The Queenstown Lakes Community Housing Trust has confirmed it will purchase 50 apartments within New Ground Capital’s development at Remarkables Park, after obtaining funds from Westpac bank.
The one- and two-bedroom apartments are part of New Ground Capital’s 227-unit development just below the popular Frankton retail precinct. Site works start tomorrow (April 3) and construction is expected to be complete in late 2019.
Earlier this month the Trust was disappointed to lose financing for the transaction from overseas buyers, due to proposed changes to the foreign buyers legislation. However, today’s agreement with Westpac bank signals a positive move, helping the Trust deliver its goals of providing housing for local people who can’t afford it.
“We are delighted to be able to confirm the contract with New Ground Capital today. This is an exciting opportunity to assist another 50 families into secure, affordable housing,” Trust Executive Officer Julie Scott says.
“We now have more than 500 households on our waiting list, and this purchase will go a long way to helping with our goal of assisting 1000 households in the next 10 years.”
Whilst the Trust is not yet in a position to confirm which programmes the properties will be allocated to, Scott says it is likely to be a mixture of affordable rentals and assisted ownership.
New Ground Capital Managing Director Roy Thompson says he’s thrilled with the news: “We are very pleased to be working with Queenstown Lakes Community Housing Trust to help house key workers in our district. We see this relationship as satisfying important social and commercial objectives for our organisation.”
New Ground Capital will be retaining 78 of the properties as long-term rentals.