NZ Urban Development news from the media | 16 August 2022 | Build-to-rent exempt from interest limitation rules

Build-to-rent exempt from interest limitation rules to support delivery of quality rental supply

The Government has announced that new and existing build-to-rent developments will be exempt from the interest limitation rules enacted in March 2022.
The changes to interest limitation rules were first announced in March 2021 as part of the Government Housing Package to support more sustainable house prices, including dampening investor demand for existing housing stock, and to improve affordability for first home buyers.

The Government recognised at the time the rules were introduced that build-to-rent developments could help fill a key gap in the housing market. Exempting build-to-rent development in perpetuity from interest limitation rules means will help enable the full potential of the sector and ensure continued delivery of new housing supply.

https://www.hud.govt.nz/news/build-to-rent-exempt-from-interest-limitation-rules-to-support-delivery-of-quality-rental-supply/

Home is where the heart is for Supreme Award winner

Auckland City Mission’s HomeGround development took home the Supreme Award at this year’s Property Council New Zealand Rider Levett Bucknall Property Industry Awards. The complex, which is designed to give respite for the city’s homeless, won out over stiff competition with 83 nominees from around New Zealand competing for the Supreme Award.

The Property Industry Awards are unique in that they recognise not just innovative design and construction, but also assess nominees on their economic and social contribution, sustainability, vision and owner and user satisfaction.

https://www.propertynz.co.nz/news/home-is-where-the-heart-is-for-supreme-award-winner

New Zealand's second tallest residential building gets green light

ICD Property has got resource consent from an independent consenting panel under the Covid-19 Recovery (Fast Track Consenting) Act to build a 183-metre tall skyscraper at 65 Federal Street, a few doors down from the Sky Tower.

The projected value of the fully completed building is $664 million.

Construction was expected to start in 2024 and be completed in 2027, with the final cost dependent on ICD securing a building partner.

It would be the country's second tallest residential building behind Seascape (187m tall), which was currently under construction.

https://www.rnz.co.nz/news/business/472673/new-zealand-s-second-tallest-residential-building-gets-green-light