NZ Urban Development news from the media | 12 March 2024 | Government agrees to restore interest deductions


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 12 March 2024.

Provided by Rockhopper Development Management & Property Advisory, a member of:                             

Government agrees to restore interest deductions

Associate Finance Minister David Seymour has today announced that the Government has agreed to restore deductibility for mortgage interest on residential investment properties.

“Help is on the way for landlords and renters alike. The Government’s restoration of interest deductibility will ease pressure on rents and simplify the tax code,” says Associate Finance Minister David Seymour.

“We are phasing back in the ability to deduct interest expenses from 1 April 2024 when all affected taxpayers will be able to claim 80 percent of their interest expenses and 100 percent from 1 April 2025 onwards. 

“Landlords have been hit with a double whammy of rising mortgage interest rates and increasing interest deductibility limitations during a cost-of-living crisis. These costs are inevitably passed on to tenants, one of the reasons New Zealand has all time high rental costs.

New Queen Street retail & hospitality development shows confidence in
city centre

Stonewood Group has unveiled plans for a $100 million redevelopment of the 15-storey building at 280 Queen Street, Auckland, formerly home to Countrywide Bank and National Bank. 

Eleven levels are being dedicated to a 322-room flagship Radisson RED hotel – the global brand’s first in the Asia Pacific and Australasia regions, which will open later in 2025.

Three more levels of retail and dining spaces total around 4,000 sqm of lettable area, including a 500sqm rooftop bar.

Multi-million-dollar apartments under plastic wrap again 15 years after leaky building fix

A multi-million-dollar eight-storey apartment block overlooking Auckland War Memorial Museum and the Domain is hidden under plastic wrapping while it is reclad for the second time in 15 years.

OneRoof understands the residents have all moved out until the reclad is finished, possibly early in 2025.

The Parkwood apartment building at the Morgan and George Street intersection in Newmarket was first reclad back around 2009 after leaking.

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