Mark Todd can't shift his tacky apartments, oh damn
http://emaillink.oneroof.co.nz/ls/cl...l3JSrvrw-3D-3D
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Mark Todd can't shift his tacky apartments, oh damn
http://emaillink.oneroof.co.nz/ls/cl...l3JSrvrw-3D-3D
Meanwhile KPG can offer the same new build quality close to all amenities with BTR, no crazy off the plan fomo pricing and turn key property management built in.
Why would you buy from Mark when you can lease with certainty?
Have you guys read C Lees opinion about property in general.
Woof woof...gnarl.
New Zealand May Allow Foreigners to Buy Build-to-Rent Homes
https://www.bloomberg.com/news/artic...-to-rent-homes
Nice move:
https://www.nzx.com/announcements/427017
Kiwi Property leases 12% of Resido to Urban Rest
28/2/2024, 10:12 am GENERAL
Kiwi Property today announced it had signed a deal with leading Australian flexible accommodation provider, Urban Rest, to rent 12% of the new Resido build-to-rent development at Sylvia Park.
Urban Rest will occupy and manage 34 of Resido’s 295 apartments and make them available to the friends and family of Resido residents, as well as corporate clients seeking accommodation in Auckland. The agreement will remain in place for at least the next three years, with the option of a two-year extension.
Kiwi Property Chief Executive Officer, Clive Mackenzie, said the Urban Rest deal highlighted Resido’s appeal and placed the development in a strong position ahead of its scheduled opening in May 2024.
“We’re counting down to the launch of Resido and are looking forward to bringing large-scale build-to-rent to the New Zealand market. The complex features a fantastic range of services and amenities and is ideally located next to Sylvia Park.
“It’s great to be working with Urban Rest on this exciting partnership, enabling even more customers to enjoy the Resido experience while securing guaranteed rental income for 12% of the property.”
David Whelan, Founder and Chief Executive Officer of Urban Rest, said Sylvia Park was an exciting addition to the company’s portfolio of apartments, houses, and boutique hotels.
“As Urban Rest's first venture into the New Zealand market, we see tremendous potential here, especially given the strong corporate demand for accommodations in Auckland.
“We’re looking forward to expanding our New Zealand footprint with the inclusion of Sylvia Park. The development is ideally located in the geographical center of Auckland and easily accessible by train, bus, or road. With Sylvia Park and its range of shopping and entertainment options right next door, we believe customers will love staying at the property.”
Obviously housing supply is an issue. However I would have thought building supplies costs, development land supply, zoning, and approval costs and delays would have been the problem rather than lack of potential buyers or lack of capital being invested into NZ residential properties. We have such expensive residential land already that opening up residential land to even more foreigners surely is not the solution.
Encouraging local investors to build new houses rather than beating up the price of existing houses surely would be the way to go through land supply reforms as previously mentioned and through tax and other incentives such as reduced CGT and reduced stamp duties on new developments. Well it would be if we had stamp duties and cgt, so instead the government suggests increasing the number of foreign buyers (with access to foreign capital?) to make everything in NZ more expensive…..
More details on the urban loft deal with Kiwi:
“Urban Rest is advertising a one bedroom Resido place at $254/night and two bedrooms for $381/night. A communal lounge area, elevator, rooftop terrace, gym and co-working hub are offered by the Sydney business”
“Urban Rest, founded in 2017, is advertising places in Adelaide, Brisbane, Canberra, Melbourne, Sydney, Dublin and London.”
I imagine many pondering an apartment purchase who also saw that recent TV series investigating NZ apartment quality may have suddenly gone a little tepid on the idea.
And even if you're lucky enough to buy in a solid rot free building, general maintenance alone costs a fortune. Perhaps better to rent and invest in a scaffolding firm.
Oh the cynicism drips from your post. You think KPG are going to build sh1t BTR apartments and feck their future as a leader in BTR?
Get a grip, I'll bet KPG have this whole thing absolutely nailed done to the minute detail and BTR, Drury especially, will be a massive success.