$500 million build to rent homes for Ladies Mile

Simplicity Living has announced the acquisition of a 6.1-hectare site on Ladies Mile in Queenstown, where it plans to build up to 600 high-quality homes for long-term rent.

“We have been keen to build in Queenstown for a couple of years, and have now found the right site. It’s a cracker,” said Shane Brealey, Managing Director of Simplicity Living.

“As one of the most unaffordable and constrained housing locations in New Zealand, we prioritized bringing our high-quality, secure tenure Build-to-Rent housing solution to the region,” he said.

The site is close to planned schools, shops, and transport links. The homes will be built primarily using concrete, brick, and local schist, with an expected lifespan of over 150 years.

The homes will have high thermal and acoustic ratings, solar panels, rainwater harvesting and common use facilities including work-from-home spaces, residents’ lounges and outdoor equipment storage. Extensive landscaping will give the property a residential park atmosphere.

There will also be extensive car and bike parking, with direct access to local bike trails and the planned gondola development. The historic Shotover Bridge is a 10-minute walk away, and Queenstown International Airport is just a five-minute drive away.

This is the first Simplicity Living development outside Auckland, and will be its largest to date, with an estimated end value of up to $500 million.

“This is another example of the sort of thing our KiwiSaver scheme can help make possible. We think it’s a good long-term investment for our members and helps provide warm, dry homes for Kiwi families, in a region that urgently needs them,” said Sam Stubbs, Managing Director of KiwiSaver default provider Simplicity.

Simplicity Living currently has 889 homes under construction across Auckland, including in Remuera, Mt Wellington and Morningside, and announced last week that it will start building another 93 homes in Northcote by the end of the year. Its long-term plan is to build up to 10,000 homes across New Zealand for secure, long-term renting.

Simplicity Living is owned by KiwiSaver and Investment Funds managed by Simplicity NZ Ltd.