Building homes for long-term rental went out of favour decades ago, aside from stop-start Housing NZ programmes. Now it’s back in New Zealand, but in its infancy, while overseas it’s become a recognised asset class for portfolio trading.
The US – without the same public sector dominance that has occurred in the UK, Australia & New Zealand since the Second World War – has a long-established corporate-built & -owned rental housing sector, commonly called multifamilies.
Without some of the support structure which exists in the US & UK, CBRE head of research Zoltan Moricz said it might be futile to throw them up as useful precedents for a similar evolution here.
Ian Cassels’ The Wellington Company Ltd has sold its Spark Central building in Wellington for $197.5 million, 3 months after CBRE launched a marketing campaign.
Mulpha Australia Ltd has bought the leasehold 4.5 star Waldorf Stadium Apartment Hotel at Quay Park in Auckland.
Helius Therapeutics Ltd has secured an 8800m² property in East Tamaki for its first facility to cultivate, extract, research & manufacture medicinal cannabis.