By RNZ
Auckland's housing stock is set to increase by more than 300 with a build-to-rent project in Remuera.
Simplicity Living has purchased 1.4 hectares of land next to Ellerslie Racecourse with the plan to construct 330 homes.
Managing director Shane Brealey said the location, which is a five-minute walk to the shops and train station at Greenlane, is "impeccable".
Simplicity Living is owned by KiwiSaver and investment funds managed by default KiwiSaver provider Simplicity.
Managing director Sam Stubbs said "quality homes for long-term rent is exactly what KiwiSaver should be helping build".
Earlier this year, it announced its intention to build 10,000 quality homes for rent across New Zealand.
It has already completed and rented 159 homes in Onehunga and Point England, with 345 to be under construction by the end of this year, and another 800 in development.
"We're on a mission to provide thousands of Kiwis what's already common overseas - quality, long-term homes for rent," Brealey said.
"We want nurses, teachers and ordinary New Zealanders to have the option of renting for the long term. So we're going hard at it, because only an increase in the supply of homes will help fix our housing crisis," Brealey said.
Stubbs said there was a whole swathe of people who might find the notion attractive, including retirees who had sold their homes but wanted a place to live for the rest of their lives.
Demand is expected to be strong given the proximity to Ascot Hospital, Greenlane train station and local retail, office and commercial facilities.
Construction was expected to start in 2024, with completion by late 2026.
RNZ
