The first KiwiBuild homes for central Wellington are on the way following an agreement with The Wellington Company to build a new apartment building in Mount Cook, Housing and Urban Development Minister Phil Twyford has announced.
The Wellington Company, founded by local developer Ian Cassels, will build a new six-storey apartment block in King Street containing 44 two-bedroom KiwiBuild units which will be completed by 2020. They will cost between $450,000 and $500,000.
As part of the same agreement, The Wellington Company will also repurpose a building and laneway on High Street in Lower Hutt. That site will have 20 apartments made up of one one-bedroom, 15 two-bedroom and four three-bedroom homes. They will cost between $390,000 and $500,000.
Phil Twyford said there was a real need for affordable homes in Wellington where house prices had risen more than 10 per cent in the past year; twice the national average. “Rising house prices in Wellington are also pushing rents up.”
Nearly 10,000 people had expressed an interest in KiwiBuild homes in Wellington, he said. “These apartments are all under the $500,000 KiwiBuild cap for Wellington. The Mount Cook block is situated in a highly sought after area between Massey University, Wellington Hospital and the Basin Reserve.
“KiwiBuild is gaining momentum with other big developers in the process of making deals on developments around New Zealand.
“It’s great to see more big names getting on board with KiwiBuild and contracts being finalised,” Phil Twyford said.