“We wanted it to be a little playful,” says Kiwi Property Group boss Clive Mackenzie, referring to the angular roof lines planned for the central pavilion gym, movie theatre and community lounge currently under construction at Sylvia Park. The build to rent development is more than halfway up, site between Mt Wellington Highway and Lynton Rd, Sylvia Park.
The $200 million Auckland housing scheme is scheduled to deliver 295 new residential tenancies, rented in perpetuity, and where he wants people to live long-term, bucking the instability that is often a feature of the local residential rental market.
Mackenzie thinks people will put down sticks for a long time at Kiwi’s new towers. “We want people to stay,” he says, referring to overseas studies showing that if you make a friend in BTR housing, your chances of staying increase significantly. “We’ll offer furnished places too.”
Build-to-rent (BTR) is a relatively new concept to New Zealand but is popular with institutional investors in Australia and the United States, and New Zealand’s Property Council has focused on it lately as larger investors eye up the concept. Build-to-rent is where professional or corporate investors develop and then hold residential property, in return for a stable income stream from long-term tenancies. It’s not been mainstream in New Zealand before. But that is changing quickly.
The buildings were designed by i2C|Ryder with New Zealand-based AMA Architecture.
“The project will be one of the first true BTR developments in New Zealand and carries with it an exciting future for multi-residential dwellings. The design acknowledges Sylvia Park’s former industrial use in their design and said the site is beside an adjoining greenspace and stream to give residents a connection with the natural environment.
Sylvia Park BTR sees the creation of a vibrant and healthy community with a connection to place and strong promotion of neighbourhood values.” Says Marcus Greening i2C Associate and Residential Lead.
“The Sylvia Park BTR development benefits immensely from proximity to amenities and the convenience of public transport given its location in relation to Sylvia Park shopping centre and the Syliva Park train station.
This new community living allows tenants to find a better balance in how they live, work and play. Anyone living at Sylvia Park BTR will have access to a private gym, co-working space, rooftop terrace, barbecues and on-site maintenance.” Explains Marcus.
The apartments will be located on Lynton Rd, so residents won’t have to go into the shopping centre to access the new development.
Sylvia Park features New Zealand’s largest shopping centre and two office buildings have recently been completed. Construction of the BTR towers is rising. Building B, has reached level seven but it will be 12 levels tall by the time it is complete. Buildings A and C, flanking the central block, will both be nine levels and are now at levels five and four respectively.
“Our aim is to make the rental experience as good as, if not better, than owning your own home. Kiwi Property’s build-to-rent developments will feature quality amenities, a range of resident services and specially curated events, all designed to promote a vibrant community. We’re creating a new way of living that’s custom-designed for the modern Kiwi lifestyle,” Mackenzie said.
The apartments are specifically designed for long-term tenancy. The built to rent model offers residents the flexibility and convenience of renting, coupled with the security of tenure usually associated with homeownership. He says that BTR aims to eliminate that by encouraging people to put down roots and become permanent building tenants.
“We allow people to do decorating of their apartments. You’re allowed to bring your pets. As your circumstances change, if you want to move from maybe a one-bedroom apartment to a two- or three-bedroom, you can move within the complex as well.”
“We want to create a community that really feels like they’ve got a home that they can stay in as long as they want to,” Mackenzie says. For Kiwi, there is also the attraction of a constant revenue flow from tenants paying their rent.
And for any potential new tenants, a new IKEA is under construction not that far from their new homes. It’s perfectly located for anyone needing a new bookcase or other furnishings.” Says Mackenzie.
i2C|Ryder is proud to be working on the design of this benchmark BTR project.
Client: Kiwi Property Group
Project Manager: Greenstone Group
Contractor: Naylor Love