Archive | Hobsonville

Hobsonville Land aims for more houses below median price

HLC Ltd has begun a programme with its builder-partners to increase the supply of new homes at or below the median price of homes in the vicinity of Hobsonville Point, currently $884,000.

HLC is the Government-owned company, formerly the Hobsonville Land Co Ltd, which is engaged in residential land development at Hobsonville Point, and now also at Northcote.

Chief executive Chris Aiken said on Friday the programme would focus on the Buckley B & Te Uru precincts at Hobsonville Point, where 500 homes would be built over the next 4 years at or below the average of the median house prices for the former North Shore & Waitakere cities, as published by the Real Estate Institute every month.

The homes built as part of this programme will be mainly 3- or 4-bedroom homes. Some 2-bedroom homes would also be built, and they’d mostly be terrace houses or apartments.

Mr Aiken said this programme was in addition to the company’s programme to deliver Axis series homes, currently priced at or below $650,000. 20% of all new homes at Hobsonville Point will be Axis series homes.

He said: “The only way to reduce house prices in Auckland is to increase the supply of housing below the median price,” but add that the builders were also motivated by the commercial opportunity: “This is the part of the market in which demand is greatest. Continuing to only build big expensive houses on large sections isn’t meeting the majority of market need.

“Auckland is changing, with more one- or 2-person households, and many homeowners prioritising lifestyle & amenity over a backyard or large house.”

Mr Aiken said these homes would be sold on the open market by the 8 building companies participating in the programme, and would not use a ballot system sometimes required for Axis series homes when demand exceeded supply.

Buyers must buy the property in their own name and be owner-occupiers, meaning the buyer must live in the home for a minimum of 2 years after purchase.

The first homes to be built as part of the programme are expected to be ready for occupation from mid-2018, but some are already available to buy off-the-plan through Ockham Residential Ltd & Classic Builders Group Ltd.

Attribution: Company release.

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8 out of 12 sell at Bayleys’ auction

8 of the 12 commercial properties in Bayleys’ Total Property auction on Wednesday sold under the hammer. Heaviest bidding was between intending owner-occupiers for a Penrose property on Olive Rd (pictured). 

Isthmus east

Parnell

481 Parnell Rd:
Features: 300m² site zoned mixed use, in double grammar zone, 225m² 2-level character dwelling converted for commercial use with resource consent to demolish; new 4-year lease from May 2017 to Mt Hobson Properties Ltd (Hamish Firth)
Rent: $80,000/year net + gst
Outcome: sold for $2.45 million at a 3.26% yield
Agents: Alan Haydock, Damien Bullick & Phil Haydock

Penrose

9 Olive Rd:
Features: 2043m² site, 1281m² older style industrial building, 884m² manufacturing warehouse, 257m² of offices & amenities and 109m² of mezzanines, first time on market in 34 years
Outcome: sold with vacant possession for $3.32 million at $2591.7/m² land & building
Agents: John Bolton & Roy Rudolph

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit AL:
Features: 226m² retail unit, occupied by Paper Plus since 1993
Rent: $48,845/year net + gst
Outcome: no bid
Agents: Nicolas Ching & Beterly Pan

North-east

Milford

47 Nile Rd:
Features: 688m² site zoned neighbourhood centre, 2 roadfront shops (superette & Thai takeaway) totalling 132m² and 92m² residential dwelling occupied by superette tenant; longer-term redevelopment potential
Rent: $56,200/year net + gst
Outcome: sold for $1.56 million at a 3.6% yield
Agents: Eddie Zhong, Terry Kim & Ranjan Unka

170 Wairau Rd, unit 22:
Features: 180m² retail unit in rear portion of Wairau Junction convenience centre, occupied by Wairau Foods & Spices which renewed in February for 6 years
Rent: $55,500/year net + gst
Outcome: sold for $840,000 at a 6.61% yield
Agents: Matt Mimmack & Ashton Geissler

Silverdale

4 Titan Place, unit R:
Features: 169m² workshop & office unit built in 2007, 3-phase power, air-conditioning, security alarm system, 2 parking spaces; 2-year lease to Ice Industrial Engravers Ltd from 1 July 2017
Rent: $22,500/year net + gst
Outcome: sold for $426,000 at a 5.28% yield
Agents: Rosemary Wakeman & Mustan Bagasra

Warkworth

The Grange, 67 Auckland Rd, unit 21A:
Features: 61m² unit in retail complex, currently fitted out as office accommodation and leased to Hawthorn Geddes Engineers & Architects for 6 years from April 2017; could be converted to retail
Rent: $21,315/year net + gst
Outcome: sold for $432,000 at a 4.93% yield; auction brought forward, bidding starting at declared reserve of $338,500
Agents: Matt Lee & James Chan

The Grange, 67 Auckland Rd, unit 15:
Features: 367m² unit in retail complex occupied by Fit Factory gym for 6 years from March 2017
Outcome: no bid
Agents: Matt Lee & James Chan

North-west

Henderson

114 Henderson Valley Rd:
Features: 2140m² site, 80-unit storage complex
Rent: $145,218/year net + gst
Outcome: passed in on vendor bid of $1.7 million
Agents: Shane Snijder & James Hill

Hobsonville

160 Hobsonville Point Rd, unit 5R:
Features: 118m² ground-floor retail unit, 2 parking spaces occupied by café on 10-year lease
Rent: $56,200/year net + gst
Outcome: no bid
Agents: Steven Liu & Eddie Zhong

South

Manurewa

232 Great South Rd:
Features: 2141m² site, 2025m² bulk retail building owned & occupied by family furniture business for 20 years, 2-year lease back
Rent: $170,000/year net + gst
Outcome: sold for $2.4 million at a 7.08% yield
Agents: Shane Snijder & Piyush Kumar

Papakura

32 Elliot St:
Features: 809m² corner site, 2-level main building, 157m² of ground-floor offices plus 106m² residential floor & 36m² terrace above currently occupied by beauty therapy business; 1920s 90m²  bungalow at rear with separate entrance & residential tenancy
Rent: $46,540/year net + gst from 2 commercial leases; $23,400/year from residential tenancy
Outcome: sold for $1.32 million at a 5.3% yield
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

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HLC lifts Axis housing price cap, aligns income caps with HomeStart

Housing NZ Corp subsidiary HLC (2017) Ltd – the former Hobsonville Land Co Ltd – will raise its price cap for Axis Series “affordable” homes at Hobsonville Point from $550,000 to $650,000 on Saturday, 1 July, and will adjust income caps to align with KiwiSaver HomeStart grants.

Axis Series sections are smaller to keep the cost down, but the homes contain features such as double-glazing, extra insulation, rainwater capture and a weather-tight warranty.

HLC chief executive Chris Aiken said on Friday the income cap for individual buyers of Axis Series homes would come down on Saturday from $120,000 to $85,000 to be consistent with the HomeStart grant criteria. The income cap for couples (or 2 or more purchasers) will rise from $120,000/year to $130,000/year.

Anyone already approved under the old criteria will be unaffected.

Mr Aiken said Housing NZ would also take over the application & ballot process for Axis Series homes, although buyers of these homes would still buy them directly from the builders: “As the administrator of HomeStart, it makes sense for Housing NZ to also manage applications & approvals for Axis Series homes. This move will enable us to scale up the scheme as needed, as more new housing comes on stream across Auckland.”

Mr Aiken said a driver for raising the price cap for couples was to allow for more 2- & 3-bedroom homes to be delivered as Axis Series homes: “Rising construction costs have made it harder for our builders to deliver these homes under our current cap, and we risked losing diversity in our new stock as builders reduced home size to deliver within the price cap.”

HLC introduced Axis Series homes to its Hobsonville Point development before the launch of HomeStart, and Mr Aiken said it made sense to align this pricing with both HomeStart and the Government’s Welcome Home Loan criteria as many bidders for Axis Series homes were using these other services.

When the Government announced “affordable” price ranges in 2012, 10% of the houses were to be priced up to $400,000. Another 10% were to be priced between $400-485,000, 5% up to $450,000, 5% above.

The price caps were raised by $50-60,000 in May 2015, but 10% of homes were still to be built for $485,000 or less.

With the Axis price cap set at $650,000, at least 5% of homes will still be at or below $550,000 and at least 10% will be at or below $600,000.

Mr Aiken said that, as at 31 May, 422 Axis Series homes had been sold at Hobsonville Point: “We’re delighted with the market response, and pleased that our builder partners have applied such innovation & skill to ensure a high quality product even at more accessible price points.

“We know Axis has fostered new thinking in the affordable segment of the market with many builders, having developed techniques & approaches at Hobsonville Point, able to apply these more widely across their commercial building portfolio.”

Links: Axis series
Axis series, small home test lab

Earlier stories:
26 March 2017: Hobsonville Land becomes HLC
14 June 2015: Hobsonville Pt housing programme advanced, cheaper range ratio lifted
6 May 2015: Hobsonville Pt affordable brackets raised $50-65,000
19 March 2014: Hobsonville test lab points way to more housing innovation
19 November 2012: $485,000 top price for 20% of Hobsonville Pt housing
30 September 2009: Regional council approves urban limit shift days before first sod turned on Hobsonville development
8 June 2008: Comprehensive development plan for Hobsonville lodged
23 May 2008: Budget promotes Hobsonville project & separate affordability schemes

Attribution: Company release.

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Adams recognises importance of community, not just housing

The Government’s Hobsonville Point development reached a landmark 1000 homes occupied this week, celebrated with a visit to the latest residents by Social Housing Minister Amy Adams and local MP (and deputy prime minister) Paula Bennett.

HLC Ltd (ex-Hobsonville Land Co Ltd) chief executive Chris Aiken told the ministers 409 of new homes sold had gone to first-homebuyers and were in the “affordable” category, priced under $550,000. The average price across the development was $730,000.

Another 630 new homes are at various stages of production.

HLC has masterplanned the former Hobsonville airbase, but all the subdivisions on it are being carried out by private developers. The 1000th home, on Squadron Drive, is by Jalcon Homes.

Ms Adams, who’s also minister responsible for social investment, brought a different perspective to the housing role from her predecessor’s in a city where construction hasn’t kept pace with net immigration, let alone internal population growth.

Nick Smith, as housing, building & construction minister (and he retains the last 2 of those titles), was all about getting construction numbers up, and never sounded like he wanted to put that in context.

Ms Adams was pleased to see the 167ha of Hobsonville Point being turned into a vibrant community: “It’s not just about the new houses we’re building, it’s about the quality of community.”

Many of the homes at Hobsonville Point fit HLC’s Axis series design of cheaper, highly efficient construction, and Ms Adams said that raising the standard in this way would have an effect far beyond Hobsonville Point.

She also noted that, although the Government had instituted a programme of putting Crown-owned land to more productive use, including housing development, its holdings represented only 5% of housing land in Auckland.

Crown land is being used to lift construction output, and Ms Adams said that was a strategy that could be adopted in future downturns, to help the sector meet capacity requirements.

She also visited a new $12 million transitional housing complex on Puhinui Rd, Manukau, yesterday, and put that spurt of emergency accommodation into perspective: “When we think about social housing, it’s not just the number of houses [or flats or motel beds]. You have to think: Is there a market of houses we can move people back into?”

Hobsonville Point is one of many developments around the Auckland which have begun to lift construction from the low point in 2011, when only 13,500 consents for new homes were issued nationally. In the last 12 months, 10,200 consents have been issued in Auckland alone.

The 72-unit Puhinui Rd facility will help house up to 560 families/year, out of an estimated 3660 Auckland families and 8600 nationally who would need transitional housing in a year.

Attribution: HLC & ministerial releases, Hobsonville visit.

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Ngai Tahu Property secures another 2ha at Hobsonville Pt

Ngai Tahu Property Ltd has entered into a development agreement to build over 200 homes on 2ha at Hobsonville Point, one of the last undeveloped sites in the masterplanned community at the top of the Waitemata Harbour.

The newest acquisition resulted from an expression of interest process HLC Ltd (formerly the Hobsonville Land Co Ltd) conducted late last year. Ngai Tahu Property chief executive David Kennedy said yesterday it effectively doubles the size of the Kerepeti development, which will now deliver 417 homes over a combined 4ha.

The new site will contain a mix of apartments, terraced homes & walk-up apartments.

Based on a masterplan by Isthmus Group, the homes will be delivered in 4 stages. The first stage will contain 27 2½- & 3-bedroom terraces and 9 1½- & 2-bedroom walk-ups.

Mr Kennedy said 30% of the homes would be priced in keeping with Hobsonville Point’s Axis affordable homes programme.

Ngai Tahu Property is already developing 2 sites at Hobsonville Point through a consortium with the NZ Super Fund & New Ground Capital Ltd, but Ngai Tahu Property is undertaking this project on its own. The first homes on the consortium’s 2 sites, Uku & Kerewhenua, are due for completion early next year and will be available for sale off the plan from September through Colliers.

Ngai Tahu’s 3 development sites – 2 as part of a consortium.

Mr Kennedy said most of the homes in the new development would be available for sale as they are developed but, as with the accessible philosophy for the Kerepeti development as a whole, a portion will be retained and made available as long-term rental properties to be managed by New Ground Capital.

“We are committed to delivering attractive & functional homes that are in keeping with the fantastic location. All of the sites deliver a strong, connected community that adds to and benefits from the great levels of amenity that have made Hobsonville Point one of the most desirable new places to live in Auckland.”

HLC chief executive Chris Aiken said Ngai Tahu Property had demonstrated that developers can combine quality urban design, affordable housing & sound commercial returns working in partnership with the Government-owned HLC.

Earlier story:
5 May 2017: Construction starts on Ngai Tahu subdivision at Hobsonville Pt

Attribution: Company release.

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Construction starts on Ngai Tahu subdivision at Hobsonville Pt

Construction has started on Ngai Tahu’s innovative new residential development for Hobsonville Point that includes a number of long-term rentals.

It’s funded by the NZ Super Fund, Ngai Tahu Property Ltd & New Ground Capital Ltd.

The 208-home development on the former Defence Force base at the top of the Waitemata Harbour, announced in December 2015, was the initial step for Ngai Tahu Property into the Auckland market and is the first direct property investment for the NZ Super Fund.  First homes in the development will be on sale off the plans from September and the whole development is due to be completed by the end of 2018.

The Ngai Tahu development, now known as Kerepeti, covers 2 1ha superlot sites called Kerewhenua (111 homes) & Uku (97 homes).

The NZ Super Fund & Ngai Tahu Property are investing 48% each of the capital required for the development, and New Ground Capital is contributing the remaining 4%.

Each superlot will consist of a mix of apartments, terrace homes & walk-up apartments based on a masterplan by Context architects. They’ll be built by 4 local building companies – Classic Builders Ltd and Naylor Love Ltd (Kerewhenua) and Jalcon Homes Ltd & Haydn & Rollet Ltd (Uku).

About 50% of the 1- to 4-bedroom properties will be priced under the Auckland median house price and 30% will be priced in keeping with the Hobsonville Point affordable homes Axis programme.

About three-quarters of the homes will be available for sale as they are developed, but 47 are to be retained and made available as long-term rental properties to be managed by New Ground Capital, which was set up in 2014 to develop a long-term rental portfolio.

Anyone can apply to rent one of these homes once completed, with lease terms of up to 7 years to provide security of tenure, while still allowing leaseholders to shorten their lease should their circumstances change.

Ngai Tahu Property chief executive David Kennedy said: “The shared vision for this development was to ensure public & iwi funds are reinvested into infrastructure for the long-term benefit of New Zealanders – those who live there and the investors themselves.

“With building of terrace homes and early foundation works for the apartments now starting on both of the superlot sites, we are on the way to ensuring a broader section of the market, be they renter or homeowner, can have a quality place to live and enjoy access to all the amenities & lifestyle on offer at Hobsonville Point.

“We expect the new long-term rental properties to be listed on www.newgroundliving.co.nz in the third quarter of this year.”

Links:

Ngai Tahu Property 
www.ngaitahuproperty.co.nz
NZ Super Fund
www.nzsuperfund.co.nz
New Ground Capital
http://www.newground.co.nz
New Ground Living
www.newgroundliving.co.nz

Attribution: Company release.

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Corrected: Shenzhen developer launches first Auckland project at Hobsonville

Published & corrected 24 April 2017
Chinese developer Far East said on Friday it would build 39 terraced homes in the first stage of its 150-home Hobson Quarter development (pictured) between the Hobsonville village shops and the Upper Harbour Motorway, called Q|One. [Corrected: Originally I wrote that this development was at Hobsonville Point.]

Far East has also bought a 3406m2 site next to the Westfield Mall at Albany for over 200 apartments on 18 storeys in 2 buildings, plus retail & parking facilities.

The developer is part of the privately owned JiaHe JianAn Group, which has built about 7000 apartments in a decade in Shenzhen, China, and expanded into Australia in 2013.

Its Australia subsidiary, Zone Q Investments Pty Ltd, entered the Perth market first with an $A100 million apartment & commercial project overlooking the Swan River. It now has 4 Perth residential projects & one commercial property there, and bought in Sydney in December. It has the Aqualuna apartment development planned for a waterfront Milsons Point site and has also bought land in the north-western suburb of Cherrybrook, 30km from the Sydney cbd.

In New Zealand, Far East has an anticipated $300 million pipeline of residential & commercial projects. At Hobson Quarter, it’s working with Kate Roach Architecture & Design, which has studios in Melbourne & Auckland, and Greenstone Group Ltd for project management.

Marketing manager Daniel Zou said Far East had also identified other potential development sites in Auckland & Wellington, including prime office buildings. He said the move into New Zealand was a natural one as Kiwis began to consider a wider range of housing options in a tighter market.

“We spent a long time analysing the New Zealand market to determine the developments that would best suit local demand. We built an Auckland-based team and have partnered with well-known, respected local companies to develop homes tailored to the Kiwi lifestyle.

“We firmly believe that every property development needs to suit each community’s needs and Q|One is the epitome of this – higher density living that supports Auckland’s growing population, while still embracing New Zealanders’ love of large homes with generous outdoor spaces.”

Pre-sales for Q|One are underway through Bayleys Realty Group and construction is scheduled for completion in late 2018.

Links: Hobson Quarter
http://hobsonquarter.co.nz/
Zone Q
http://zoneq.com.au
Kate Roach Architecture & Design
http://www.kateroach.com.au/

Attribution: Company release.

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Hobsonville Land becomes HLC

Housing NZ Corp subsidiary Hobsonville Land Co Ltd changed its name to HLC (2017) Ltd on Tuesday, and has changed its trading name to HLC, representing “Homes Land Community”.

Chief executive Chris Aiken the change came as the company widened its focus to additional largescale developments around Auckland.

The company was formed to develop Hobsonville Point, the former NZ Defence Force site on the Upper Waitemata Harbour, and celebrated 10 years of residential development last year.

1000 homes have been built at Hobsonville Point and it’s now home to 2310 residents. About 500 more new homes/year are being built. On completion, the 167ha masterplanned development will have 4500 houses & over 10,000 residents.

Mr Aiken said the company had learned a great deal about building quickly at scale, and in a quality way that would foster strong communities and produce affordable homes.

Attribution: Company release.

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Catalina Bay development unveiled

Willis Bond & Co Ltd unveiled its ideas yesterday for Catalina Bay, formerly known as The Landing, at Hobsonville Point.

Through the frame of the old Sunderland hangar – stripped to remove asbestos – to the Catalina workshops where the farmers’ market is based and new offices will be created.

The project takes in the former Catalina flying boat workshops beside the ferry terminal where the Hobsonville farmers’ market has been based, the Sunderland flying boat hangar (which has been stripped down to its framing) and land beside the hangar where apartments will be built.

Willis Bond managing director Mark McGuinness said Catalina Bay would be a new gateway to the west from the water and would improve the prospect of increasing ferry frequency.

The workshops will be transformed for a variety of uses.

It will accommodate a variety of uses, including a micro-brewery, cafés & restaurants, restored character offices as well as the farmers market. Mr McGuinness said some of the office spaces would be idea for cosharing.

60-80 high quality freehold apartments are envisaged in the development beside the hangar, which Mr McGuinness expects will be marketed late this year.

The waterfront site was a key component of the former Hobsonville Royal NZ Air Force base, which served the Pacific in wartime with its flying boats, and was also an early site for TEAL (Tasman Empire Airways Ltd), forerunner of Air NZ.

Almost the whole air force base has been turned over to housing, managed by the Government-owned Hobsonville Land Co Ltd, with individual developers in charge of subdivisions within it.

Willis Bond has been developing the Sunderland precinct, comprising 120 new homes & 11 refurbished former Air Force homes from the 1930s.

The Hobsonville Land Co will be one of the first tenants to occupy the refurbished Catalina Bay office space, late this year.

Attribution: Presentation, company release.

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Avanda wins Airfields stage 2 development

Auckland Council company Panuku Development Auckland has confirmed Chinese-owned Avanda Ltd as the housing developer for stage 2 of the 20ha council-owned Airfields precinct at Hobsonville Point.

Avanda and its building partners will develop over 500 homes in stage 2, of which a minimum 10% will be affordable housing. Housing will be delivered within an agreed timeframe.

Panuku chief executive Roger MacDonald said Avanda was chosen after a competitive tender process, with strong interest from 6 potential developers.

“Avanda is a significant new entrant in the property development market and they showed commitment to developing all of stage 2, rather than just individual parcels that were offered to the market.”

Avanda project manager Winson Tan said the company would deliver a range of high quality housing options. The company has started detailed design to obtain the necessary resource consents for infrastructure works.

Avanda’s ultimate holding company is Guangzhou Jinxiu Dadi Property Co Ltd.

Building at Airfields stage 1 will start over the next few months. It will have 102 standalone & terrace homes.

Image above: Airfields stage 2 at Hobsonville Point, outlined in red.

Earlier story:
21 September 2015: Avanda launches first townhouses on Crown Lynn site

Attribution: Company release.

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