Northcote development to boost housing supply
The Government will redevelop 300 existing Housing New Zealand (HNZ) properties into about 1200 new homes in Northcote, Ministers Bill English and Dr Nick Smith have announced.
The Minister Responsible for Housing New Zealand, Bill English, says the $750 million project will transform the existing 300 properties into about 1200 warmer, drier and healthier homes with a better mix of size and type.
“The number of HNZ homes will increase from 300 to 400 and a further 600-800 properties will be sold as a mix of affordable and market housing.”
The development is being delivered by the Hobsonville Land Company (HLC) which is a wholly-owned subsidiary of HNZ.
“Northcote is the latest example of the Government’s work to develop its own land to accelerate the supply of new houses into the Auckland market,” Mr English says.
The first stage, which is already underway, will replace 20 old HNZ homes with 59 new social housing homes when complete.
The second stage of the five-year project will begin next year and will provide around 200 new homes. Thirty-eight HNZ homes will make way for 60 new social housing units and about 140 new homes for market supply, with an emphasis on affordability.
The first homes will be completed in June 2017 and the entire redevelopment is expected to be completed by 2021.
“It complements the range of initiatives we are taking across the city and across many functions of government to improve supply, which is at the heart of improving affordability.”
Read more here.