Two hundred new residences are planned for Hobsonville Point, half of which will be priced under Auckland's median house price and 30 per cent selling for $550,000 or below.
The new affordable housing scheme was announced today by NZ Super Fund chief investment officer Matt Whineray, Ngai Tahu Property's incoming chief executive David Kennedy and New Ground Capital's Roy Thompson. The places are to be finished by late 2018.
The investors are buying 1.95ha of ex-defence force land from the Government-owned Hobsonville Land Company, a Housing New Zealand subsidiary. The fund and the iwi will each put in 48 per cent and New Ground the remaining 4 per cent.
Three-quarters of the homes will be sold as they are developed but the remaining quarter will be rented out long-term.
Kennedy said the company saw the project as a perfect entry into the Auckland market, and an opportunity to develop a strong partnership with the Super Fund.
Hobsonville Point had proved to be a successful master planned development, he said.
Whinerary said the project was the first with Ngai Tahu but the two had compatible values.
Ngai Tahu will act as development manager, overseeing construction while New Ground Capital will run the rental component of the project.