Simplicity (NZ) Ltd, said investing in Build to Rent housing was common overseas for pension funds like KiwiSaver.
“We are committed to making our members money, and helping create a better future for New Zealanders,” he said. “Providing warm, dry homes for long term rent is part of that.”
Simplicity recently launched its Homes and Income Investment Fund to supercharge it’s Build to Rent, first home mortgages and community housing investments.
Simplicity Living is 100% owned by funds in the Simplicity KiwiSaver and Investment Fund schemes.