PHOTO: SUPPLIED An illustration of “The Galleria” retail expansion at Sylvia Park, New Zealand’s largest shopping centre.
New Zealand’s big shopping centre owner Kiwi Property is another step closer to developing housing for rent as part of its new mixed-use strategy.
It has recently received a “standing consent” from the Overseas Investment Office (OIO) to buy residential land in Auckland for the construction of dwellings for rental or lease.
Five months ago Kiwi Property, whose real estate portfolio is valued at $3.3 billion, said it was continuing to analyse build-to-rent accommodation with initial designs underway for a potential residential complex of 150-250 apartments at its Sylvia Park shopping centre in Auckland, New Zealand’s largest.
It has now been granted a standing consent to buy 6 hectares of residential land in total in 19 transactions over a term of three years in the Auckland area.
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